Vendor Onboarding | Myfriendshousela

1.1. Vendor Recruitment

Identify Potential Vendors: Research and reach out to Black small vendors whose products align with your boutique’s ethos.
Vendor Application: Create an online or paper application form where potential vendors can provide information about their business and products.

1.2. Vendor Evaluation

Review Applications: Assess the quality, uniqueness, and marketability of the vendor’s products.
Meet and Greet: Arrange meetings with potential vendors to discuss their business and expectations.

1.3. Agreement and Setup

Sign Vendor Agreement: Have the vendor sign the Vendor Agreement.
Product and Pricing Submission: Have vendors submit a list of products and their retail prices.
Inventory Setup: Set up initial inventory provided by the vendor.

2.1. Delivery and Display

Product Delivery: Vendor delivers products to the boutique.
Inventory Check: Boutique staff check the delivered products for quality and quantity.
Product Display: Boutique staff arrange the products in the designated retail space.

2.2. Inventory Management

Stock Monitoring: Vendor regularly checks stock levels and restocks as necessary.
Inventory Updates: Boutique staff update the inventory records with sales and new stock.

3.1. Sales Tracking

Point of Sale System: Use a POS system to track all sales transactions accurately.
Sales Reporting: Generate monthly sales reports detailing the products sold and total revenue.

3.2. Vendor Payments

Calculate Earnings: Deduct the boutique’s 25% consignment fee from the total sales revenue.
Monthly Payments: Pay the vendor their 75% share of the sales revenue by the [15th] of the following month.
Provide Sales Report: Send the vendor a detailed sales report along with their payment.

4.1. Marketing Collaboration

Vendor Spotlights: Feature individual vendors on social media, website, and in newsletters.
Collaborative Campaigns: Work with vendors to create special promotions or exclusive collections.

4.2. Events and Community Engagement

Pop-Up Events: Organize in-store or online pop-up events featuring the vendors.
Workshops and Classes: Host events where vendors can interact directly with customers and showcase their products.

5.1. In-Store Experience

Product Information: Ensure staff are knowledgeable about the vendors and their products.
Customer Feedback: Collect and analyze customer feedback on the products and shopping experience.

5.2. Loyalty Programs

Reward Programs: Create a loyalty program that rewards customers for purchasing vendor products.
Exclusive Access: Offer loyal customers early access to new products or special discounts.

6.1. Performance Review

Monthly Review: Conduct a monthly review of sales performance and vendor relationships.
Feedback Session: Hold feedback sessions with vendors to discuss what’s working and areas for improvement.

6.2. Continuous Improvement

Update Processes: Adjust processes based on feedback and performance data.
Expand Vendor Network: Continuously seek and onboard new vendors to keep the product offerings fresh and diverse.

Set Up Application Process
- Develop vendor application form.
- Establish criteria for vendor evaluation.
Finalize Vendor Agreement
- Customize and review vendor agreement with legal advisor.
- Prepare agreement packets for new vendors.
Organize Inventory Management System
- Choose a POS system that supports consignment sales.
- Train staff on inventory management procedures.
Develop Marketing Plan
- Plan social media and email marketing campaigns.
- Schedule vendor spotlight features and events.
Customer Engagement Strategy
- Design loyalty program.
- Train staff on customer interaction techniques.
Performance Review Schedule
- Create a calendar for monthly reviews and feedback sessions.
- Set KPIs for sales performance and vendor satisfaction.

Community Boutique