Today’s blog is a quick fire Q&A with the Founders, Ram and Sukhi. They talk about what MarketOrders does, how they came up with the idea of digitising the gold trade industry and the defining moment that changed it all.
Tell us what your business does in fewer than 25 words:
MarketOrders in an online marketplace helping to connect independent jewellery brands directly to manufacturer’s around the world to source the best products at the best price.
How did you come up with the idea?
The founders have been in the gold jewellery market for over 15 years and saw how inefficient and archaic the processes and systems are in the gold industry where it is still run in a very traditional manner and only 4% of transactions occur on-line.
We found in our previous business that we were still taking orders manually and found there was no online or curated destination for jewellery retailers to be able to source the products they needed. So we decided to help the retailers by accepting multiple small orders from many retailers and aggregating their orders. This aggregated order was then sent to the manufacturer who could accept larger orders and give us bulk discount savings. These savings are then passed back to the jewellery retailers.
Without MarketOrders, small retailers cannot access the products and prices the large manufacturer reserves for larger orders and clients. And the manufacturers also benefit by getting more orders from more customers. MarketOrders allows a more efficient way to manage the supply/demand issues that many small retailers and SMEs face.
photo credit: https://pixabay.com/en/dropshipping-oberlo-shopify-3264486/
What makes your business different from the competition?
MarketOrders is the only online curated destination for the gold jewellery industry where every step of the process is online. Our customers, the retailers, can order products online, pay online and the products are delivered to their door.
All our competitors are still working in a hybrid version where only some of the processes are on-line and the rest is very manual and hence time-consuming which can lead to a lot of delays.
By bringing the entire supply chain online MarketOrders is able to bring greater visibility to the supply and demand of gold jewellery products. We can also collate data and use those insights to help our customers. For example, retailers can track which products sell the most at certain times throughout the year and we can even use this data to do predictive orders.
Who are your clients/customers? How many do you have?
MarketOrders is a 2-sided marketplace so we work with both the jewellery retailers (SMEs) and the manufacturers.
Currently we serve retailers based in the UK and work with manufacturers abroad (Hong Kong, Singapore & Dubai).
Our focus is on serving the gold, diamond and precious metals jewellers in the B2B space.
photo credit: https://pixabay.com/en/jewelry-necklace-diamond-ring-3213722/
What’s been the most challenging thing about starting your business so far?
The gold industry is extremely traditional and operates largely off-line. The only way to break into this market is by trust. It took us years to build solid relationships with manufactures and retailers. This took a lot of time and effort to develop but was worth it. Because this is the only way to really understand the problems your customers are facing.
Gold is an emotional product; people use it to look beautiful or use it as an investment for their security, so there is a huge amount of trust involved in every transaction. You need to prove that you are providing gold of a premium quality, be very clear and open as to where it is sourced from and to be able to deliver the products on time. So building that deep trust with each one of our customers had to be done in person and was challenging as it took many years to do.
What was your breakthrough moment?
When we realised we could aggregate multiple small orders from multiple retailers and aggregate them to a larger singular order so the manufacturer could accept the orders and give us bulk discount savings. This solved 2 problems; allowing smaller retailers to access these large manufacturers and get more designs and products at a lower price and also allow manufacturers to increase their capacity utilisation as their machinery was often left idle as they needed minimum orders to produce the products. For the first time, the gold industry was now on-line and had an on-line presence.
What is your goal for your business?
To create the largest and most trusted marketplace for the supply and provision of gold and associated products and take it to an IPO.
Written by CEO & Founder, Ram Krishnna Rao