The problem of customer acquisition is more acute with fine jewelry. These purchases are mostly governed by personal occasions. Such occasions are rare for an individual. Thus, in each market, with a limited customer base, the purchases tend to be a one-time activity for a long period. Another obstacle in customer acquisition is product collection.
Market report covers analyses of a wide range of variables covering market overview, channels, competition, demand, pricing, trends, and more. An experienced team of jewellery business consultants carry out a detailed and comprehensive assessment of all the key market variables. The goal is to make a holistic assessment of the market and derive specific and actionable insights for improved planning and decision-making for better business.
“Who is eligible to supply “is the question we answer in vendor selection. There should always be a planned and systematic process for shortlisting and selecting vendors and suppliers.
The vendor shortlisting process can be mapped in the form of SOP’s. There could be multiple procedures involved but the result is to have on-board an eligible vendor.
In terms of quality of vendors, quality of the materials, quantity of supply, transit time, logistical priorities, regulatory factors, pricing, financial terms, and so on.
Procurement is probably the heart of the purchase department which involves the considerations and permissions involved in a company before making a purchase.
There will be approvals and clearances involved in a company before making purchase. Its strongly advisable to have procurement SOPs to define this process and how it should be carried out. Having a purchase policy manual in SOP format, will make it easier for employees to proceed systematically following the guidelines.
Logistics is that part of the supply chain management where the physical movement of materials takes place. It can refer to movement of goods from supplier to company, supplier to factory, supplier to the gold store, company to the customer, shop to shop and so on.
Source, place, time, materials, quantity, quality, and condition, documentation, system entries, dispatching, right destination are the parameters need to be incorporated into the working mechanism of the team involved at evert stage. And could be done with SOP’s.
Omni-channel retailing is across all channels, as the name suggests. It is a fully integrated approach to retail commerce, that unifies shopper experience across offline and online channels or touchpoints. Ideal omni-channel shopping ranges across brick-and-mortar locations to mobile sites, an e-commerce marketplace, social media, retargeting and all aspects in between.
While the channel’s true potential is only obvious when the way of selling is integrated, the future omni-channel retail strategies point to the growing value of the click-and-mortar/brick and click model. Multichannel management is not only about a presence on multiple channels. Mobile, merchandising, marketing, marketplaces, and fulfilment – all these need to be considered if the omni-channel retail strategy is adopted. Retailers with physical, as well as digital presence offer seamless, quality customer experiences within and between contact channels.
Delivering a consistent experience across online and offline channels means consumers are set to interact with the business using omni-channel retail technology and platforms.
What are the benefits of Omni-channel?