• What made you start your venture?
I faced huge challenge while shopping for my own wedding in 2008. Just the idea of walking into a big brand at that time was like dent in the pocket. Opting for local jeweler didn’t offer me any satisfaction in terms of quality and designs.
Adding to this was an awkward feeling because of the “must buy” environment, this made me realize how far jewellery shopping is from customers’ perspective where the customer is not educated (about diamonds) but only relies on the feel good factor for purchase.
The idea of Addimon was further strengthened following my marriage when I was exposed to the industry (my father-in-law was into jewellery retailing and my wife was into jewellery designing as a hobby) and realized that the margins are good in this industry.
We thought it’s a perfect category to sell online as we could offer wide range of quality products at lower cost without investing in keeping huge inventory (which increase the costs). Moreover, nothing can compensate for the fact that one can view the catalogue, pricing, details without entering into any retail shop and thus avoid that awkward feeling.
• What has been the key to your business’s success? The key to success is, I believe, the ability to keep yourself motivated. One faces a bad moments or hours or even days which can hamper your team’s vision, decision making and productivity. With right and positive attitude one can overcome all challenges. Hence one needs to be positive and self motivated to be successful. Another important aspect is to manage and plan your finances. It is very important for any start-up to value and justify each rupee spent. Hence scope of learning in start-up from trial and error is low.
• What are the major challenges in your line of business and how did/do you overcome them?
Our major challenge has been hiring the right talent. We continue to face this issue but have been able to counter this by hiring cautiously and retaining people. We have outsourced a few services as it is not always possible to get the right people onboard within your budget. Another challenge is capital. We are looking for strategic partnership and funding to scale up our business. We have just started knocking on the doors of VC’s and angel investors.
• Do you have a mentor who guides/advices you on matters of the business? We would like to have some mentors but unfortunately have not been able to find any. The only mentoring I get is from reading articles on the internet on experience of others.
• Have you benefitted from the use of any specific technology for your regular operations?
One has to follow a process centric approach and be adaptable to various technology platforms. Also one needs to be aware of current technology updates and make use of them for e.g. instead of having a PBX system we opted for virtual number for our customer care to better monitor traffic and control the same. Thus, there is a constant need to be aware of products in the market.
• What strategy do you follow for Customer Satisfaction & Expansion?
Nothing is better than having right product at right price. Other than this, one needs to have customer friendly policies. For customer expansion, we offer various discounts to first time customers to encourage them to buy from us. Moreover we have also started another sales channel which is about direct sales of diamond jewellery through company selected Biz partners. We have started this in NCR currently.
• What, according to you, are the top 3 skills needed to be a successful entrepreneur?
• Self Motivated and positive attitude • Ability to See the Past, Present, and Future • Organized and inspiring
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