Today I am presenting another written interview with Prav Fernando of Wholesaleiphoneparts.com.au
Check out the interview:
1. What got you interested in selling cell phone parts? Share your story.
The interest in selling phone parts was a series of flow on effects initially beginning with my first ever repair. In early 2011, after breaking the screen of my handset, I was quick to notice that the process of seeking a repair from both the company and an external third party repair shop was not only long and stressful, but also expensive. Therefore, I took matters into my own hands and attempted the repair myself. After purchasing the necessary parts and researching both step by step video guides plus additional resources online, I undertook the repair and was able to come out with a working phone. Seeing as I had now successfully completed a repair of some sort, I took things one step further and begun operating repairs for customers from my own bedroom. Not even two years later, along with the support of a fellow technician, I was able to open a repair store and undergo the learning curve of what it is to run a business. After an enlightening experience and a profitable venture, I was struck by the fact that there was a gap in the market for repair parts that withheld the qualities of both premium build quality and affordable prices. So, I attempted to ascertain the very reasons for how to combat this problem and therefore sparked my eventual interest for selling cell phone parts. After linking with credible suppliers and establishing a solid partnership WPAUS was created with our main goal being to filter in to the marketplace and ensure this gap ceases to exist.
2. How have you gone about finding new clients for your business
The journey to try and recruit as many new clients as possible has been a very rewarding process for WPAUS, due to our profound ability to provide valuable information and good quality content which have in turn generated new sales. It has become an almost flow on effect whereby the more website development and additional content we provide have been rewarded with heightened attention for our products and eventual sales. It was clear to see that the majority of companies offering wholesale parts to consumers, solely focused on the products rather than the much needed support and requirement for in depth information related to repairs. Not only do we go to extreme lengths to ensure that customers are catered for in terms of the ‘best’ possible parts, but also that they are guided through repairs and have all the support they could possibly need. In attempts to source new clients, the need for continual website development along with rich content has been the top priority due to the google systems ability to scrutinize all available information and produce swift rewards for those that go above and beyond of what is expected. However, not any information can produce rewards; therefore we have been placing a great deal of emphasis in what is required and what produces the best outcomes. As mentioned before, it is this in depth process which has generated new clients and has been, and will continue to be, the backbone for the majority of our sales.
3. What are some of the biggest challenges you face running a wholesale business?
Whilst running a wholesale business, the challenges faced, not only during the short run but also the long run, have provided the need for further improvements and have at times been extremely difficult to overcome. One of the biggest ongoing issues for the business has been the ever present need to monitor exchange rates. Seeing as suppliers only accept payments in the form of US Dollars, time after time the exchange rate has been the sole reason for reductions in profitability. With rates currently sitting at 5 year lows, it is clear to see that small swings can bring about large changes due to the high cost of our orders. In order to consistently ensure that stock levels are maintained, big orders must be made which in turn have seen gradual rises in costs due to the corresponding decline of exchange rates. One week can see an order rise over $10000 in additional exchange costs, therefore the requirement to monitor when the best time to order is essential for further success. As well as the fluctuating prices, stock management is still a great challenge for the company. Although we have sufficient recording of all stock, these cannot cater for delays in payments or shipping, or even the holiday seasons that so often occur as a result of the culture difference between our business and suppliers. Moving onto our competitors, there are greater challenges that require daily targeting in order to try and eventually eradicate. With so many low price competitors driving down the overall average market price, it is hard to compete. Although these competitors sell cheaper low quality parts, consumers still opt to go for the lower prices and don’t witness the repercussions until their repairs are done. Even though we too could adopt this strategy, we are fully committed to achieving our goals and therefore face the constant challenge of how to inform consumers of why WPAUS is the best option.
4. What are your future plans for 2015 and beyond?
The future for WPAUS withholds a number of exciting improvements and potential extensions to our current product line. The most important goal is to further expand our product line with even more possible repair kits as well as premium quality Samsung parts at affordable prices. Although the decision to include Samsung parts has been a long and thorough topic, the quick inclusion of these parts has been put on hold until we feel that we have grasped a proper understanding of the market. This allows us to negate the potential issues that can occur when one delves straight into an unknown market. One of the most current projects that have been undertaken includes the knowledgebase we have built which allows customers to explore common issues and questions without the need to contact us. This allows for not only a much less required output from our end, but also gives those who seek help with a faster alternative. There is no longer a need for clients to call or email us and spend their valuable time in awaiting an answer, as the help section will hopefully include all of the most persistent issues and ways of which to deal with these issues. However, although we have set these goals in mind, who knows what the future withholds, and so we are ready for any challenges that might arise and are sure that our decisions will reflect not only the safest options but also the most profitable ones.