BLUESTONE
ABOUT THE COMPANY
This is also one of the firms which challenged the traditional jewellery. They serve exquisite online customers with a focus on affordability, quality and user experience. The jewels are treated more than accessories here. According to Bluestone they make a regal statement. The jewels are a mix of old style mystique with a modern touch added to it. They also want to remove the tendency of only occasion based buying and make jewels as an integral part of the customer life.
BlueStone employs the fashion merchandise buying system which a bit more complex as compared to staple merchandise buying system as the demands are unpredictable.
Buying systems significantly influence these factors:
1. Sales Volume: Providing…show more content… Markdowns: Buying systems influence the stock level which then influences the number of markdowns
4. Stock Levels: Buying system tries to balance the inventory level at which maximum profits are made.
VENDOR MANAGEMENT
The company has a dedicated design team which designs prototypes with gold plating. These prototypes are put up online and based on confirmed orders received, the partner vendors in Mumbai manufacturing set up makes the jewellery by traditional batch process. No inventory cost is involved and it is a made to order. Material is sourced locally from traditional jewelers only and Bluestone sells only through its own website LOGISTICS MANAGEMENT
Bluestone has a tie-up with courier companies like BlueDart and Ecom express for end to end delivery of its products as these have secure channels for high value goods. They also have their own delivery team which is expanding.
The reverse logistics operations is also taken care of. There about 7 percent returns. The company stocks these products in inventory and puts it one display online. If no one buys it, the item is sent for re-melting at their manufacturing unit. Shipping is done in 10 business days
CATEGORY…show more content… The Adjacent Tenants, or other traditional shops are present where the store have been set up for a Comparison shopping situation.
The Central Business District of Karol Bagh with traditional markets and high concentration of jewellery shops
The guide store at New Delhi is at Karol Bagh nearby the National Institute of Diamond and Gems.
PRICING STRATEGY
Pricing is calculated using current precious metal and gem prices. These prices do change from time to time, owing to the fluctuations in prices of precious metal and gem prices. Price listed on the day of purchase is the price charged at the time of transaction. Discounts are valid only for purchases on www.bluestone.com
• Unit cost margins are as high as 22% due to high ticket size and virtue of the value received.
• No overheads or inventory cost is involved.
• Average bill value of a home trial is Rs 45,000, helping the company recover the cost of sending one of its personnel to the house of a buyer
STORE PROMOTIONS
• Blog names “Elite Blue” for latest trends
• Social media sharing current news and assortments available
LAYOUT AND MERCHANDISING
Offline store for display of products available online and to offer a unique “touch and feel” experience to the