Fancy Pants, like resale stores throughout the U.S. and Canada adheres to the Nextgen Resale Pricing Standards. The system is built right into our Point of Sale (POS) System.
NextGenResale spent nearly two years developing its pricing system using sales data from multiple stores over many years and continues to hone it. Resale prices are suggested based on item type, brand, features, condition and market. The resale and pay prices are data-based, current, fair and transparent.
Sell and pay prices are empirical, based on data from established and reputable retail and resale businesses throughout North America.
NextGen checks benchmark prices, thousands of them, in the spring and fall of each year. Prices are updated annually. Stores adhering to the NextGen Standards are awarded Certificates of Compliance with the Fair Pricing Standards at the beginning of each calendar year.
Sell prices are set at fair market value, the demonstrated price at which like items sell within 60 days. Sell prices range from 20-50% of current retail prices. Toys and equipment sell at a higher percent of retail than clothing. In the case of all resale merchandise, the better the brand and better the condition, the higher the percent.
Pay prices are set to assure a fair return to sellers and consignors, while allowing shop owners a gross margin sufficient to manage an efficiently run operation . Stores buying items outright pay sellers an average of 33% of what they price items, –the higher the sell price, the higher the percent. Stores accepting items on consignment offer consigners 40% or more on average, but only for items that sell at the original or discounted price within a 30-90 day time window.
Users are encouraged to prominently post this explanation of the NextGen Pricing System on their websites, Facebook pages and sites.
The value of the Fair Pricing System lies not only in rational pricing, but in speedy pricing. Checking the current price of every item would be prohibitively time consuming and expensive. While the standards yield fair and consistent prices, suggested prices are averaged over many brands and retailers. Local supply and demand factors may skew an item’s fair market value and thereby the pay and corresponding sell price. Minor variation in the application of these standards by participating stores is permitted. Owners at their discretion, may double-check a price to be sure it is an accurate reflection of market value. Links to online sites for purposes of price verification are provided as part of the NextGen System.