Consignment is a situation where goods are given to a third party with permission to sell them.
The consignor typically earns a commission in the form of a percentage of the selling proceeds, occasionally a very substantial amount.
Consignment sales are conducted on a wide range of goods, including books, clothing, and accessories.
Although second-hand shops and thrift stores are more frequently linked to the practice of consignment, some sorts of retail sales may be seen as a unique kind of consignment where manufacturers rely on retail shops to sell their items to consumers.
Although consignment agreements can also be made online, selling on consignment is a fantastic choice for someone or a company without a physical location.
Online businesses like eBay are like consignment stores in that they provide consumers with a venue to display and sell their goods in exchange for a portion of the transaction. This eliminates the need for an individual to build their own website, draw in clients, and set up payment systems.
Consignment also refers to products that are advertised and sold on television, such as the as-seen-on-TV craze.