Luxury retail is an exclusive vertical. Premium customer support, impeccable product quality, robust distribution and delivery, and an irrefutable brand positioning leave no room for ordinary ways of doing business in luxury retail.
From planning to operations, everything a business does needs to be done at a few notches higher. But the problem compounds when eCommerce appears in the scene. A whole new perspective and set of considerations come into play. YRC maintains that it is important to keep the process of starting a business planned and organized and they abide by this principle in designing and delivering their business set up consulting services for online luxury retail businesses. This release presents a preview of YRC’s services for online luxury retail businesses and startups.
Market Research (Secondary Research)
A market is analysed based on various critical parameters like competition, sales channels, consumer behaviour, product and product categories, pricing, demand projections, etc. There is no dearth of examples to showcase how even the biggest of the brands can fall flat on their face when they enter a new market without fair research and assessments. Encompassing a wide range of carefully selected variables, YRC carries out a planned and detailed assessment of the target market with the goal of deriving meaningful insights and information on the market. The goal is to help clients get a clear picture of the market in business terms and use the insights for more effective and informed strategy formulation and decision-making in marketing and other functional areas of business.
Business Model Development
A business model defines how a company intends to generate revenue and stay profitable. An important consideration here is the value offering. This value is what the customers are intended to be provided. If this value is relevant, unique, and sustainable to the target segment, it will be easier for the business to attract customers for continued purchase. The adjoining facet is how a business is going to make this value possible to be created, delivered, and consumed. In business model development, YRC’s luxury retail business consultants help clients identify and define a strong UVP (Unique Value Proposition) for their business and map the framework of the required value-chain and internal capabilities.
Formulation of Business Plan
Luxury is more about value than volume. It appeals to a very specific, high-income segment of society. From sourcing or procurement to delivery and support services, the entire value chain rests on premium standards. This changes the requirements of the business which in turn affects the financial planning. In business plan development, YRC seeks to assess the commercial viability of the intended online luxury retail business. This includes assessment of capital and operating expenditure, costing and pricing analysis, demand forecasting, projected sales turnover, purchase planning and inventory calculations, projected profit and loss statements, ROI and breakeven analysis, etc.
Business IT system integration
Starting an online business means incorporating the necessary business-IT systems in place. Whether the sales channel is through any online marketplace platform or via a self-operated web/app store, the required software assets and other technological infrastructure for executing the business processes and operations have to be identified and implemented. YRC assesses these business-IT requirements and builds the roadmap for integrating the business processes with the business IT systems. Integrating the technology platform with the business operations is critical to ensure that both are in synchronization to accomplish the goals of the business model and strategies.
Digital Marketing Strategy
Conventionally, advertising is meant for a target audience in the physical, tangible world. The same holds for an online business with the difference that the focus of advertising and visibility shifts to digital platforms like search engines and social media. This means that businesses have to reach out to the various places in the digital world where they get the best opportunities to showcase their presence to their target audiences. YRC maintains that they carry these fundamentals when designing digital marketing strategies and campaigns for their clients considering their unique business requirements.
Operational Planning and SOPs
As highlighted earlier that businesses must rise above the average in luxury retail, the focus should be on building strong customer support systems, professional inventory management, addressing safety and security priorities, and delivering a superlative customer experience. Therefore, the emphasis shifts to operations i.e. the implementation or how the business processes are mapped and implemented. Using SOPs (Standard Operating Procedures) help businesses build a robust operational platform. In this service, YRC’s SOP consultants follow a planned and proven set of processes in assisting their clients define their business processes and the operational procedures towards the ultimate goal of helping them become process-driven enterprises.
Starting an online luxury retail business may not be complicated but doing it right from the word go in a planned and organized approach till a business starts rolling out its operations calls for a certain degree of guidance and foresight. YRC endeavours to deliver this value with their experience and expertise in the field of retail and eCommerce consulting.