Consigners refer to individuals or entities that entrust or transfer ownership of goods, products, or belongings to someone else for storage, sale, or distribution. The term consigner is commonly used in the context of consignment agreements and business transactions.
In consignment, the consigner, also known as the "supplier" or "seller," retains ownership of the consigned goods while granting another party, called the consignee or "retailer," the authority to sell or market the goods on their behalf. The consigner typically bears the risk of any loss or damage to the goods until they are sold or returned.
Consigners play a crucial role in consignment arrangements as they provide the merchandise to be sold. They may be manufacturers, wholesalers, retailers, or individuals who wish to sell their personal items through consignment channels. The consigner usually sets the price and terms of the consignment, and both parties agree on the revenue split or commission earned by the consignee upon successful sale.
Consigners benefit from consignment by being able to reach a wider customer base, reduce inventory costs, and increase their chances of selling their products. However, consigners must exercise caution when selecting consignees to ensure reliability, proper management of the merchandise, and timely payment for the goods sold.
Overall, consigners are individuals or businesses that entrust their goods to consignees for the purpose of selling or distributing them, with the consigner retaining ownership until the goods are sold or returned.
