Smart Jewel: Business Plan for Launching an Online Jewelry Business

Smart Jewel's business plan outlines the establishment of an online jewelry store focused on custom-designed pieces, addressing the limitations of traditional retail and existing online options. The plan includes an executive summary highlighting the value proposition: providing customers with a personalized jewelry shopping experience from the comfort of their homes. An in-depth industrial analysis assesses the competitive landscape, leveraging Porter's Five Forces to identify opportunities and threats. The operations and management sections detail plans for team structure, recruitment, and managing website traffic. A comprehensive marketing strategy employs an omnichannel approach, utilizing the 7 P's of the marketing mix to create a strong brand presence and attract customers. The plan emphasizes product quality, place orientation, pricing strategies, promotion techniques, physical evidence, and customer service, with a focus on building customer loyalty and driving sales. The plan also includes strategies to overcome the challenges of a new digital retailer.

Executive summary
The main Idea behind Smart Jewel is providing the customers a new generation experience of
online jewellery shopping. Covid 19 have already taken many things from day to day life of an
ordinary person. The main Idea behind the establishment of the organisation revolves around the
fact that, there are moments of happiness in everyone’s life and they should not be effected by
Covid 19 anymore. Many people face problems regarding jewellery shopping post covid-19.
People have to step out of their home and visit a jeweller in order to to get a customised
jewellery in according to their preferences, the world is in middle of a pandemic and this might
get difficult as well as dangerous sometimes. Smart Jewel provides the opportunity to have
custom made jewellery while sitting at home. The organisation focuses on people who celebrate
life and do not want anything to get between their happiness. There are many online jewelry
stores all over the globe providing home delivery but none of them gives customers the power to
customise their jewellery in accordance to their preference by their own hands and get it
delivered at their doorstep. Smart Jewel works on the same principle. The organisation plans to
establish there foot in the market within six months, and plans to launch the website it at global
level within 12 months.
Industrial Analysis
Jewellery industry is not doing so well post covid-19 situation. The target customers find it
dangerous to step out of their houses in order to go to a store and get a custom made jewellery in
accordance with their preference. There are many big brands like Amazon who are still
providing doorstep delivery of premium quality jewellery. But no company gives customer the
power to customise their own jewellery. For example, if an individual comes across a jewellery
that they like, but they want a ruby instead of the diamond in that particular commodity, they
have to purchase the jewellery and get it customised which makes the overall price of the
jewellery even higher. Smart jewel solve this problem by giving customers the power to
customise the design of their jewellery along with the stones as well as other units of their
jewellery. The website of the organisation have special filters that automatically calculates the
final price of the commodity, reducing the customer efforts as much as possible and giving them
a digital experience of next generation in jewellery shopping.
In order to understand the industry more porter’s 5 forces are analysed as follows:
Threat of substitutes – substitute products refers to the same or similar products having the same
same or similar price determination. There are many well established brands all over the globe
that provides the luxury of online jewellery shopping with doorstep delivery. For example
Amazon provides premium quality jewellery and in addition to that home step delivery. But none
of these brand deals in in any commodity that can be considered a substitute to the service that
smart jewel is providing. None of these brands gives customers the power to customise their own
jewellery in accordance to their own preferences. There are retail stores that are digital in
providing best quality of premium metals and certified stones but none of them lets their
customers modify the designs of these stones in their jewellery. Therefore a conclusion can be
drawn that it smart jewels do not face any threat of substitute goods within the existing market.

Threat of new entrants - one of the most important obstacle for an organisation is the risk of new
entrances in the market. New entrances takes the idea from an organisation having a great
potential and start developing similar services with better marketing practices in order to to gain
a proportion of their target customers. Smart jewel brides over their reputation of their website
having unique filter capabilities. This can be considered unique selling proposition for the brand.
Their advanced filter techniques automatically calculates the overall price of the jewellery once
the customer is done making the modification in accordance with their preferences.
Bargaining power of customers – customers holds the power to determine price in the market.
This power can often become threat to the operational revenue of the organisation. Smart jewel
plants to overcome this threat by giving a next generation digital online jewellery shopping
experience to their customers. No price is high enough when it comes to luxury. The customers
will feel safe and secure inside their home and get their desired jewellery. They don't need to
spend additional expenditure on further customisation of jewellery which will give the
organisation a benefit.
Bargaining power of suppliers – suppliers also holds the power to determine the price structure
of a commodity within the market conventions. Smart jewel plans to mitigate this risk by giving
the suppliers earn post covid-19 situation. Jewellery market post covid-19 is pretty stagnant.
Many suppliers all over the globe are struggling to withstand and survive the market. The
organisation plans on choosing the suppliers in such a manner that they can acquire premium
certified raw materials for jewellery production at a cost effective price level where supplies in
the organisation can both earn.
Competitive rivalry - the threat of competition in the market is one of the biggest obstacle for any
organisation. Smart jewel provides a luxurious service which is unique in its own way. No major
brand all over the globe revolves around this idea. And therefore it can be concluded that the
organisation do not face a major competitive threat because of its unique selling proportion
within the Kaun science of the market.
Operations and management team plan
Smart jewel expects a good traffic in the initial stage of their website establishment and therefore
the operations team should be educated enough to handle the traffic and situations arising
because of that. There are lot of threats that a newly established digital retailer face like
unexpected traffic, the threat of malicious users, the threat of underdeveloped website, etc. the
operation team for the organisation should be experienced enough to to come up with a solution
of these problems in real time. The operation Team should also be efficient in following the
contingency plan in case disaster happens. The organisation plans on recruiting experience
workforce with a diverse background in order to you have different experiences and creativity in
the organisation. Smart Jewel plans on recruiting experts from all over the globe to handle
complex situation with ease.
The management team of smart jewel should be compatible with the dynamic forces of market
and problems that might arise due to the presence of diverse workforce in the organisation.
management is this thread that goes through all the individual operational activities of an

