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Eastern Numismatics Inc is a distributor of various coins. Although they have been in business for over ten years, the company is relatively new to the market. Eastern Numismatics Inc specializes mainly in Japanese, China, and Russian coins. The company's online presence includes its website, Facebook page, and YouTube channel. This online presence helps Eastern Numismatics Inc reach out to its customers by interacting with them through social media platforms.
- Products: Precious Metals
- Owner: Andrew Csencsits
- Rating: 4.0/5
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Important Details About This Company:
Over 1,000+ 5 star ratings onlineThey protect over $1 BILLION dollars in retirement savingsAAA customer ratedA+ BBB Rating5x Inc 500 winner2021 company of the year
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Characteristics of Eastern Numismatics Inc.
Eastern Numismatics Inc's General Products
Eastern Numismatics Inc sells a variety of coins. They offer both bullion and numismatic coins. Their bullion products include Pre-Columbian, Greek, Roman, and Celtic coinage and modern issues such as Gold Krugerrands, Gold Bars, Silver Bars, and medals. In contrast, their numismatic products include the United States Proof Coin Sets and gold and silver commemorative coins.
Eastern Numismatics Inc's Business Model
Eastern Numismatics Inc sells its products on its website, Facebook and YouTube. The company is unique in the market as they are not sold through a third-party dealer. Instead, they sell directly to customers with different methods of payment available. They offer a free numismatic price guide that helps buyers search for their required coins by type and denomination.
Value of Eastern Numismatics Inc.
Eastern Numismatics Inc's typical customers are new collectors and experienced coin collectors. The company targets new collectors by offering a variety of coins to choose from and a customer-friendly website that is easy for them to navigate. It enables their customers to find the product they want without hassle, resulting in customer satisfaction.
Development of Eastern Numismatics Inc's Position in the Market
Within the past two years, Eastern Numismatics Inc has developed its position in the market by expanding its product lineup. They have added new products, including coins that feature women on them. They also made their website more accessible by adding a search function for their products and information about each product. Eastern Numismatics Inc also launched a blog to provide information about selling coins. It also informs customers about current events in the numismatic world. This blog is updated weekly.
The Competitive Advantage of Eastern Numismatics Inc.
Eastern Numismatics Inc's competitive advantage comes from its customer-friendly website, which gives customers a wide selection of products. Their inventory includes recent coins that are difficult to find on other numismatic sites. It gives Eastern Numismatics Inc an edge over other similar companies.
Eastern Numismatics Inc's Financial Success
In 2012, Eastern Numismatics Inc had gross revenue of USD 3.7 million. It increased from the previous year's revenue, estimated to be $2.5 million USD. Eastern Numismatics Inc's primary revenue source is the sale of rare coins and Gold Krugerrands. The company expects to maintain its current level of growth in 2013 due to the increasing demand for silver coins and the growing popularity of rare collectible coins among investors.
Challenges Faced by Eastern Numismatics Inc.
Eastern Numismatics Inc's main challenge is competing with other similar companies in the market. The company's products are mainly limited to coins, unlike its competitors, which offer other products such as precious metals and jewelry. Eastern Numismatics Inc only sells coins, which limits their inventory to the variety of coins they sell. It limits their ability to expand beyond bullion and numismatic coins.
Pros & Cons of Eastern Numismatics
PROS
- High-quality customer service: Eastern Numismatics Inc provides high-quality customer service. They have a toll-free hotline that customers can call to get help with their orders. Their website is also user-friendly, especially regarding the search function. It helps customers quickly and easily find the products they want, increasing their satisfaction with Eastern Numismatics Inc's products and services.
- Variety of coins: Eastern Numismatics Inc's comprehensive product lineup gives customers a variety of products to choose from. They carry coins from various parts of the world, such as Africa, Asia, and Europe. Another benefit is that the company offers both bullion and numismatic coins, which makes it easier for customers to find what they want.
- Customer satisfaction: Eastern Numismatics Inc's customer satisfaction is also high as they offer a product that customers are looking for. The company has an inventory of over ten million dollars worth of rare coins that are hard to find in other similar companies. It gives their customers the security of knowing they will find the coins they need if they look hard enough.
