06 Aug Consignment VEND
Vend is an industry leader for retail point of sale systems. Vend offers a robust feature set that allows store operators to access information from anywhere at anytime on any device with just a few clicks.
Vend is known to be a leader in the POS industry by offering your standard retailers a feature set that works, is intuitive, and easy to use. But did you know Vend is the perfect fit for consignment retailers as well?
Consignment shops work a little different than your standard retail operation. A consignment shop will sell products just like a standard retail operation, but the suppliers of the products are what makes consignment shops unique. Consignment shop suppliers are people, rather than companies, that are supplying the product. The shop will sell the product for the supplier and will take a cut of the sale, and pay out the supplier based of their asking price. Keeping track of these is very important to the store operator; they need to make sure they are tracking the sales and appropriately paying out the consignee based off the sale price.
Vend makes this super easy with its supplier feature. Instead of putting company info in as the supplier info, you can put the consignee information as well as the percentage markup the store charges to sell the products. Setting up a default markup price will make it easier when adding products because the sale price will automatically generate based off the default markup.
The most important aspect of a consignment shop is knowing how much to pay out the suppliers of the products. Setting a default markup makes it easy to add the products with the appropriate pricing, but how do you know how much to pay out?
The answer lies within Vend’s enhanced reporting. Using Vend’s sales reports, users can run a report on suppliers and break it down by about a dozen different measurements. See the picture below as an example. Users also have the ability to break down these reports by date.
They can also see what products were sold by a specific supplier
All of these reports are exportable to spreadsheets and can be used to calculate the amount a supplier is owed based off how their products sold during a period of time. These reports can be sent along with the payment to show the supplier what products of theirs sold in a given amount of time.
Vend is a great fit for your standard retail location with standard suppliers, but as shown above, it is also a great fit for consignment locations because of Vend’s supplier features and enhanced reporting. It gives consignment shop operators all the information they need to successfully and efficiently run their business.
MPI is a certified Vend reseller with multiple Vend experts on staff. If you have any questions on how to successfully set up Vend for your consignment shop feel free to contact a POS specialist at MPI: email@example.com or call 800-518-5020