Posted: September 13th, 2017

Consignment inventoryis the type of business that similarly with warehousekeeper.

Consignment inventoryis the type of business that similarly with warehousekeeper.

It is now becoming the trend and opportunity for young enterprise. With the advantages of low capital, even without capital, but profitable; this business model hasthe prospects in tough economic times at the moment. Both buyers and sellers have benefits is the advantages of consignment business. In addition, this type of business is easy to operate with a moderate surface; and a little more knowledge about the internet is the requirement thateveryone can begin to open this type of business. Thus, we have chosen this type of business for operating, as well as supporting our graduate assignment.  However, during the process, we have found that consignment inventory also has many factors that affect to the growth and development of business.
Besides, the contribution of the other members in the company is also important factor in order to create the success. The Company has 4 members and divided into specific roles that base on the strength of each member.Firstly, we have a Company Leadwho has responsibility for giving direction (vision, strategy), coordination and supervision of the activities of an organization. The main task of a company lead is to manage and offer the important decision. It requires huge knowledge in many areas; such as, human resource management, finance, marketing, production; in order to gain a sustainability development as well as competition. Secondly, a marketing leadwho transfers the value to customers through the sale of products or servicesthereby receives the corresponding values.The specific tasks of this position include providing products and services that customers need; offeringan acceptanceprice that customer are willing to pay; delivering the product and service to the customer; providing information and attracting customers to buy their products and services; identify currently and future needs of customers. Next,company secretary (administration) is an officer of company as responsible for ensuring that firm’s legal obligations under the corporate legislation are complied with.His formal duties include calling meetings, recording, keeping statutory record books, proper payment of dividend and interest payments, and proper drafting and execution of agreements, contracts, and resolutions. The last position in our company is financial lead. This position has responsibility for receiving, processing and providing information about the all assets and the movement of assets in the business to provide useful information for making decisions on economic – social and evaluate the effectiveness of business operations.
Nevertheless, we still f toys; the items that have been used and less important to many people. Or even, for customers whoarelooking for an opportunity to sell new products – test the market, or looking for a more permanent venue. It provides showcasing and curating products in a low-risk, professional and supportive retail environment. Especially, this business model hits the correct point in consumer’s preference that is worthy items with high quality but less money to spend. Furthermore, it bases on the criterion that both of supplier and customer have benefits.Thus, Consignment is going to be a new type of business that could change the customer shopping habits.
Product/ Service
The operation of this business is considered similar as the Consignment Inventory that isthe possession of the customer, but is still owned by the supplier.Or in other words, the supplier places some of inventory for customer’s possession (in the store or warehouse) and allows them to sell or consume directly from the stock. This means the customer determines the price of their products, items by themselves; and our responsibility to place some of inventory in our customer’s possession (in the store or warehouse) and allows them to sell or consume directly from stock. The customersare received the money only after their items have been sold or consumed.A clear process of consignment and sale for both supplier and customer is extremely essential.
Step 1: attracting customer to consign things that they want to sell via contact the hotline and website to register to use the services.
Step 2: the customers will set the price that they want to sell.
Step 3: they receive the consignment receipt.
Step 4: the supplier has the responsibility to promote and post the status of good via the website or notify the customer with their contact number. Once their item is sold, customers can go to the store to get their profit at any time or transferring through bank account system.
Place
Price
Promote