YRC Unveils Comprehensive Guide: Key Planning Areas to Successfully Launch a Jewellery Store - Part 1

PUNE, MAHARASHTRA, INDIA, October 10, 2024 /EINPresswire.com/ -- In this media release, retail and eCommerce consulting house, Your Retail Coach (YRC) highlights four key planning areas in starting a jewellery store.

𝗠𝗮𝗿𝗸𝗲𝘁 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵

Market research is a planned and systematic effort to understand a market with certain business objectives in mind. Market research for jewellery stores should emphasise on these elements:

· Product-Focused: Reading demand, trends, and preferences concerning gems and stones, designs, making, price expectations, etc.
· Customer-Focused: Target segments, potential customers, customer personas, customer and user journey, buying behaviour, etc.
· Competition-Focused: Competitors, propositions, pricing, marketing, CRM, supply and distribution, services, etc.
· Market-Focused: Total and targetable market size, barriers to market entry and exit, availability of commercial real estate, ease of doing business, civic infrastructure, ITC facilities, risks, challenges, opportunities, etc.
· Focused on Actions/Decisions: Value propositions, products, pricing, positioning, advertising, promotions, channels, CRM, etc.

Get advise for E-commerce retail business : https://www.yourretailcoach.ae/contact-us/

𝗝𝗲𝘄𝗲𝗹𝗹𝗲𝗿𝘆 𝗦𝘁𝗼𝗿𝗲 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗠𝗼𝗱𝗲𝗹 𝗗𝗲𝘃𝗲𝗹𝗼𝗽𝗺𝗲𝗻𝘁

A business model is a representative depiction of why and how a proposed business will earn revenue by creating and delivering the intended value propositions. This involves identifying and mapping the value chain and the internal and external capabilities required to create and deliver the intended value propositions to customers.

While 𝗱𝗲𝘃𝗲𝗹𝗼𝗽𝗶𝗻𝗴 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗺𝗼𝗱𝗲𝗹𝘀, jewellery stores must emphasise attaining unique brand positioning. In the prevailing state of competition in retail, standing out in the crowd is extremely challenging with run-of-the-mill solutions.

As experienced luxury retail consultants, YRC stresses that achieving unique brand positioning now embroils elevating value propositions with superlative CX strategies, localisation, premium branding, on-point digital marketing, superior servicescape, world-class UX for online storefronts and touchpoints, SOP-based operations planning, and any other strategy that strengthens the business model in question.

𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 & 𝗖𝗼𝗺𝗺𝗲𝗿𝗰𝗶𝗮𝗹 𝗣𝗹𝗮𝗻𝗻𝗶𝗻𝗴

Sound financial and commercial planning and assessments are instrumental in keeping the financial affairs of an enterprise in a manageable state. Having a financial plan also serves as a yardstick for financial discipline. These checks and measures help keep expenses and use of funds within budgets. These assessments and plans play a vital role in achieving the objectives of profitability, investments, and the creation of funds.

In 𝗷𝗲𝘄𝗲𝗹𝗹𝗲𝗿𝘆 𝘀𝘁𝗼𝗿𝗲 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗽𝗹𝗮𝗻𝗻𝗶𝗻𝗴, some of the important areas of work under financial and commercial planning (and assessments) are CAPEX and OPEX requirements, insurance, demand projection, procurement planning, revenue forecasts, cash flow management, working capital, pricing and margin analysis, ROI and break-even analysis, estimated profit and loss statements, financial ratios, and other variables of financial management implicating the business model and business plan in question.

𝗝𝗲𝘄𝗲𝗹𝗹𝗲𝗿𝘆 𝗦𝘁𝗼𝗿𝗲 𝗟𝗼𝗰𝗮𝘁𝗶𝗼𝗻𝗮𝗹 𝗔𝗻𝗮𝗹𝘆𝘀𝗶𝘀 𝗮𝗻𝗱 𝗝𝗲𝘄𝗲𝗹𝗹𝗲𝗿𝘆 𝗦𝘁𝗼𝗿𝗲 𝗟𝗮𝘆𝗼𝘂𝘁 𝗣𝗹𝗮𝗻𝗻𝗶𝗻𝗴

Big and renowned retail jewellery brands tend to be in a state of compulsion to go for premium commercial locations for their showrooms. It is common to see the branches of such brands only on prominent roads and marketplaces. The ideology behind this strategy is to maintain a premium brand image in a bid to offer easy visibility to ideal customer segments. The same principles hold for small and medium jewellery brands and businesses as well but with a lesser degree of accentuation.

However, the traditional ways of thinking tend to take the backseat in the face of modern ways of reaching out to customers and fulfilling their needs and expectations. For example, many jewellery brands have multiple sub-brands or product lines; each catering to a different market segment bifurcating their channel requirements. They can (and must) choose different store locations for different sub-brands.

Coming to 𝗷𝗲𝘄𝗲𝗹𝗹𝗲𝗿𝘆 𝘀𝘁𝗼𝗿𝗲 𝗹𝗮𝘆𝗼𝘂𝘁 𝗽𝗹𝗮𝗻𝘀, the same standard layout solutions with or without improvisations are applicable here as well. Few relevant considerations on the subject are:

· Branding objectives
· Visual appeal, interior design, lighting
· Safety and Security
· Access to/from the workshop
· Hyper-localisation, customer experience
· Checkout, entry-exit points for customers, employees, and inventory

𝗔𝗯𝗼𝘂𝘁 𝗬𝗼𝘂𝗿 𝗥𝗲𝘁𝗮𝗶𝗹 𝗖𝗼𝗮𝗰𝗵:

Your Retail Coach (YRC) is a boutique retail and eCommerce consulting house with 10+ years in business. The firm offers enterprise solutions for startups and existing brands and businesses. With a scaling international presence, YRC has served 500+ clients in more than 25 verticals with a success ratio of 95%. In jewellery business consulting, YRC offers expert planning and implementation services and solutions for enterprise setup and growth and expansion projects.

For customised and quickly implementable solutions for business setup, management, and growth/expansion or to speak to one of YRC’s expert retail business consultants,

Get advise for E-commerce retail business : https://www.yourretailcoach.ae/contact-us/

Rupal Nikhil Agarwal
YourRetailCoach
+91 98604 26700
[email protected]
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