This guide explores the features of the Resale App and the possible customizations available for your business needs.
At Trendful we have created a front-end app where customers can seamlessly sell upfront, consign, and/or trade-in their pre-owned items for cash or store credit.
Directly from your website, your customers can seamlessly use the app 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 payouts to their customers. See how the Resale App 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.
Reduce the list of accepted conditions
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 app 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 and can vary based on:
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%.
Each week, we collect millions of data points that we use to analyze trends and compute current fair market values 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 based on the offer option but also based 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 based 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.
Automating pricing is a great way to convert more customers into sellers and increase your sell-through rate! If you want to know more about how we estimate fair market values, read this guide. And if you want to know more about how you should define your pricing strategy, read this guide.
Additionally, it is also possible to offer manual quotes for some or all selected designers or for items with fair market value over $XXXX. 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.
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.
Then, when it's the time, you can pay your customers in one-click through your Trendful admin account.
In addition to the option to send a shipping label to your customers, you can add a second option to allow them to book an appointment or drop-off the item in the location of your choice.
Another important feature of the interface is that we automate shipping. You can choose from the following shipping carriers - USPS, UPS, Canada Post, FedEx and/or DHL.
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.
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.
To help your customers with using the interface and selling you items, you can insert disclaimers on different pages: the designer page, the condition page, the offer page and in the automatic email sent to them when they request or accept an offer.
Search for our disclaimers on our demo.
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 Resale App 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.