🤝 Consignment

What is Consignment?

Consignment a term you might come across in retail or when dealing with inventory, and it's a unique way of doing business.

Imagine you create beautiful handmade jewelry and want to sell it in a local boutique. Instead of the boutique buying your jewelry upfront, you agree to place it in their store on consignment. This means the boutique displays your jewelry, and you retain ownership until a piece is sold. Once sold, you and the boutique share the profits based on a previously agreed percentage.

Consignment is beneficial for both parties. As the creator, you get your products into stores without the boutique having to risk buying inventory they're not sure will sell. For the boutique, it means they can offer a wider variety of products without upfront costs.

So, consignment is essentially a trust-based partnership between suppliers and retailers. It allows unique or handmade products to reach a broader audience, providing opportunities for small businesses and artisans to thrive alongside established retail outlets.