If you sell jewelry online, like on Etsy, your own website, or some other platform, you probably know quite a lot about how this business model works. What you may not know, however, is that you may be able to save yourself a lot of money, time, and frustration on better acquisition practices.
The problems for most online jewelry outlets are theoretically simple:
• Having enough gemstones and other assets to create a good saleable range of products to attract customers.
• Managing costs effectively.
• Minimizing risk on outlays.
• Managing supply of gems and materials.
Anyone doing business for themselves knows that these “theoretically simple” things are in fact an obstacle course in practice. The theory is fine; the question is how to achieve any of these things and stay in business.
There are plenty of risks:
• Spending on new acquisitions can be very much like gambling. It’s hard to tell whether or not you’re going to win or lose on a new acquisition.
• Cash flow can very easily be stop/start.
• Some things sell well, some don’t.
This really is risk management, in the most literal sense. The trouble is that this risk situation can escalate. You can spend yourself into a corner all too easily. When doing business online, you also have additional overheads which cost money. Guessing about where your cash is coming from and where it’s going is definitely not where you want to be.
Keeping the bottom line safe
Many online businesses often find the bottom line much too close for comfort. This is partly caused by buying patterns.
For example – It’s quite possible to enter into a “habitual buying cycle”, in which you routinely purchase some things, but don’t look for other commercial options. This can be quite unnecessary own goal, spending money, and unintentionally reducing your range of sales.
A more cynical, but usually accurate, view would be that it may also be minimizing your range of sale products while also reducing your cash flow by your outlay. If that looks grim, it is.
This is where you need to seriously evaluate your acquisition practices. There is absolutely no need whatsoever to spend lots of money on routine purchases.
The best option is to reduce the cost of those purchases, preferably by finding a good supplier with a very broad range of products. This is the easy way to ensure that you have all the buying options you need, and to keep your outlay under strict control at all times.
Now the good news – Good wholesalers can save you a lot of time, money, and effort. You can manage your bottom line much more efficiently, actually reduce outlay, and keep costs easy to manage.
We should know. RMC is the leading supplier of gemstones worldwide. We deal with a truly vast spectrum of different types of jewelry businesses, from start-ups to global leaders. We can help you with any type of acquisition, in any quantity. Whether you want bulk gemstones or special acquisitions, our experts are ready to help.
We offer regular discounts on all our stock, saving you money upfront. Our team can help you at a professional level with sourcing the gems you need. Just call us or contact us online; we are happy to assist.
RMC Gems is a pioneer in gemstone manufacturing, established in 1991 in Bangkok & Today RMC is one of the biggest suppliers of precious & semi-precious stones with its sales offices in Bangkok, Hong Kong, Tokyo & New York and cutting factories are in Thailand and China. RMC is global leader for supplying semi-precious and precious stones. The complete process of sourcing, manufacturing and marketing is done by the company itself, which helps in providing excellent service and quality to the customers. RMC is capable of supplying stones in all shapes, sizes, custom and regular cuts in any quantity.
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