Jude’s Jewellery E-commerce Website

Jude’s Jewellery E-commerce Website

E-commerce has significantly evolved taking many businesses to the international level. Many companies that run online transactions have E-commerce websites as well as online auctions for their products. Jude’s jewellery should emulate the E-commerce trend to enjoy the immense benefits that come with it.

Unique features and benefits of an E-commerce website

1. No geographical limitations

At present, Jude’s jewellery is a London-based international jewellery retailer. In as much as the business is global, it is a fixed location fived location, and as such, the store can only serve the customers who visit their store physically. It limits the number of customers the store has because many people outside of Europe are potential customers. With an E-commerce website, potential customers who reside outside Europe can get access to their products on the internet. Jude’s Jewellery can expand their boundaries throughout the world, and with the high reputation the store holds, it is likely to attract many new buyers. Amazon.com is a known E-commerce website that sells products to buyers across the world without geographical restrictions.

2. Increased sales and decreased costs

According to Schneider (2007), a small promotional message can reach masses of people around the globe. The sales at Jude’s jewellery have declined steadily over time, and if the store decides to come up with a new marketing strategy, a lot of effort will go into the exercise. However, with an E-commerce website, the store can design and upload promotional messages for marketing purposes. Such small messages boost sales at a minimal cost. Furthermore, the store will be running a double business, at the physical in London and also on the websites which will translate to high sales. Wallmart is a good example since the store operates numerous physical stores as well as an E-commerce website namely wallmart.com.

3. Reduced costs of operations

Costs of creating and running an E-commerce website are meagre. Jude’s jewellery can create an online invoicing system for the sales made by the sites solely. The invoice can keep records and show whether the website is making any profits. At first, the store can use a single person to run the website operations, but as the site grows and gains more customers, more people can be recruited to operate it. Running an E-commerce website is quite simple, and therefore, the store will not incur extra costs of hiring new employees while the old ones can get easily trained. Etsy.com is an E-commerce that sells vintage art while incurring a low operations cost.

4. Ease of showcasing products

Since E-commerce is a worldwide platform, Jude’s Jewellery can showcase their unique and exclusive pieces of jewellery and watches with much ease. It easy to sway people to purchase the products they can see. Showcasing in such an instance is easy since it only involves uploading pictures of their products. Target uploads photos of their products on target.com showcasing them to a broad mass of potential buyers.

5. Easy to encourage impulse buying

Currently, Jude’s Jewellery can only serve customers who visit their shop. It is quite hard to convince a buyer physically unlike in the virtual E-commerce world. In a website, one can use tactics such as bright pictures and catchy captions to attract an impulse buyer. The Alibaba group has an E-commerce website called Aliexpress.com that uses such tactics to increase sales.

6. Easy to retarget a customer

An E-commerce website will give Jude’s Jewellery a chance to know the people who visit their site but do not buy anything. The store can then design specific messages to such customers to convince them to make purchases. Wish.com is an example of an E-commerce website that targets passive and potential customers.

7. Easy to process a high number of orders

Since the website is automated, Jude’s jewellery can treat a high number of requests at once. Such a task only requires highly trained and skilled personnel to handle data flow in the website. Sears is a retail company that uses the website sears.com to process multiple orders.

8. Easy to monitor competition

Jude’s Jewellery can take advantage of the online platform and watch the competition. They can access other jewellery websites and see their prices as well as their service delivery. From there, the store can come up with plans to gain a competitive advantage over the other shops. For instance, limeroad.com can monitor hooves.com and weigh the level of competition.

9. Website personalisation

Jude’s Jewellery E-commerce website can be personalised to fits each customer’s liking according to their purchasing behaviour. Torrid.com is an E-commerce website that uses web personalisation.

10. Customers privacy gets upheld

Jude’s Jewellery can keep track of the record of customers as well as keep them private efficiently. Such private information can be secured to prevent unauthorised access. Oyster.com in an E-commerce website that sells books and keeps their records private.

Online auctions

English Auction

In an English auction, the seller sets a fixed price on products; then the customers offer higher and higher pay. Buyers interested in the products place a high bid until none can provide a higher amount. The highest bidder gets the product.

Dutch auction

In this type of sale, the seller sets a high price for their products. The rate is lowered depending on whether the bidder is willing to pay the predetermined amount.

First price Sealed-bid auction

Here, bids get placed secretly. The bidder who places the highest amount buys the product.

The second price sealed-bid auction

Also known as Vickery auction, second price sealed-bid auction is similar to first price sealed-bid auction. However, in the second price, the bidder who places the highest bid pays the amount of the second highest bid.

Recommendation

Jude’s Jewellery should use the English auction to auction their products online.  Such a sale will fetch very high profits for jewellery and watches. Jude’s Jewellery lets the bidders place their bids, and when the proposal closes, the highest bidder buys the product. The chances of making a loss get eliminated and the store stands the opportunity to fetch high profits from their most exclusive jewellery and watches. eBay uses different auctions, but the English auction is more popular (Collier, 2018). eBay places many items on sale with an opening price and lets the bidders put their bid upon the rate. At the end of the bid, the winner with the highest bid buys the product.

References

Collier, M. (2018). Dummies. Retrieved February Thursday, 2019, from Types of eBay auctions: https://www.dummies.com/business/online-business/ebay/4-types-ebay-auctions/

Schneider, G. P. (2007). Electronic Commerce. San Diego: Galatea Training Services Limited.