Day 3 - Selling Inventory & Research

7:00pm

Today, Libby and I shifted our attention to the online aspect of social media retail and marketing. We began our work around noon. Remy assigned us to do some research that would help her find ways to sell new but last season inventory from her store. Remy explained to us yesterday that some pieces/brands sell very quickly at her Nantucket store but barely sell at all in Beacon Hill. For example, one dress she had was very visually appealing; however, it did not sell in her Boston location, which is why she had it on sale. Remy explained that her customers in Beacon Hill are a lot less likely to buy eccentric patterns or unusual fabrics used on a dress than her customers in Nantucket. The ranges of customers at each story vary drastically, and often mean there will be different items that are more popular in each location. Libby and I visited different consignment and boutique stores around the Beverly area and asked their store owners about the process in which they collect items to resell, and how they market their products based on value, condition, season, and quality. We also asked them about the methods they use to sell old inventory to get ideas for how we could help Remy. One boutique used Boutique Overstock as a way to sell and buy previously consigned items online as well as a handful of others who used private consignors to handle their products. Overall, we spent about 6 hours working on our project.