consignment

noun
con·​sign·​ment | \ kən-ˈsīn-mənt How to pronounce consignment (audio) \

Definition of consignment

 (Entry 1 of 2)

1 : the act or process of consigning
2 : something consigned especially in a single shipment
on consignment
: shipped to a dealer who pays only for what is sold and who may return what is unsold goods shipped on consignment

consignment

adjective

Definition of consignment (Entry 2 of 2)

: of, relating to, or received as goods on consignment a consignment sale

First Known Use of consignment

Noun

circa 1668, in the meaning defined at sense 1

Adjective

1913, in the meaning defined above

Keep scrolling for more

Learn More about consignment

Statistics for consignment

Look-up Popularity

Time Traveler for consignment

The first known use of consignment was circa 1668

See more words from the same year

Keep scrolling for more

More Definitions for consignment

consignment

noun

Financial Definition of consignment

What It Is

Consignment is an agreement between an owner and a third-party consignee whereby the consignee agrees to sell the owners goods in exchange for a fee.

How It Works

Consignment is an arrangement in which an item is placed in the care of another until purchased by a buyer. Until the item is sold, the consignor still claims ownership and is still responsible for anything that may happen to the item while it is in the care of the consignee.

For example, suppose Frank consigns his antique typewriter to Bob, who offers to sell it for him at his store. Frank (the consignor) and Bob (the consignee) have not exchanged any money; no purchase was transacted, and Frank still owns the typewriter. One day a customer purchases the typewriter at Bob’s store. Bob gives the proceeds to Frank, less an agreed-upon consignment fee for Bob's service as the seller.

Why It Matters

Consignment is a trust-based commercial arrangement from which both the consignor and the consignee can benefit.  Consignment shops are the most common example of this type of exchange. With the advent of the internet and e-commerce sites such as eBay.com, consignment has become much more common.

Source: Investing Answers

consignment

noun

English Language Learners Definition of consignment

: a quantity of goods that are sent to a person or place to be sold
: the act or process of sending goods to a person or place to be sold

Keep scrolling for more

More from Merriam-Webster on consignment

Rhyming Dictionary: Words that rhyme with consignment

Spanish Central: Translation of consignment

Nglish: Translation of consignment for Spanish Speakers

Comments on consignment

What made you want to look up consignment? Please tell us where you read or heard it (including the quote, if possible).

WORD OF THE DAY

to move or obtain by small maneuvers

Get Word of the Day daily email!

Test Your Vocabulary

Summer 2019 Words of the Day Quiz

  • a-bowl-of-peach-sorbet-with-cut-peaches-next-to-it
  • Which is a synonym of desideratum?
True or False

Test your knowledge - and maybe learn something along the way.

TAKE THE QUIZ
SCRABBLE® Sprint

Test Your Knowledge - and learn some interesting things along the way.

TAKE THE QUIZ
Love words? Need even more definitions?

Subscribe to America's largest dictionary and get thousands more definitions and advanced search—ad free!