Sample Business Research Paper on Jewelry Online Store

Jewelry Online Store

Purpose:
The main purpose of the research is to determine the probability of selling jewelry online to provide consumers with high quality jewelry pieces and to increase the market share. This is because there are many companies that are selling counterfeit’s jewelry products online. Most of the products that are sold by most Australian companies are modified copies of quality products that are found in our shops.

The purpose of venturing into an online shop is to increase the market share. This is because there are many customers who purchase jewelry products online. Though very competitive to sell jewelry online, it is still a big business worth venturing into. The business intends to increase its market share, and penetrate every segment of the population. This will also enable the business to generate more revenue and increase its profits.
Aim:
The other purpose of conducting the research is to help in identifying the opportunities, threats and competitors and how to implement strategies that will work upon venturing into such a project as soon as it is established. This will support the company in planning based on the information gathered from surveys carried out. The research aims also to determine the potential of the business, in terms of how many customers are likely to buy from the business in order to determine its viability. This is important as it helps the management understand the business climate, strategize on how to venture and compete favorably with other online jewelry stores. The research will also help the business to classify the market segments and be able to gather certain market information and attributes. This is because markets consist of different kinds of people such as older individuals who would prefer bracelets, the younger population who would prefer ear-rings or a mixture of both and others who would prefer either of the options.
The research will also help to collect pertinent information concerning the market. This will help collect information on the frequency of buyer on buying jewelry products, pricing information and jewelry attributes concerning color and material used in making the products. The research will also enable the business stock the products in relation to the information gathered in order to meet its customer’s wants, venture easily, sell more and meet its goal in growing its market share. This is because the growth of the business will greatly depend on how successful the research will be conducted.

Objective:

The main objective of the survey is to help the business understand different aspects of the market, with the intention of offering quality products that are of high value in order to satisfy consumer wants.

Gantt chart:

REPORT

Executive Summary:
The report is an analysis of the findings conducted in Ultimo, Sydney concerning the research to gather information concerning the suitability of an online store. It reports on the methods that were used to gather and analyze information concerning different segments. This report also shows how data was collected from some groups, by use of some means such as surveys and questionnaires. It also presents the findings, conclusions and recommendations in order to guide the management in decision making.

Table of Contents:

Introduction: 3

Methodology……..…………………………………………………………………………………4

Findings………………………………………………………………………………………………………………………….5                Limitations….……………………………………………………………………………………..5

Conclusions………………………………………………………………………………………..6

Recommendations…………………………………………………………………………………6

 

Introduction:
Jewelry online store is an online seller that plans to venture into the sale of high quality jewelry in Sydney, Australia. The shop will store high end jewelry products ranging from gold, silver, titanium and bronze made products. The store will also offer the latest in designs, some of the world’s known and unique designs from Italy. Its products will be high-end, sourced locally in Australia, and some imported from France and Sweden. The store will sell jewelry to online consumers from a single click through an efficient ordering and payment process. The business intends to deliver the best-made jewelry at low price to consumers. This is because consumers believe that online stores offer alternatives for low priced products (“Why E-commerce Is a Booming Business in Australia”)
Methodology:
The research used the online platform in order to ascertain the number of people who would respond to the information being gathered through the online platform. This is because the platform offered a unique opportunity to quantify the number of people who would buy from the store when in operation. The methodology used mobile surveys, social media surveys, face-to-face surveys and questionnaires in order to perform a qualitative survey. Mobile surveys were conducted using apps that targeted consumers who used the same devices to purchase the products. This targeted the consumers who used the smart devices to purchase goods online. Social media surveys used the social media platform such as facebook and twitter. It helped gather primary information such as responses from consumers who searched for product information on business pages. The face to face interaction and questionnaires were used to gather secondary information from people who were met at social places during field survey. The research mostly focused on online surveys since they were simple, fast and cheaper to implement. The information gathered were organized into horizontal bar charts that assisted in classifying every group of respondents into suitable groups in order to allow for analysis. The bar charts helped to guide on how the respondents responded to the questionnaires. For instance, the chart was used to assist in interpreting the number of respondents who were brand sensitive, which helped to classify consumers while using certain brand attributes like design to make a decision.

This also helped to construct a quick overview on how each respondent polled in the survey through the online platform. On the other hand, target consumer response tables were used to view the number of response count that were used to calculate the percentage number of respondents who polled during the survey. The information gathered from respondents was analyzed by using appropriate data analysis softwares. Other statistical tools were also used to analyze data. This was to help clean the data, perform in depth analysis to allow for complete data presentation. On the other hand, a simple regression analysis was used to help in understanding the circumstances that led to the outcomes as represented by the frequency tables.
Findings:
The research conducted in Ultimo, Sydney, showed that the market was unstable given the information collected from the respondents. The research found that the possibility of customers purchasing from an online store was 50%. This did not give a clear picture of the amount of sales one would make. It also showed how critical some parts of the activities such as frequency of sales were low. This also established that the business would not perform well as expected. This was because the respondents that constituted the ones who could buy the products were at 50% while the frequency of teen buyers who would constitute the large number of buyers given their lifestyles was very low at 5% and 18%. This indicated that products would be sold at a very slow pace hence would hamper the project objectives, since the number of sales made either in a day or per week directly had an effect on the revenue generated by the business.
Limitations:
There were challenges encountered during the research. This was because the geographical area was quite large therefore, not all sections could be covered. There were only 17 surveys carried out in the area of Ultimo. Thus, this resulted to partial results that were not accurate, because only a limited place had been used in gathering information.
Conclusions:
The research showed that the online consumer segments were well differentiated in terms of age groups and other product attributes. It was important that proper information was gathered in order to determine the project viability. However, the market segments were not fully surveyed to determine the project worthiness. This was because the number surveyed in Ultimo was quite small to study the entire market in Sydney.
Recommendations:
The research shows that many buyers are attracted due to the unique designs of the jewelry. It is, therefore, important that the business capitalize on unique designs to attract the buyers who consider design as a factor to make a purchase.
The business should also capitalize on teens since they are the most likely group to buy the jewelry, while at the same time use incentives to attract the large number of customers who shop online frequently.
The business should use other research methods to determine the project viability before venturing fully into the project.

 

 

 

 

 

 

 

Bibliography

“Our online wizardry brings you the magical client attraction and profitability through our proven online marketing strategies..” Why E-commerce Is a Booming Business in Australia > MerlinFX. N.p., n.d. Web. 13 Apr. 2014. <http://www.merlinfx.com.au/Blog/tabid/122/ID/39/Why-E-commerce-Is-a Booming-Business-in-Australia.aspx>.