This guide explores the features of the Resell Interface and the possible customizations available for your business needs.
At Trendful we have created an interface where businesses can choose to offer their customers the ability to sell upfront, consign, and/or trade-in for store credit.
On the frontend, customers can seamlessly use the interface to find their bag, describe the condition, receive an instant offer and shipping label. While on the backend, we help businesses automate pricing, shipping, and payments to their customers. See how the Resell interface works on our demo here.
Taking into consideration that each business has a different business model with specific needs, some of the interface’s features can be customized.
Continue reading to learn more about the list of features you can customize.
The standard version of our interface includes 43 top designers (find the list here) with a collection of 35K handbag models. You can select from the list of designers, which ones you want to include on your interface. Upon request, some handbag models can also be removed from the handbag collection.
For businesses with strict guidelines in regards to condition, you can select the type of condition that you wish to accept.
Depending on your business model - you can choose the offer option(s) you want to provide your customers: buyout, consignment, and store credit.
In order for the interface to provide your customers instant offers for each of these offer options, you will need to create a pricing strategy. A pricing strategy describes your commission structure depending on the chosen offer option by the customer, the estimated fair market value of the selected item, and the designer.
Your commission structure is the ratio of what you pay to the customer and your target markup (also called profit margin or the percentage that your business keeps). For example, if your commission structure is 60%/40% for the buyout option, you will give 60% to the customer and keep 40%.
We have over 50 million data points that can be utilized to evaluate trends and compute the current fair market value for thousands of handbags. Therefore, you need to define the target markup that you want to make for each offer option (i.e. buyout, consignment, and/or store credit).
For example, if you aim for a target markup of 40% for the buyout option, and the handbag’s fair market value is estimated at $1040, you will offer the customer $624.
Buyout offer: (100%-40%)*1040% = $624
Expected earnings: $1040-$624 = $416
Alternatively, you can define different target markups not only depending on the offer option but also depending on the designer or price range. For example, you can aim for a target markup of 40% for Louis Vuitton but 30% for Chanel. In addition, you can define that bags with an estimated fair market value over $5000 will only be subject to a target markup of 20%.
Since you can specify different target markups depending on the offer option, designer, and/or price range, it gives you the possibility to create a unique pricing strategy that will respond to your business’s specific needs.
Additionally, it is also possible to offer manual quotes for some or all selected designers. In this scenario, the customer would be prompted with “Get an offer”. Then, you would receive an automatic email from Trendful with price recommendations and would be able to manually quote the item. However, keep in mind that the automatic pricing can not only help convert customers into sellers but also increase your sell-through rate.
Currently, customer payouts are done manually. You can choose the preferred payment methods that you want to offer to your customers: bank transfer (ACH), check, PayPal, and/or e-transfer. Accordingly, customers will be required to fill out specific information and this information will be sent by email.
Soon we will be releasing an Admin Portal where you will be able to manage your offers and payout your customers for their handbags.
Another important feature of the interface is that we automate shipping. You can choose from the following shipping carriers - USPS, UPS, Canada Post, and/or FedEx.
Trendful has business accounts with those shipping carriers, which includes special business shipping rates.
For all of the shipping carriers, insurance fees are 1% of the fair market value (i.e. if the estimated fair market value is $890, you will pay $8.90 in insurance fees). You can choose to include insurance or not at any time.
Another option for shipping would be for you to deduct shipping and/or insurance costs from the customer’s payout. This feature is not yet automated.
You can request that customers upload pictures of their bags when accepting or requesting an offer.
If applicable, you can offer customers to create an account that is directly added to your Shopify customer base.
On the confirmation page, before a customer requests or accepts an offer, you can add a disclaimer or terms & conditions to protect your and your customers’ best interests.
The Resell Interface features are continuously evolving. Trendful will send email updates when new features are released. If these features are customizable, you will be able to provide the required information. Otherwise, if these features are not customizable, they will be automatically deployed on your interface.
For special customization requests, contact our sales team here.