E-commerce grew 20% for Costco in fiscal 2015—20 times faster than store sales.
Antique dealers can sell stock online using the e-retailer’s flash-sale approach.
Flash-sale e-retailer One Kings Lane today added an online marketplace that lets dealers of antiques and vintage products sell merchandise directly to the site’s members.
The marketplace, which is called Vintage & Market Finds, will enable vendors to sell art, books, decorative accessories, floor covering, furniture, lighting, tabletop, textiles and wall décor products to the site’s three million members. One Kings Lane takes a 35% commission on each sale, while the remaining 65% goes to the listing merchant. Items sold through the marketplace follow One Kings Lane’s flash-sale business model, as marketplace items are available for sale only for five days.
A One Kings Lane spokeswoman says marketplace vendors are carefully selected and that One Kings Lane will review all the products for quality and value before they are offered on the site. Items range in price from $50 to $25,000.
“At any given time my 9,000-square-foot warehouse is overflowing with beautiful antiques,” says Tod Donobedian, an antique dealer. “One Kings Lane provides me an ongoing and dynamic way to radically reduce my inventory and offer amazing value to its members.”
Last fall, the e-retailer hired Dinesh Lathi as its chief financial officer. Lathi came to the e-retailer from marketplace operator eBay Inc., where he was vice president of managed marketplace and seller experience.