- Easy navigation on the website: Eastern Numismatics Inc has a website that is easy to navigate through. It has a search function that customers can use to find the coins they need. They can also click on the specific products to learn more about them and even view images of these coins. It makes it easier for customers to find what they want, resulting in higher customer satisfaction.
- Reduction of cost: Eastern Numismatics Inc's website is easy to navigate, which helps customers find the coins they need faster. It saves them time and money, which adds value to the company's services. Customers can also use their online search function to find a rare coin and compare prices at other similar companies. It gives them the flexibility to search for better deals elsewhere, which reduces the amount of money they spend on rare coins from Eastern Numismatics Inc.
- Consistent quality: Eastern Numismatics Inc has a reputation for selling high-quality products, especially bullion and rare collectible coins. Customers who have purchased these coins have noticed their excellent quality and value. For example, customers have commented on the glistening luster of the Gold Krugerrands. It has satisfied customers with the products they receive from Eastern Numismatics Inc, increasing their loyalty to this company.
- Lower cost of shipping: Eastern Numismatics Inc's products have a lower cost of shipping. It allows customers to save more money when ordering bullion, which gives them more money to spend on rare coins from Eastern Numismatics Inc. It increases the chance that customers will make repeat purchases from this company.
- New products: Eastern Numismatics Inc recently launched new products, such as the five-dollar coin with a female. It gives customers a wider variety of coins to choose from. They also added information about each coin on their website, making it easier for customers to find the coins they want and compare prices with other companies. It gives Eastern Numismatics Inc's products an edge over similar companies in the numismatic world.
- Variety of payment methods: Eastern Numismatics Inc gives customers a variety of payment methods. Customers can pay using credit cards, checks, or money orders. It gives them the flexibility to pay for their orders according to their preferred method, which increases loyalty and the number of future repeat customers.
- Loyalty program: Eastern Numismatics Inc also has a loyalty program that rewards customers for buying coins. It allows them to earn points with every purchase they make. They can exchange these points for the company's free coins and promotional gifts. It gives their customers the satisfaction of knowing they are helping to build up Eastern Numismatics Inc's products and services, which increases loyalty among their customers.
CONS
- Costs: Eastern Numismatics Inc has an average value for the cost of its products. However, some customers have complained that the prices of their bullion coins are pretty high. Customers can also complain that the shipping costs are high as well.
- Prices are not transparent: Eastern Numismatics Inc's prices are not transparent, which limits its ability to compete in the market on a level playing field. Customers have difficulty finding the prices of the coins they want, which prevents them from making comparisons with other similar companies. Because of this, customers do not know if they are receiving the best value for their money.
- Inaccurate information provided by the company website: Eastern Numismatics Inc has an inaccurate website that does not provide all the information a customer needs to make a purchase confidently. For example, the website does not have all the coins on offer and does not share any pricing information for them. It makes it impossible for customers to know if they are paying fair prices when they buy coins from this company.
- Poor customer service: Eastern Numismatics Inc offers poor customer service. The company gives the impression that they are not interested in the needs of their customers. It has led to a decrease in loyalty among their customers. Eastern Numismatics Inc's customer service is also prolonged as they take up to several days to respond to emails, frustrating their customers. It has caused them to lose business opportunities with other companies who offer better services and value for money.
- Poor response time: The response time of Eastern Numismatics Inc is relatively slow. It gives customers the impression that they are not interested in their business. The company takes a long time to respond to customer emails, which delays the process of buying coins from them. Eastern Numismatics Inc also makes offers on coins about once a week, limiting its ability to respond to market changes quickly.
Final Verdict
Eastern Numismatics Inc has some cons that place it at a disadvantage compared to its competitors. However, these cons do not necessarily mean that it will never succeed in the numismatic industry. This company can still improve its business if they focus on addressing these issues and reducing the number of complaints they receive from customers. It will help improve the company's competitiveness in the market and help them increase its profit margins over time.
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