Consignment stores might just be one of the greatest inventions ever. Who doesn’t want to try and reclaim a little bit of cash spent on those pricey luxury items? And these days it can be done without ever having to leave the house. Corri McFadden, the founder of eDrop-Off, a Chicago-based luxury e-commerce consignment destination that will pick up your no longer loved merch nationwide, package and sell it, all while giving the seller 60% of the profit. McFadden has capitalized on the movement from the beginning and breaks down how she’s turned her college thesis into a multi-million dollar business.
What made you think the world needed eDrop-Off?
I wanted to create a service that people needed—they just didn’t know how badly they needed it! The consignment model was not new, but it needed major revamping. This was 2004, and shopping on the “worldwide web” was still foreign to a lot of people and many didn’t feel safe transacting online via credit card, which is crazy to think about now. We are constantly consuming, but what would happen every time you would clean your closet? Typically you would donate or give away to a friend. Why should a beautiful Chanel bag that has lived its life span with you get casted away in the back of the closet or given away? Let it live a new life and put some money back in your wallet to shop for the next season! Simple concept really. The rest is history.
How did you get it off the ground?
I graduated in July of 2004 and missed my college graduation to attend eBay’s live annual conference in an attempt to get this dream off the ground. It worked because I opened my first retail location in October of 2004. My program director was not supportive of my decision to launch my own business and told me “It was the worst idea she had ever heard,” so I vowed that I would never speak the name of that college post graduation.
How does your consignment site differ from others in the market?
Since we are one of the longest standing consignment sites, I have spent over a decade building the trust of our buyers and sellers. Counterfeit merchandise has always been a battle and I have made it my mission to ensure we only sell authentic goods and protect the integrity of the trademark holder first and foremost. eDrop-Off is also one of the only luxury consignment companies that runs daily open auctions through eBay.
Are you a big online shopper?
I’m a mom of a toddler, so my days of strolling the racks are limited. I would say I do 95% of my shopping online and have mastered the science of getting drool worthy deals. Seriously, I could tout a “lowest price guaranteed” on my shopping methods!
You sell clothing, but there seems to be a large focus on accessories.
We pride ourselves in a revolving inventory of stellar accessories including handbags, shoes, and jewelry. Handbags typically have the highest resale value if they are limited-edition or highly sought after.
What brands do you carry?
We carry contemporary labels such as Equipment and Isabel Marant to high-end labels that include everyone’s favorites like Chanel and Hermès.
How many consigners do you have?
Thousands from across the globe! We offer a free nationwide pickup anywhere in the country; you simply request a pickup at www.shopedropff.com and we will have it picked up the next day for free! You can basically consign from your couch.
You also have a children’s a lifestyle website. Tell us more!
I created Glitter and Bubbles two years ago when my daughter Zelda was born. I saw it as a platform to document her life, in the form of an online diary. But as she has gotten older, it’s transformed into something even more special. I think everyone can relate to being busy and as a working mom, I am constantly struggling to make sure my time with Zelda is undivided whether it be a photo shoot or cooking in the kitchen. The site has given me the opportunity to carve out time to try new things and do things I love with the little person I love most.
How do you see your company evolving?
We are always excited to keep evolving with the ever growing market and innovation that continues to drive me. We have some great things in store for this year and launches that I am excited to announce, so stay tuned!
