It is a common practice in consignment stores to create automatic discounting policies for their products. This helps items sell more quickly, keep inventory rotating, and draw in customer frequently to look for good deals
All automatic discounts require two elements, days out and discount percentages. Essentially the way they work is you pick a number of days out, and then a percentage for the price to decrease.
There are 3 basic types of auto-discounts:
- Discount: any period of time in which you would like a product to then initiate a discount. For example, 30 days after receiving.
- End of Contract: for contracts that have reached their term limit, but if sold, the sales will still get split between the store and the consignor as originally described.
- Expired: once a consignor contract is completely void. This means that the contract has expired and there is no grace-period involved. All money collected as expired products also goes to the store. The consignor does not get a split.
In Ricochet, Auto Discounts are also organized into plans that you create.
This tool is particularly useful for stores that carry vastly different types of inventory such as clothing and jewelry. You might want both of them to have their own unique discount plans. As you create your Auto Discount tiers, keep in mind you can select or create a Plan Name for it. By using the same plan name on multiple auto discounts, this will group them together in one bundle.
To create and manage Consignment Auto Discounts:
- Click Preferences > Product from the navigational bar.
- Click the Discounts tab.
- Click the yellow "New Plan" button to create an auto discount plan.
- From there, you can create or remove discounts of that plan using the yellow + and red x icons.
- As you create new discount, select how many days out a product needs to be in stock until that discount applies.
- Enter in the discount type and amount desired.
- Click "Save" when done.
An example of a typical 90-day consignor contract with auto-discounts and a 7-day grace period may look like the following:
Days out: 30 — Discount: 10% — Type: Discount
Days out: 60 — Discount: 20% — Type: Discount
Days out: 90 — Discount: 50% — Type: End of Contract
Days out: 97 — Discount: none — Type: Expired
Assigning Auto Discounts to Products:
- Auto discounts are automatically turned on by default for all consigned products.
- When creating a new consigned product, you can toggle an Auto Discount on or off using the Auto Discount toggle.
- If you have more than one Auto Discount plan, you can choose which one applies to that unique item in the dropdown.