Inefficient store management: The case of Nob Silver's company

Abstract

This thesis examines the problem of inefficient store management at Nob Silver, a small and medium-sized enterprise (SME) operating in the Vietnamese silver jewelry market. Despite possessing strong brand values, high product quality, and a differentiated focus on personalized and emotionally driven silver jewelry, Nob Silver has experienced a sustained decline in revenue, order volume, and profit margins from 2022 to 2025. This paradox highlights the need to investigate internal operational weaknesses rather than external market or product-related factors. Using a qualitative case study approach, the research integrates secondary data analysis with primary data collected through semi-structured interviews with the CEO, store managers, store operations staff, marketing personnel, and manufacturing partners. The study follows a structured problem-solving methodology comprising symptom identification, problem validation, root-cause analysis, and solution evaluation. Analytical tools such as cause–effect mapping and fishbone analysis are employed to ensure that identified issues reflect underlying structural constraints rather than surface-level symptoms. The findings indicate that ineffective store management is the central problem driving Nob Silver’s performance decline. This manifests through three interrelated issues: low-impact marketing execution, fragmented and manual order management processes, and poor inventory planning. Contrary to initial assumptions, product design and quality are not the primary causes of underperformance. Instead, the absence of a centralized customer and order management system results in inconsistent data, delayed production, inventory mismatches, and diminished customer experience—particularly for customized products, which represent a key competitive advantage for the firm. Based on feasibility, cost, and expected impact, the study evaluates three alternative solutions: installing a new CRM system, hiring an external operations consultant, and developing a one-gate digital customer portal. The analysis concludes that implementing a CRM system is the most suitable and sustainable solution for Nob Silver, as it directly addresses data fragmentation, enhances coordination between store and production, improves inventory visibility, and supports scalable growth at a reasonable cost. This research contributes practical insights into how SMEs in craft-based retail industries can improve operational efficiency through digital transformation. The findings underscore the strategic importance of data-driven store management in sustaining competitiveness within Vietnam’s increasingly dynamic and crowded retail environment.