In two of the previous communiqués, retail and eCommerce consulting enterprise, Your Retail Coach (YRC) shared insights on five critical visions and four vital areas of planning in starting an online jewellery store with an emphasis on the MENA region including countries like the UAE, Saudi Arabia, Oman, Egypt, Qatar, Kuwait, and Bahrain. In this media release, YRC highlights four additional areas of planning on the same subject.
Inventory Management
Inventory management holds a place of prominence in the jewellery business. No online jewellery business can afford to have fault lines in its inventory management.
For starters, demand forecasting must be of superior quality. This helps prevent situations of overstocking and understocking. Secondly, data collection and maintenance of records must be impeccable to avoid any inventory shrinkage. This also calls for periodical inventory audits for the reconciliation of book records with actual inventory. The use of barcode scanners and inventory management software for jewellery businesses is extremely necessary for accuracy and timeliness in creating, maintaining, and sharing inventory data.
High-quality inventory management demands having the right strategies, vigilant selection and onboarding of suppliers and vendors, defined business processes and workflows, choosing the best-fit IT solutions, use of analytics, and reliable procurement planning.
Technology
No matter how ordinary it may sound, eCommerce drives on technology. Technology is the route via which buying and selling takes place in eCommerce or an online business.
Different modes of eCommerce platforms and services provide the basic infrastructure to create online storefronts, list and manage product offerings, offer account and order management for customers, process payments, execute returns and exchanges, etc.
CMS tools enable information management on eCommerce sites and mobile applications of businesses.
Tools like chatbots and virtual assistants significantly bring down operational costs while lending speed and accuracy to helping customers with their queries and complaints.
In warehouses and fulfilment centres, robotic and industrial automation gives efficacy to inventory management, quality control, order fulfilment operations, logistics, and more.
Online jewellery brands and businesses need to be cognizant of the tools and technologies that are used in their line of business.
Omnichannel Strategy for Online Jewellery Business
Customers or potential customers interact with eCommerce brands at multiple junctures. These online and offline touchpoints are spread all over in a customer journey. For an online jewellery brand, these touchpoints are advertisements, online storefronts, customer care, account management, payment, home delivery, returns and exchanges, etc. It is crucial to provide an unswerving and seamless omnichannel shopping experience to customers - the efforts of which are strongly reflected in these touchpoints. For example, if a quality certificate has been promised and not delivered, it creates a deviation in omnichannel performance. This counts as a failure in omnichannel because something that was promised in online channels was not missing in the offline channel i.e. at the time of delivery.
Digital Marketing
One of the foremost advantages of digital marketing for online jewellery businesses is that it enables reaching out to a wider audience in a matter of minutes. It allows targeting markets from a wide geography. Secondly, brand communications can be curated to the specific requirements of demographics and interests. Given its potential, digital marketing is also more efficient in terms of costs as compared to traditional methods like print media. The best part is the ability to track campaigns and make the necessary adjustments and keep the ROI under check.
Social media platforms have provided both online and offline brands and businesses a window of opportunity to connect with their customers in multifarious ways. Customer support serves as a prime example here. Today, having a strong presence on social media is regarded as a manifestation of a responsible and committed brand. Winning on social media means huge in a competitive stance. Given the intensity of competition in the eCommerce jewellery space in cities like Dubai, Abu Dhabi, Riyadh, Muscat, Doha, Kuwait City, and Cairo, it is advisable to diligently do the homework on social media marketing before even making a noise.
About Your Retail Coach:
Your Retail Coach (YRC) is a boutique retail and eCommerce consulting house with 10+ years in business delivering enterprise startup and management solutions. With a scaling international presence, including in the Middle East, YRC has served over 500 clients across 25+ verticals. In online jewellery business consulting, YRC offers planning and implementation services and solutions for business setup and growth and expansion missions.
Get advise for E-commerce retail business : https://www.yourretailcoach.ae/contact-us/