1

consignment

play
noun con·sign·ment \ kən-ˈsīn-mənt \
Updated on: 26 Jul 2017

Definition of consignment

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

Recent Examples of consignment from the Web

These example sentences are selected automatically from various online news sources to reflect current usage of the word 'consignment.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.

First Known Use of consignment

circa 1668


2

consignment

adjective

Definition of consignment

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

Recent Examples of consignment from the Web

These example sentences are selected automatically from various online news sources to reflect current usage of the word 'consignment.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.

First Known Use of consignment

1913


Financial Definition of CONSIGNMENT

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.



CONSIGNMENT Defined for English Language Learners

consignment

play
noun

Definition of consignment for English Language Learners

  • : 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



Seen and Heard

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

Love words? Need even more definitions?

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

WORD OF THE DAY

agreeable, attractive, or delicious

Get Word of the Day daily email!

Test Your Vocabulary

Merriam-Webster's New Words Quiz—Fall 2017 Edition!

  • young-plant-shoots
  • Which of the following is a new sense of the word bunny?
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!