Ricochet Consignment Software Review

Ricochet improves the relationship between consignors or vendors and consignees or distributors. Thus, they will be able to cooperate and work with each other in ways that will benefit both of them.

This can be observed in the inventory management feature of the software. This feature allows  consignors, vendors,  and consignees to control and update their inventory. To understand how this feature works, users should know the types of inventory that they can manage using the software.

There are two types of inventory used in Ricochet: consigned inventory and store owned inventory. Consigned inventory includes the items or goods that are owned by a consignor or vendor, and they are sold by the consignee through his or her online store. On the other hand, a store owned inventory is composed of wholesale or retail items owned by a consignee who is running a consignment shop or retail store.  

Thus, in managing consigned inventory, the software allows consignors to add items to their consigned inventory. This is because they are provided with accounts from which they will be able to view a list of their consigned items that their consignees are selling and that are sold.

As they add new items to their consigned inventory, they will be able to select the categories for those items, enter descriptions like brand names or sizes, set their prices, input the costs or amounts they will receive when they are sold, and select the applicable commission splits they and their consignees have agreed upon. In addition, consignors will also be able to instantly apply tax rates and expirations to their items, as well as, set the listing duration of posted items online before discounts are applied to them.

Interestingly, all of these can also be done by the consignees. Thus, consignees will be able to add new items to consigned inventory and make updates. Moreover, consignees are provided with the option to select which items from the consigned inventory they will post on their online store.

Another feature of Ricochet is its customizable payout functionality. With this feature, consignees will be able to quickly pay the consignors their share of the proceeds from the sales.

In preparing payouts, the consignee will be able to view the consignor’s store credit. This is actually the amount of money that the consignee owes to his or her consignor or vendor. The consignee can deduct funds from the consignor’s credit, and can also add funds to it. For instance, dry cleaning fees can be deducted; and the software will automatically deduct such fees from the consignor’s credit balance.

In addition, Ricochet enables users to view an itemized list of the items they need to send payouts for. From this list, they will be able to check items that they want to include in the consignor’s payout report before they send or post a payout.

Also, if they committed a mistake such as when an item is sold with the wrong commission split, they will be able to correct it easily. They just need to select this item from the inventory field within the consignor’s account. Once they set the correct split, the due amount will be automatically adjusted.

Finally, consignees will also be able to send multiple payouts. This means they can send payouts to all of their consignors on a specific date. Their consignors will also be able to see which items in their inventory are sold but with pending payouts.