Retail

Jewelry Stores

Having lived in Thailand for some years, the vendors started this business as a small concern in 2002, sourcing exclusive and all hand strung pieces of semi precious costume jewellery, from contacts made in Thailand. Since then they have experienced steady growth year on year and currently supply over 1,000 shops including the duty free chain and are still expanding into new markets and regions. The company attends major trade shows and have a permanent and regular exhibition stand every year at the main industry trade show. This company has been built not only with knowledge in jewellery manufacturing, but also in the wholesale and retail markets and has gained its reputation through honesty and with high quality jewellery provided at a price whereby their customers can make an excellent profit on the goods they re-sell. In addition the business makes even more profits by operating some direct sales as well. This accounts for approximately 25% of their turnover with the wholesale side accounting for the remaining 75%. The range of semi precious jewellery has grown from just a few items to a large catalogue range that includes their own brand and some exclusive brands, all hand strung pieces, still primarily sourced from Thailand. The company maintains excellent supplier relations and will pass on all details of suppliers, indeed they are prepared to continue in the sourcing of the products if required. Customer Service: The business manages many clients in any normal week and has the systems and processes to ensure that both service quality and customers’ needs are satisfied. The most important aspect of customer management and satisfaction considered by the business is honesty, which they believe is responsible for the business retaining customers and its reputation which has led to the acquisition of many new customers. High quality service, with flexibility, honesty, reliability and good value, every customer request is important and customers always come first. The result is self evident in the business’s sustained level of repeat business. Key Strengths: The business is well established and profitable, with a growing customer base that now exceeds 1200 customers and retains a high level of return custom offering a broad range of bespoke and own-brand jewellery. The business is able to respond quickly and positively to customer’s requests and over the years they have built up a reputation for honesty, integrity, speedy reponse and for being easy to deal with. Growth and Expansion: Growth for this business venture can be attained with the development of an advertising, marketing and promotion campaign combined with developing a professional and perhaps interactive website. The current market for this business is growing and is forecast in the near and longer term for significant growth. The business is well positioned to take maximum advantage of this growth as it occurs. Key Opportunities: Although this business projects a very professional image to its customers, there is room for improvement particularly in relation to the management of the company, where the introduction of a greater focus on sales and marketing would improve the business’ turnover and overall profitability. Opportunities exist by increasing the customer base and other areas that are currently not exploited by the existing owners. Further advertising would certainly increase sales and revenues, as would taking on agents who are looking for additional ranges for the customers they already service. Advertising and Marketing: The business undertakes no advertising and generates all new business from trade awareness and the finest form of marketing, word of mouth recommendation. Currently the company has a website detailing products and services and a history of the business and its successes, however if this was given a complete professional makeover and perhaps upgrade to a full e-commerce site there is little doubt that turnover and profits will increase. Equipment: Sage accounting software is used for accounts.

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