The impact of Covid 19 on the coin market.
How was pieces-et-monnaies impacted by the virus?
We are a 100% online e-commerce business. The impact of Covid-19 was very slight on our operations and even allowed us to further develop our platform. We focused on increasing the number of products on our site during this period, which allowed us to grow from 50 items to 1500. I can only thank the pieces-et-monnaies.com team for their dedication during this difficult time. In fact, it proved quite beneficial for our platform.
Was the impact positive in terms of sales?
Surprisingly, yes. Our company is experiencing unprecedented growth. During this period, we observed the opening up to a new typology of customers, who are not necessarily our historical clientele. Indeed, many people have started buying coins from an entertainment perspective, particularly through our best-sellers: colorized two-euro coins. On the other hand, we have seen a decrease in sales of more classic products such as uncolored coins and old coins that are not made of precious metal.
Were your deliveries impacted by significant delays?
We did everything possible to deliver our customers on time. But unfortunately, in some cases, it was not possible. We had to adapt, push our suppliers to meet our delivery times, and we did not hesitate to reward our customers for their patience by offering them an additional coin in their package. This has a financial impact, but customer satisfaction remains our priority.
Were you impacted in terms of recruitment?
Our team and our recruitment policy were not impacted by this unprecedented health crisis of Covid-19. On the contrary, as mentioned earlier, the team's involvement was at its maximum. Regarding recruitment, we will even increase our staff by hiring work-study students following Bruno Lemaire's announcement regarding financial aid granted for apprentice recruitment.
You previously mentioned the emergence of a new type of collector. Can you provide more details?
We quickly realized that our typical customer (a man over 50) was becoming younger and more feminine. We have therefore adapted our projects accordingly, notably with the colorization of two-euro coins, and the promotion of products such as the James Bond 007 coin. We also decided to launch a numismatic jewelry brand called P&M Jewels.
Interesting! What does this brand consist of?
P&M Jewels is our jewelry brand, freshly launched into production, with a commercial launch planned for September 2020. It features jewelry 100% made in France. Initially, these are mainly bracelets composed of an antique coin that comes in 4 versions: Antique finish, Silver, Gold, and matte black colorization. The coins are accompanied by a durable bracelet, with a design that can be endlessly customized (colors, patterns, etc.). We are also beginning to study the development of keychains, earrings, wallets, and other goodies.
Where can we buy your products in jewelry form?
Our jewelry will be available from September on our platform pieces-et-monnaies.com and also in stores through our network of distributors. Of course, you can meet us at specialized shows to see our products as soon as the health situation allows us to do so under normal conditions. This is a mass-market brand we are launching. Furthermore, market research indicates incredible potential. We are also working on a Luxury version of our jewelry. We will be able to reveal more in the coming days.