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Saturday, April 6, 2013

Consignor Tip #4

Keep those groups laid out and grab a bunch of index cards and a sharpie... it's time to label and price.  You can use scrap pieces of paper, or cut 8 1/2" x 11" into smaller index card sizes... or I went to the Dollar Store and bought a 100 pcs. pack of 3x5 index cards for ... well you guessed it $1.00.

The labels must include the following information:
1.  Consignor #
2.  Price (in increments of 50 cents)
3.  Description (optional)

Although the description is optional, the buyer appreciates knowing the contents.  The description doesn't need to be long, but it should include information if the item is partially used or if there are known missing pieces to kits.  If anyone is selling Cricut cartridges, we do ask that you disclose if the cartridge has been downloaded on a Gypsy.

We get a lot of questions about how to price items.  The best advice we can give is... price it for what you would be willing to buy it for... not what you wish you could sell it for.  For example, you saw a jar of flowers and you had that moment... the 'OMG... I HAVE TO HAVE THEM!' moment.  If the cost was $4.99... and you made 3 beautiful layouts, and you only used half of them, you might reason and want to sell the remaining flowers for $2.50.  But, is someone willing to pay $2.50 for them... would you?  Items that are priced to sell, tend to sell.  We have given the bench mark that, 10 - 20 sheets of single sided pattern paper sell for around $1.00.  But, if you have very current product, and we all know that one sheet of quality, name brands, double sided paper, now goes for $0.89 or more.. you should definitely make the appropriate price adjustments and price accordingly.   

We've identified two different pricing strategies.  The first one we will call it the 'I have to have it' price strategy.  It's much easier for shoppers to have the 'OMG... I HAVE TO HAVE IT' moment, when the product is reasonably priced.  You may choose this strategy and keep your prices lower in order to sell more items all together.  Keep this in mind when you are making your groups too... so if you have 50 sheets of single sided pattern paper, you may consider making 5 groups at $1.00 each or 2 groups for $2.50 each.

The second pricing strategy we will call it the 'starting price' price strategy.  This is when maybe your not quite sure what price you want to mark your item, so you choose a starting price, knowing that you will have the opportunity to reduce the price if it has not sold.  At around 5:30p, when there is about 1.5 hours left in the sale, we will make an announcement letting the consignors know that if they would like to reduce prices on items that have not yet sold, they may do so at that time.  

Lastly we will be having the 'fire bin' sale at the very end of the sale.  This is when we will ask the consignors to determine a final price for all the contents in their bin, as is.  

Please note that lowering pricing on your items, and participating in the 'fire bin' sale are optional.  For any consignors who are not staying for the crop, we will have volunteers to help reduce prices on items not yet sold for you at a rate of 50%, and determine a fire bin sale price by taking an additional 50% off.  For example let's say you had $20.00 worth of product still left in your bin.  The volunteers would reduce each item by 50% and your bin would now have $10.00 worth of product in it.  Let's say $2.00 worth of product sold and your bin now contains $8.00.  The volunteers would determine your 'fire bin' price to be $4.00.

You will be amazed at how quickly $1.00 + $2.00 + $3.00 will add up! 

If you have any questions, please do not hesitate to e-mail us at
You can also find more information by reading the FAQ

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