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The consignment industry is rapidly growing in popularity due to individual’s need to save money, but still want high quality goods. So what does consignment actually mean? Many people confuse the idea of consignment with a thrift shop, however, these two things are very different. Consignment is known for selling only high end or brand name items, while thrift stores can contain anything. The buying/selling process also differs, as with the consignment process there is a consignor and a consignee. These two individuals enter in a business agreement with one another in which terms and conditions are set. In contrast in a thrift shop money may be exchanged on the spot or items are simply donated.

breakdown of the consignment process looks something like this:

  • The consignor (the person wanting to rid themselves of some sort of good) transfers possession of their goods to the consignee
  • The parties agree on terms – how much of a percentage of the profit the consignor will receive if the item/items are sold
  • The consignee then sells the goods
  • The consignor is paid

Learn More About Consignment

If you have ever thought about opening your very own consignment shop then it is extremely important to the research and fully understand what the consignment process entails. In doing your research you may also learn if the consignment business is really for you or if you would be more comfortable with something more like a thrift shop. We know that opening a consignment store will surely be an exciting journey, but set yourself up for success by knowing your stuff before trying to open your very own shop.