Bonanza is taking consignment sales to a new level with its new Fashion Exchange program, which allows people to send in clothing they no longer want, and let Bonanza sell it on the marketplace.
With the new program, which was announced Friday, visitors to Fashion Exchange can find the items they want to trade in from a list Bonanza provides, and get an estimate of what Bonanza will pay for the products.
If people like what they see, they can accept the offer, and send in items for inspection and to get a final offer on their goods. If they decide to sell their items to Bonanza, they can either get cash for their products, or a gift card to use on Bonanza, the site notes, adding that it will pay for shipping costs.
“We’ll pay you for [items] as soon as we can see what you’ve got. That’s it!” the site states. “No secret handshakes. You don’t need to wait for consignment or speak with potential customers.”
“We finally get a chance to ‘eat our own dog food’… and actively become a seller on our site”
Sellers can cancel their exchange if they change their minds, as long as Bonanza has not paid the seller, according to the site.
Currently, Bonanza is only buying women’s clothing by top brands, such as American Apparel, American Eagle Outfitters, Ann Taylor, The Limited and others. However, the site’s FAQs state that the program may later expand to include “other kinds of clothing.”
Bonanza is very excited about the consignment sales program, says Ryan Hincks, a Bonanza developer who announced the Fashion Exchange.
“We finally get a chance to ‘eat our own dog food’… and actively become a seller on our site,” he writes.
However, the program’s announcement has gotten mixed reviews. In a thread that followed the announcement, some sellers note that the program adds more competition on the site and say the idea was not well thought out. Others welcome the new consignment sales program.
“This is wild!” writes one commenter. “I’d like to see it work.”