How to Start an Artificial Jewellery Business - An Authentic Approach (Part Two) - YourRetailCoach
How to Start an Artificial Jewellery Business? An Authentic Approach (Part Two)
In the last press release, YRC discussed four fundamentals of starting an artificial jewelry business. This communiqué highlights the remaining points.
PUNE, MAHARASHTRA, INDIA, July 22, 2024 /EINPresswire.com/ -- In the previous press release on the topic of how to start an artificial jewellery business, retail and eCommerce consulting enterprise, YourRetailCoach (YRC) shed light on four fundamentals on the subject. In this concluding communiqué, the remaining points are highlighted.
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#𝟓 𝐉𝐞𝐰𝐞𝐥𝐥𝐞𝐫𝐲 𝐒𝐡𝐨𝐰𝐫𝐨𝐨𝐦 𝐋𝐨𝐜𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬 𝐚𝐧𝐝 𝐉𝐞𝐰𝐞𝐥𝐥𝐞𝐫𝐲 𝐒𝐡𝐨𝐰𝐫𝐨𝐨𝐦 𝐋𝐚𝐲𝐨𝐮𝐭 𝐏𝐥𝐚𝐧𝐧𝐢𝐧𝐠
One of the key considerations in choosing a location for a jewellery showroom or store is the brand positioning strategy. Big names in the fine jewellery space with offerings in artificial jewellery have an advantage here as such brands enjoy considerable brand recognition. Their business planning tends to focus more on premium or fine jewellery segments. It is relatively easier for such brands to promote their entire range of offerings under the same roof. Such brands and businesses tend to go for premium locations which help them to push their line of offerings in the artificial jewellery segment as well. Even for artificial jewellery specialist brands and businesses, going for prime locations helps position their brands more accurately. The clubbed presence of premium or luxury brands in one location reinforces the prospects of enhanced footfall.
However, curated strategic factors like target market, demographics, and hyper-localisation can make jewellery brands deviate from conventional thinking and go for more non-prime locations. This also allows them to redirect resources to improve customer service and experience, servicescape, merchandising, technology and infrastructure, etc.
In choosing and developing a suitable jewellery showroom layout plan1, crucial considerations are brand resonance, localisation, visual appeal, customer experience, interior design, lighting, checkout, safety and security, workshop alignment, entry and exit points for customers, staff, and inventory, etc.
#𝟔 𝐇𝐲𝐩𝐞𝐫 𝐋𝐨𝐜𝐚𝐥𝐢𝐬𝐚𝐭𝐢𝐨𝐧 𝐢𝐧 𝐉𝐞𝐰𝐞𝐥𝐥𝐞𝐫𝐲 𝐑𝐞𝐭𝐚𝐢𝐥
Artificial jewellery represents a big industry. It is no longer easy anywhere in the world to establish as a brand in this particular segment. Even the big brands struggle to pass on their heritage to this segment. For new players, the challenges in establishing as a trusted name are as difficult. One of the helpful answers to this lies in building localised brand resonance. Hyper localisation is a strategy that is getting popular among retail brands and businesses to emerge as brands with local relevance. Done right, it cuts the mustard in building the right connections with local customer bases, generating football and creating conversions therefrom. Hyper localisation is not just about marketing but refers to a degree of overall alignment of a business enterprise with local market conditions. From servicescape and business hours to offerings and design customisations, every possible and strategic aspect of the business is curated to be identified as a local brand.
#𝟕 𝐎𝐩𝐞𝐫𝐚𝐭𝐢𝐨𝐧𝐬 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭
From purchase and quality control to designing and sales, every business process demands flawless planning and execution so that the established and intended operational standards aligned to the broader business requirements are consistently and satisfactorily achieved. As experienced luxury retail consultants, YRC highly recommends the development and implementation of SOPs ( https://www.yourretailcoach.in/standard-operating-procedures-consulting/ ) to achieve operational brilliance in the jewellery retail business2. Even if the latest technologies are incorporated to aid operations, such systems and solutions must shake hands with the specific operational and overall business requirements.
#𝟖 𝐈𝐧𝐯𝐞𝐧𝐭𝐨𝐫𝐲 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭
The significance of inventory management in the jewellery retail business is heightened for a few specific reasons. Jewellery can be expensive and any significant shrinkage can expose a business to the undesirable side of regulatory norms. This calls for impeccable and detailed data collection and record maintenance. Periodical inventory audits are also important to keep book records and actual stock in a reconciled state and minimise the chances of commercial losses and shrinkages. In achieving these and other important standards, the use of certain specific tools and technologies is imminent. For example, barcode scanners and inventory management software for jewellery businesses help in quickly generating, maintaining and sharing comprehensive and accurate inventory data. On the flip side, poor inventory management can lead to excess investments in stock and stock management. For example, the classification of stock helps in planning the quantum of efforts and investments to be put into different classes of stock.
#𝟗 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐲
In the jewellery business, this relevance of technology can be divided into various desirable business outcomes. One that tops the list is customer experience.
New and emerging technologies like Augmented Reality (AR), VR (Virtual Reality), and 3D visualisation provide an opportunity to showcase jewellery products and experience brand innovation in more immersive and comprehensive deportments even when customers are exploring products from the comfort of their homes using their laptops, smartphones, or VR headsets.
Cutting-edge technologies like 3D printing and Artificial Intelligence (AI) are reshaping the jewellery industry. For instance, 3D printing is capable of producing prototypes in a much quicker timeframe than any other casting method. This fast-forwards the journey of new design concepts from studios to markets.
AI-powered studio applications make it possible to envisage complex design concepts. AI can also prove to be helpful in maintaining quality with its ability to detect irregularities in products or samples in terms of cut, shape, or any other relevant feature that can evade human eyes.
#𝟏𝟎 𝐂𝐡𝐚𝐧𝐧𝐞𝐥 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐞𝐬
Having the right channel strategies is important because they aim at maximising the chances of conversion or purchase. Different offerings have different customer segments. Also, the nature of demand varies based on demographic factors. Some purchases can be impulsive in nature. Personal events like marriages or anniversaries can invoke purchases of a different kind. The purpose of having the right channel strategies is to route different categories of offerings through unique channels to maximise the possibilities of creating attraction, interest, desire, and action. For example, one of the best channels for offering personalised artificial jewellery could be social media.
𝐀𝐛𝐨𝐮𝐭 𝐘𝐨𝐮𝐫𝐑𝐞𝐭𝐚𝐢𝐥𝐂𝐨𝐚𝐜𝐡:
YourRetailCoach (YRC) is a boutique retail and eCommerce consulting firm with 10+ years of experience in providing customised business solutions for startups and existing brands. With a success ratio of 95% and a scaling international presence, YRC has served more than 500 clients across 25 verticals. In jewellery business consulting, YRC offers planning and implementation services and solutions for business setup and growth and expansion3 projects.
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How to Start an Artificial Jewellery Business? An Authentic Approach (Part One) - https://www.einpresswire.com/article/729107618/how-to-start-an-artificial-jewellery-business-an-authentic-approach-part-one-yourretailcoach
Dr Rupal K Shah
Mind-A-Mend Consultancy Private Limited
+91 9860-426-700
consult@mindamend.net
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WATCH NOW: How to Start an E-Commerce Jewellery Brand? Jewelry Business Online at https://www.youtube.com/watch?v=1hwmRQjzBzU
1 https://www.yourretailcoach.in/industries/luxury-retail-consulting/
2 https://www.yourretailcoach.in/industries/luxury-retail-consulting/
3 https://www.yourretailcoach.in/set-up-retail-store/
