An unrealised business acquisition sparked the idea for this new digital business, which has grown quickly and managed to capture a significant element of a profitable market. The directors had been considering the purchase of a traditional 'bricks and mortar' jewellery retailer but when that fell through they realised there was a real opportunity in online sales.
Starting from scratch, Collinson Grant designed Fiyah's approach to exploiting digital technologies, tested the retail platform and finalised the accompanying business model. The fledgling business had to learn how to adapt quickly, use modern online channels to reach customers, and develop products that are attractive to the broad but well defined demographic profile of its customers.
The range includes bracelets, chains, earrings, necklaces rings, and custom-made designs in silver and gold. The show case web site https://fiyah.com/ was designed in-house and built and managed using Shopify Plus. It displays every item of jewellery attractively and makes it easy for customers to buy. Advertising has been predominantly through Facebook and Instagram, along with a short experiment with outdoor billboards.
Digital transformation is not just about alternative markets and online sales channels. New businesses particularly need up-to-date managerial information and effective controls. We worked with Fiyah to ensure that emerging digital processes not only improved customer service and order fulfilment but also generated operational data that supported effective decision-making.
When the business was up and running we helped to refine the sales and fulfilment processes, gave some timely assistance with IT (although the company is quickly becoming self-sufficient) and implemented robust accounting and financial systems. As the business has grown so has the nature of our support. Fiyah has a small, permanent workforce but has also worked out how to use freelance and independent contractors flexibly to provide extra resources when needed. The business has quickly learned how to use digital technologies effectively and use its limited resources sparingly.
Now in its second year, Fiyah's growth has been excellent. In a market that is competitive, although not easy to quantify, sales have grown dramatically as the profile of the business is starting to generate some real traction. The next stage of development is to maintain a strict control on costs and consolidate the steady growth in profitability. The business has made a good start in a relatively new online market but there will be challenges ahead.