Mobile technology and the Internet have empowered consumers in a way that they are now more informed about market offers than the retailers trying to sell to them. Changing their minds or switching providers is now as easy as clicking a mouse.
The combination of commoditization and the empowered customer makes it even more important to have a Consumer Centric Culture where the experience of purchasing is just as important as the product that has been purchased. (Check out the last post to learn more about the Consumer Centric Culture).
Therefore, business owners must be able to buy the products they need in order to customise their customer’s requirement and be able to compete effectively in todays ‘experience economy’.
photo credit: https://pixabay.com/en/computer-laptop-business-office-3246121/
From B2C to C2B
Today’s era is no longer B2C but C2B. The consumer drives the transaction. Therefore, the B2B concept of “Make, Ship, Sell” is no longer applicable and is instead replaced by the B4B concept which allows retailers to buy “On Demand”.
The B4B model encourages manufacturers to stop thinking about how they can sell more products and start thinking about understanding and actively working with retailers to arrive at a specific end result. Manufactures should be working for retailers, not the other way around.
Applying the B4B concept, MarketOrders built the platform to bring “visibility of supply and Demand” for both retailers and manufacturers by “Digitization” of the entire gold jewellery industry by centralisation. A central network platform will successfully help to map out customer needs and desires which will help retailers to practice and implement a customer centric culture in return.
MarketOrders will help retailers to discover what their customers want, create greater density with designs and selection, a transparent system and increase the ability to tap into global sellers directly and faster, which will allow speed to market.
Now, using the B4B concept, business owners will be surrounded with a customer-inspired culture. In today’s digital customer era, creating a customer centric culture is and should be a top priority for all businesses, especially independent small retailers, in order to thrive in today’s customer first world.
The future is centralisation
Centralisation allows data and insights to be collected from every transaction. These insights can help grow the business of the participant on the platform with greater engagement to their customer closer. The building of technology embedded on the MarketOrders platform is focused on customer experience and the customer focus is at the heart of the snowball effect.
When you add the B4B concept with a centralised network, we will help small businesses to be in better control of their success at scale.
photo credit: https://pixabay.com/en/jewelry-manufacturing-manufacturing-1381501/
Why does the gold jewellery industry need centralization?
By centralizing the supply chain in the gold jewelry industry, it gives both retailers and suppliers a greater level of visibility in terms of where to source the best products they need.
The B4B model allows the technology to be built around the customer and helps small business owners understand their customer needs. For once, there will be the ability to see buying trends within the gold markets and this data can be used to generate deep insights for retailers to help drive their business success through better decisions making. These data based insights will drive greater adoption for more business growth and ultimately lead in helping achieve targeted business outcomes.
What do you think of the rise of the B4B economy? Post your comments below.
Written by CEO & Founder, Ram Krishnna Rao
MarketOrders is modelling a B4B concept to enhance consumer centric culture among independent gold jewellery retailers.
photo credit: https://pixabay.com/en/jewelry-store-wedding-rings-wedding-1803808/
B4B is ‘Business-For-Business’ and it differs from the traditional B2B model (Business-To-Business) by putting the SMEs at the heart of every transaction.
SMEs are empowered to source and order the products they want as opposed to the B2B model whereby manufacturers produce what they want and then push the products down the distribution channel with no regards as to what the SMEs need and want.
And the SME is the one who knows what they need as they face off to the end consumer on a daily basis.
By using MarketOrders, SMEs can tailor their orders to what they need and the data we collect helps them to analyse what products are selling the best. They can use this data to make better and informed decisions.
photo credit: https://pixabay.com/en/man-people-achievement-african-3230661/
There is a severe lack of such data in the jewellery trade industry but these insights are imperative and needed.
MarketOrders will be building out a detailed Data Dashboard for our SMEs so they can track and view what items sell the best.
They can use insights form this data to make better decisions and choices and ultimately be better placed to serve their end consumers. Such data can give them a competitive edge from all the other retailers, especially online, that they are now facing.
Are you a SME operating in the jewellery business? Please share your thoughts and tell us how MarketOrders can serve you better by leaving a comment below this post.
Written by CEO & Founder, Ram Krishnna Rao
We are thrilled to announce the co-founder and COO of MarketOrders, Sukhi Jutla, has been nominated for The Asian Women of Achievement Awards.
The Asian Women of Achievement Awards, in association with NatWest, is pleased to announce the full shortlist for 2018. From women working to fight human trafficking to a powerlifting champion and an expert in the reproductive health of astronauts, the talent of this year’s line-up is astounding. The full shortlist celebrates candidates from all over the UK and with heritage from North Korea, Lebanon, China and India. The nominees are a shining example of the trailblazing work of Asian women in Britain today.
This year’s Asian Women of Achievement Awards will take place on Wednesday May 9, 2018, at the London Hilton on Park Lane.
The Asian Women of Achievement Awards showcases phenomenal Asian women across the UK and celebrates the valuable impact they make to British life. The awards play a key role in redefining the contribution of Asian women; and informing a new, positive, pro-diversity debate. Well done Sukh! We at MarketOrders are thrilled you have been shortlisted for this amazing award!
To see the official press release please click here. (link to the attached press release)