We produce a product only after we have confirmed it will be popular enough to sell. Not only does this eliminate a lot of market risk in the fast changing fashion jewelry industry, it also drives a loyal customer base.
(PRWEB) April 27, 2012
Vancaro, Hong Kong-based online fashion jewelry retailer, has hit 100,000 customers in three months since its launch in January 2012 by harnessing the power of crowdsourcing.
As an online jewelry retailer focusing on fast fashion for young trendsetters, crowdsourcing gives Vancaro the leading edge. Reaching out on social media, Vancaro invites customers to vote on the costume jewelry designs they want to buy. The winning products are then made in China, sold via the ecommerce site at Vancaro.com and shipped globally.
Since it opened for business, Vancaro has seen its retail model reap the rewards, with customers eagerly interacting on its social media channels and placing orders around the clock.
Vancaro now has 150k monthly visitors and 80k subscriber database of 100k who opt-in to receive updates on the latest collections. The database is growing at a rate of 200% per month, since January.
The company’s founder and CEO, Lynlin Vancaro, says the emergence of the crowdsourcing business model has brought huge opportunities for online retailers like Vancaro.
“Our early results have been phenomenal. We have beaten all of our initial sales targets and customer acquisition targets in the first three months of trading by 300%,” she said.
For Ms Vancaro, jewelry designer and online entrepreneur, crowdsourcing is down to one simple, timeless concept – give the customers what they want.
“The whole business is driven by the real demand from the real customer,” she said.
“We produce a product only after we have confirmed it will be popular enough to sell. Not only does this eliminate a lot of market risk in the fast changing fashion jewelry industry, it also drives a loyal customer base. At the end of the day, they know they can rely on us to solve their fashion jewelry needs.”
Vancaro’s ability to motivate participation comes from its understanding of its consumers – young female trendsetters. Like its customers, Vancaro is inspired by the idea of looking fabulous on a budget.
“However we believed that when it came to costume jewelry, there was a lack of imaginatively designed and quality workmanship products at attractive prices for younger generation consumers,” said Ms Vancaro.
Inspired by the challenge, the jewelry designer set out to fill the gap in the market. As a result, the fashion-driven designs have facilitated the company’s success, with fresh seasonal collections appealing to young female trendsetters.
Vancaro is now focused on continuing to expand its online community using social networks and word of mouth marketing. They are confident that as more and more consumers shop online in search of fast fashion and the greatest value, Vancaro will grow from strength to strength.
“We have big plans in store for the business, from fundraising initiatives to engaging with more jewelry designers worldwide,” said Ms Vancaro.
“However, it is our interaction with our growing community that takes priority. To simply be present on online social networks like Facebook and Twitter is not enough; we must continue to actively engage them in continuous discussions about what they like, what inspires them and what they want to buy. This will continue to be our focus and the key to our success.”
Vancaro is an online jewelry retailer providing modern and classical jewelry designs for young trendsetters. Founded by jewelry designer and internet entrepreneur, Lynlin Vancaro, the company meets the demand for imaginatively designed and exquisite workmanship jewelry products with attractive prices. A jewelry retailer with a difference, Vancaro invites customers to vote on the jewelry designs they want to buy.