Kickfurther Update: Our New "Packs" Explained

Posted by Sean De Clercq on Tuesday 21 Jun 16

logo_transparent-1.png

Since we launched Kickfurther, we have prioritized access and flexibility for our community.  If you only had $20.00 to get growing, you could participate on Kickfurther.  This system meant that if a business was looking for $10,000 of inventory funded on Kickfurther, you, as a buyer, could purchase $20.00 of that production run and own 1/500th of every piece in that purchase order.

This created a couple of problems.  For one, owning a fractionalized piece of inventory is weird and pretty much never happens in the normal world of retail.  We want the experience on Kickfurther to reflect reality.  Additionally, this system is limiting important functionality we want to introduce.

Our solution is Consignment Opportunities, or Co-Ops for short. Co-Ops are the same thing as Offers, except they are now organized into discrete Packs to be purchased.  Every time you purchase a Pack, you will be buying a specific lot of inventory and will have ownership of that specific inventory.  A Pack consists of 1 of each SKU the brand is providing in their Co-Op. See below for an example of an unpacked consignment opportunity and how it would look if it were packed.

Kickfurther Inventory Packs Explained

By reducing the number of pieces to a lowest common denominator (1750), we can pack this consignment opportunity into 875 packages.  This means if you purchase a pack, you will own 1/875th of the total production run. In this example you will own specifically 2 pieces of each SKU in the Co-Op.

The lowest cost of a pack in this Co-Op is $20.88.  After the first day has passed, you may purchase as many packs as you wish. The 5% limit for the first 24 hours of a consignment opportunity is still in effect unless 1 Pack exceeds 5% of the Co-Op.

Now every purchase on Kickfurther will be tied to a specific lot of inventory.  You should see different minimums associated with different Consignment Opportunities. Other functionality has not changed.

 

New Functionality

There are two primary pieces of functionality that we will implement now that Consignment Opportunities will be packed.

  • Cancellation Delivery – In the event of a cancellation, you can elect to take delivery of the Pack of inventory you purchased. If you have not received any payouts, you are welcome to just pay shipping and handling and you can have your Pack(s) delivered to you.  If you have received payouts, you would be given the option to have those payouts deducted from your account and then you could then take delivery of your Pack(s).  Any returned payouts would be distributed to the buyers who chose not to have their pack delivered.  For more information, please read our cancellation policyYou get paid, or you get stuff.
  • First Out Sales – After you have purchased a Pack, you can list the inventory for sale in your Affiliate Kickfurther Store. If you originate a sale through your Affiliate Kickfurther Store, you receive your payout for that sale before other buyers receive their share. If you are curious in learning more about this process, we encourage you to read more about it.  You cannot be adversely affected by another user’s sales, they can only benefit you.

We’re excited about the potential this new functionality offers for Kickfurther and everyone in the community.  Looking forward to hearing back from you all on what you think about the changes!

 Read More Kickfurther Updates

Posted by Sean De Clercq on Tuesday 21 Jun 16
  New Call-to-action

Recent Posts