Windward Insider Blog
Round Out Your Product Mix With Minimal Risk by Introducing Consignment
Selling goods on consignment is a low-risk way to get more variety into your store while keeping your working capital. With the right software by your side, you can easily manage consignment stock and enter into supplier-managed inventory agreements.
What is Consignment?
Consignment is an agreement to pay a supplier for goods after those goods are sold. Keeping those items on consignment separate from your normal stock can be tricky. Inventory management software like Windward System Five on Cloud can help keep things organized, and ensure that you are paying your suppliers appropriately.
Why should I use Consignment in my business?
Businesses use consignment for many reasons:
- Support Local Artists or Small Batch Manufacturers
- Get more variety into their showrooms
- Reduces risk for new product placements
- Keeps inventory in front of your customers
- Nurtures a healthy relationship with your suppliers
Making sure that you get the right product in front of your customers in the first place is critical. Consignment helps to keep your store cash-flow positive because you don't have to pay for the inventory until a sale has been made.
What does Windward's Consignment feature do?
With Windward's consignment functionality you can receive consignment stock so that you have visibility to your quantities available. Consignment stock doesn't hit your general ledger until you've sold the item, in which case a bill is created to get your supplier paid.
Reporting for Consignment is Robust
You can report on consignment that is
- In-stock and billed
- Sold, but not billed
- Sold, Billed, but not Paid
- Sold, Billed, and Paid
How can I get started with Consignment?
Consignment is a Windward System Five feature that can be enabled for any customer. The easiest way to get started is by having the Windward Professional Services team set up the feature and train you on how to use it.
Or you can start by checking out this webinar where we will show you how to set up and configure Consignment. As always there will be a live demo with examples and a quick Q&A will follow.
Windward Software has many features built for the way you do business. While we build software specific to the many industries we serve, we configure the software for your unique business.
If you are not yet a Windward client, one of our Business Developers would be happy to talk to you about your current business challenges and see how Windward System Five on Cloud can help.
Please reach out at +1 (800) 633-5750