InBloom Shop Software

            How to establish consignor minimum payments

            It is very easy to establish minimum payment amounts for consignors in InBloom.  Let's examine two possible scenarios:

            Example 1.  The consignor has a minimum they must be paid upon sale and the store keeps the rest

            Let's say you run a furniture business and a consignor wants to consign a particular chair for at least $3000 and your store gets to keep any additional profit collected.  This is an easy scenario to configure in InBloom.  First, you'll have to create a markdown code that ensures the consignor gets paid only what you specify.

            • The very first time you do this, you would create a new Price Code (Home > Other Modules > Markdown Manager ), with code "CM" (an easy way to visually note that this item should have a consignor minimum).  You would click Edit and give this a markdown that would specify a store / consignor split of 100 / 0  e.g. the Markdown Manager would read: Take 0% off the original price after 0 days, and the consignor will receive 0%.
            • Create a new account or open an existing one for the consignor
            • Add new inventory records to the account in the Consignment Entry view InBloom v3.09 - 3
            • Specify this piece to have code CM
            • Specify the Price.  In our example, we'll make it $3200, this should give us $200 of profit should the item sell.
            • Click on the Item Details View
            • In the Item Details View, specify the Consignor Minimum to be $3000. Setting up a consignor minimum - 2

            Essentially, you're taking the item, establishing a minimum and ensuring that if the item sells above the minimum, you keep the rest. This is probably the easiest way to do this in InBloom.

            Example 2.  The consignor has a minimum they must be paid upon sale but the standard consignment rules apply

            Let's say you run a furniture business and a consignor wants to consign a particular chair and receive at least $3000 for the sale of the item, but split the profit with your store.  This is also easy to configure.

            • Create a new account or open an existing one for the consignor
            • Add new inventory records to the account in the Consignment Entry view
            • Use the standard Price Code you would like to denote the store/consignor split, let's say 20/80
            • Specify the Price for this item.  In our example, we'll make it $3200, this should give us $200 of profit should the item sell.
            • Click on the Item Details View
            • In the Item Details View, specify the Consignor Minimum to be $3000.

            Essentially, you're taking the item, establishing a minimum and ensuring that if the item sells above the minimum, the standard store/consignor split is applied, but if the amount owed the consignor is less than the minimum and a minimum has been specified, the minimum will be owed to the consignor.


            Updated: 22 Mar 2018 01:13 AM
            Helpful?  
            Help us to make this article better
            0 0