organisation in synchronises them towards the common organisational goal. Bi management
team should be experience enough to handle any e and every situation and threat that might arise.
The organisation plans on building the management team in such a manner that all the operations
of the organisation can run with full efficiency and there are no disputes between the
departments. The main goal of smart jewel is to recruit experience managers who are qualified
enough to establish a free flow of communication in the organisation. Management of any
organisation uses the operations team and pushes them to their full potential that brings the
organisation closer to its goals.
Marketing plan
Marketing plan for smart jewel revolves around the use of Omni channel Marketing practices in
order to create personalized marketing campaigns and establish a good reputation of the
organisation in the market attracting target customers in giving them reason to stay. The
organisation further plans to use 7 P's of marketing mix in a manner it helps in establishing good
equity structure for the organisation. Smart jewel slangs to use this approach as follows:
Product - the quality of the product is the most important tool that can attract customers and
helps in organisation in retaining them. There are many websites all over the globe that have a
flawless user interface on the quality of their products stop them from growing. Smart jewel
plans on using premium quality metals to make their jewellery and certified stones to decorate
them. The focus of the organisation will be to improve their quality and use it as a tool to retain
customers. Quality often comes with a premium price and this is exactly what the organisation
plans on receiving. Product is most important thing for a newly established organisation like
smart jewel which can help them to gain more customers and in turn earn their loyalty.
Place - place orientation in digital marketing practices my seem difficult but can be your
important tool in marketing. The organisation can design different type of jewellery in
accordance to different places and their cultures. The place orientation is very helpful in
determining the methods to personalize marketing campaigns and attract more customers. Where
in some places the customers might want it attractive jewellery with low prices and on the other
hand in some the customers might want premium jewellery even if they have to pay premium
price for that. please determination is an important tool for successful marketing practices and to
design effective marketing campaigns in order to attract and retain target customers.
Price - price is an important tool when it comes to digital marketing practices. Digital landscape
offers countless applications and marketing is one of them. Smart jewel plans on earning
customer loyalty by giving them discounts for their participation in the company’s marketing. the
organisation plans in doing so by introducing the concept of app referral, using the referral code
generated within the app Smart jewel plans on giving discounts to their customers. This helps in
in marketing of the organisation and this also fulfills the concept of customer involvement. This
approach suggest that the more effort a customer puts towards the organisation the more he
develops the feeling of belongingness. The organisation plans on generating discount codes for a
starting number of customers in order to attract more target audience.

Promotion -digital marketing practices offers countless promotion techniques. May it be add on a
website or use of social marketing practices digital marketing have revolutionized the concept of
marketing in this new era. Everything is done using smartphones in this digital world and the
power of digital marketing promotion helps in organisation in influencing all the 5 stages of
decision making of a customer. Using digital marketing promotion techniques smart jewellery
can create the illusion of customer want and then introduce the commodity that they are selling
for that particular customer using personalized marketing channels in order to enhance their sales
capabilities. Using well-established social media influencers the organisation plans on building a
trust in minds of their customers.
Physical evidences -even though physical evidences may seem useless in digital marketing,
smart jewel plants on using this approach to attract and retain customers. Physical evidences can
be provided using digital landscape by using social media platforms, for example a video of
commodity unboxing can help in giving the evidences of quality of the product that the
organisation is selling to their customers using digital space. In addition to that physical
evidences can also be provided using digital landscapes by feedbacks. Many customers all over
the globe that is referenced by the feedback organisation products, smart wealth plans on
focusing on the concept of reputation management by establishing a two way communication
between customers and the organisation. If a customer gave a negative feedback the organisation
plans on using the principle of empathy and assure the customer that this will not happen in the
future interactions with the organisation, and vice versa if a customer gives a positive feedback
the organisation plans on assuring that they will continue to give quality services to their
valuable customers.
People – organisation plants on using chatbots to fulfil the principle of people. With
development in artificial intelligence Technology chatbots are the tools to attract target
customers and solve their queries more efficiently. Chatbots learns with each interactions and
gives more reliable solutions to customer problems. Smart jewel plants on using this technology
to minimise customer efforts and give them more reliable solution to their problems without
having to you put that many efforts.
Process - everything from the speed of delivery to the journey of the customer on the company's
website falls under the concept of process. Smart jewel plans on establishing the structure for
their processes in such a manner that the customers receive flawless service which gets better
with every interaction.
Financial plan
Smart jewel plans on using their marketing practices to establish the company is equity in such a
manner that they can secure investments and funds from the market with ease. The organisation
plans on on a issuing preference shares with good dividends in order to attract the investments
from the market. Along with it in six months the organisation plants on issuing equity shares and
giving the shareholders the power to take part in the decision making of the organisation. The
organisation also plans in issuing debentures for the investors who want to make long term
investments with good returns. Smart jewels plans on giving additional advantages to their

investors. Introduction of any new design for any new advancement in their website will focus
on giving the investors benefits on primary basis. Organisation also plans to design their
different structure in such a manner that it attracts all kinds of investment. There are different
type of investors, where some might want to make short term investments with high dividends
and some might want to invest long term stationary dividends. The organisation plants on
fulfilling the key needs of their investors in such a manner that it attracts all age groups of
investors and give the organisation in our funds to carry on their operations.

References
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