Consignment sales are a retail arrangement where goods are provided to a seller (the consignee) by a supplier (the consignor) without an upfront payment. Instead, the consignee sells the items on behalf of the consignor and only pays for the goods after they are sold.
Here's how it works:
Agreement: The consignor and Vintage Venerers enter into a contract outlining the terms, including pricing, duration, and how proceeds will be split.
Delivery: The consignor delivers the goods to Vintage Venerers.
Sales Process: Vintage Venerers sells the items and keeps a pre-agreed percentage of the sales revenue as commission.
Payment: After the sale, the Vintage Venerers pays the consignor for the sold items, usually within a specified time frame.
Unsold Goods: If items remain unsold after a certain period, they may be returned to the consignor or discounted, depending on the agreement.