SEA Jewellery Pty Ltd www.seajewellery.com SEA Jewellery – how we got startedMarket stall: SEA Jewellery commenced early 2015 as a hobby business. The purpose was to ‘testthe waters’ to determine whether it would be a sustainable business which would be worthwhile forinvesting our time and resources.The first 18 months SEA sold solely at markets around Sydney. This allowed us to do market researchand to determine our business model and how we can best sell our product. Online site: Mid 2016 we started an online site selling primarily to our market customers, friendsand family (and their networks) through Facebook advertising and our web site. Product typesWe sell ‘everyday wear’ good quality fashion (costume) jewellery specialising in 925 sterling silver,gold filled (and some gold plated) and semi-precious stones.At present, we sell earrings, pendants, necklaces, rings and bracelets. We will continue to expandour product line. How we operate – key messagesSEA does not wish to pretend to be something that we are not. We do not represent high-endfashion. We represent everyday wearable pieces at affordable prices, and when people think aboutthe SEA brand we want them to think the following:1. Quality;2. Value; and3. Diversity. QualityThere is a lot of junk fashion jewellery out there. It’s light weight. It tarnishes. It breaks or stones fallout soon after you buy it.SEA only purchases best quality pieces – all of our pieces are 925 sterling silver. We do this bypersonally visiting each manufacturer / designer before we purchase from them.We inspect the facility and the finished pieces. We also meet with management and staff andinspect the facility itself.We feel that not only can we see the quality of product produced, but we can then also gauge thepride and soul of the company and better determine whether this is a match for SEA. 1 SEA will never sell a product that we do not believe meets our high standards. Repeat business is amust if we are to continue to grow. We offer a no questions asked money back guarantee onpurchases. ValueA common theme for online sites but perhaps the main reason why people buy online (along withconvenience). Therefore, we feel this message we need to have front and centre for our business.SEA can provide great value by: Buying product direct from source (designers and manufacturers) – we do not buy frommiddlemen such as wholesalers; We purchase larger orders. This provides bulk discounts in price; Choosing designers and manufacturers that are not huge and wish to expand. They are opento selling at lower prices to grow their business and gain market share. And open todeveloping closer business relationships with developing businesses such as SEA; and SEA has low cost structure. We do not operate a physical retail outlet such as a shop. We donot have sales staff or other costs associated with a shop-front;We are constantly looking at ways to reduce costs. We can then pass these savings onto ourcustomers.We like to be 40-50% less expensive than retail providers of similar product. DiversitySEA wishes to be a very large online provider of every day wearable fashion jewellery.We understand that people look at many sites online to purchase jewellery pieces. In order thatcustomers keep coming back to our site we need to offer: Diversity of product;Lots of it; andA constantly updating range. Our target is to have many thousands of pieces on our site. However, for us to achieve this we needsales turnover to increase substantially, which is our focus over the next 6-12 months. Current state of the businessWe are not concerned with the market side of the business. It is the online store that we wish toconcentrate on and where we will focus our attention. 2 Number of pieces on the web siteCurrently 213 individual pieces. However, this will grow to 400-450 over the next 6-7 weeks – photoscurrently being taken and some even at editing stage.As stated, we wish to have far more than this, but we must be careful not to get ahead of sales. If weput too many pieces on the website, then some product will take a long time to sell. It will be harderto move pieces that remain on the site for too long. And it’s not a good look. Current salesCurrent sales are approximately 80 – 90 / month. This represents a turnover of about $4,250/month.However, the online business has only been in operation for 7 months and we started from zero. Wehave only marketed to a small group of people and are now looking to grow this figure by fifteen toseventeen over the next 15 months by utilising the key messages stated previously, social media andpromotions (see below).We are open to ideas. StaffShelly and Andrew run and operate the business. We outsource the management of social mediaand IT to a professional that is charged with implementing the social media strategy (drive people toour web site and update key marketing messages to customers). Also does search engineoptimisation.We feel that we will not require staff until sales reach at least 750 units/month. At that stage, wewill seek operational support (packaging and posting, some customer support, and some assistancewith marketing ideas and implementation).Our plan is to expand into other product lines under the one overall brand and to cross promote. Wewould like to attract staff that can help grow the business and to expand into other more seniorroles and responsibilities as the company expands. Business investment(s)Initially we have budgeted $1,250 per month to market and grow the business. Included in this is thecost of a professional social media consultant that will charge SEA $800 / month over the first 4months. This person will handle the messaging on our web site and Facebook page, as well as doingweekly paid Facebook posts. His role is to drive business to our website through social mediaavenues.The business arrangement and fee will then be renegotiated after this first 4-month period.We plan to invest $40,000 in Sept solely to purchase new product. Until this time we will purchasemany smaller amounts of about $3,000-$6,000 as required (aim for 5 lots as a minimum). 3 Supply chainWe have several suppliers and there are plenty out there (we will never suffer from choice).It usually takes 3-6 weeks to receive product once we place the order. We would like this to reducebut from what we see is typical timeframe buying direct from manufacturers and not wholesalersthat have stock on hand (manufacturers typically make it on demand so do not have stock ‘sitting onthe shelf’).To overcome this we will stagger the orders and have a constant flow of new stock coming in. Sales channels and promotionsSales channels Online sales will be the cornerstone of the business and our main focus.Will continue to do key markets, but mostly in this format we will concentrate oncommunity festivals.We are exploring a party plan segment where we go to people’s homes and showcase arange of products. PromotionsOver the next 12 months we are more concerned with turnover than profits. We feel that if weincrease our sales turnover we can then concentrate on increasing our sales margin later (reducingcosts and increasing unit pricing).Some promotional considerations include: Reduced pricing for multiple orders.A membership hub. Eg pay $5 a quarter and you receive 20% of all non-sales items any time.Also, for members they receive a 3-day head start on sales items and receive ad-hocmember promotion ideas.Promote to regional areas where they have limited choices of product. Initially offer a 25%discount over the first month on all sales to entice then to ‘try’ purchasing on our site.Gift vouchers. Business objectives Be one of Australia’s best known online jewellery sales brand. When customers think of SEAJewellery they know what we represent as a business (see below).A brand which is reliable and ‘comes to mind’ when shopping for gifts or personal jewellerypieces. Renown for quality and service delivery of product.Online sales (monthly) of 450 plus pieces by 01 October 2017. Will revaluate next figurethereafter, but aiming for 1,500 monthly sales (minimum) by July 2018 at this stage.Expand product lines and cross promote (at the later stage).Expand considerably our membership base. 4Can you suggest to write the introduction and market analysis (SWOT and PESTLE) of SEA Jewellery. with text criterion and reference with 750 words.Introduction: an overview of the company, history, type of product, plan for the future, outline problem that needs to be solved (how be come a market leader in selling affordable silver jewellery online) using correct business terms and strategic approaches.Market analysis industry overview: overview of the company’s current situation using SWOT and PESTLE, overview of consumer culture, market segmentation (customer type of segments), the client needs to understand are currently popular in Australia, among type of consumers what would be the best way to reach them.
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