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Gear4music (Holdings) plc
Gear4music is an online retailer of musical instruments and music equipment, operating 21 websites in 15 languages and 9 currencies.
Gear4music is about making quality music gear more accessible and affordable for all musicians.
At the year-end we listed over 62,400 products from over 1,050 manufacturers.
Gear4music has developed long-term partnerships with many well recognised brands within the music products industry, who rely on the specialist product knowledge of Gear4music’s staff, the high standard of customer service that Gear4music provides, and the high standard of presentation both online and at the Gear4music showrooms.
On-going development of Gear4music’s own-brand product range has been a focus since Gear4music.com was launched in 2003, and now covers a wide and varied range with over 4,200 products listed.
In FY21 and FY22 Gear4music acquired the Eden and Premier brands respectively, and we continue to explore opportunities to acquire legacy brands.
Audio Visual Products
Since January 2022 the Group offers a range of audio-visual products via its AV.com site, including home cinema systems, HiFi systems, speakers, cables, headphones and accessories.
We believe that achieving a very high degree of customer satisfaction is fundamental to sustained long term growth, and we are committed to continually improving the service experienced by our customers.
We leverage our technology and empower our specialist staff to ensure key touch points deliver a market leading experience, and monitor our progress carefully using independent sources such as Trustpilot.
In FY22 we employed 558 people (FY21: 519) across five countries, and many have first-hand musical instrument and equipment knowledge, playing in bands and producing their own music. Ongoing product training is routinely undertaken to ensure staff have relevant and up-to-date knowledge to enable them to advise customers.
Multilingual support for overseas customers in non-English speaking countries continues to be a key investment focus, and a prerequisite for many of the Group’s dealership agreements when selling outside the UK.
Gear4music’s customer base is primarily made up of private individuals (over 97%), from beginners and parents buying musical instruments and music equipment for their children, through to professional musicians. The Group supplies schools and other educational establishments and a small number of trade accounts.
At 31 March 2022 we had 1.28m people registered to receive our email communications, up 30% from 0.98m at 31 March 2021, and 0.65m at 31 March 2020.
Active customers of 0.92m (being customers who have purchased from Gear4music during the previous 12 months), are down 13% on FY21 (1.06m). The Group acquired a further 0.79m new customers in the period (FY21: 0.95m), and 0.17m customers returned to place at least one follow-up order (FY21: 0.21m).
Average order value of £125 was up on FY21 (£116) and FY20 (£117) as relatively more, higher priced other branded products were sold.
We believe a successful e-commerce business requires a unique combination of talented staff, excellent products, efficient systems, robust physical operations and reliable delivery partners.
We have a strong, committed and experienced management team, working alongside passionate staff with in-depth knowledge of their specialist area of focus.
Our own-brand product ranges have taken over 19 years to develop, working with some of the best manufacturers from around the world to ensure we build on our reputation for great quality at affordable prices. In addition, we have built strong relationships with the industry’s biggest brand names, including Yamaha, Roland, Fender and many more.
The Group currently operates from 370,000 square feet of operational space – 160,000 square feet across two sites in the UK, 77,000 square feet in Sweden, 72,000 square feet in Germany, 46,000 square feet in Spain and 15,000 square feet in Ireland.
Our 50,000 square feet freehold head office provides back-office facilities sufficient to support the business into the long term.
Our bespoke and proprietary e-commerce platform is an end-to-end solution covering all aspects of retail operations, including website content, inventory management, multi-currency pricing, logistics and dispatch, CRM, automated marketing, purchasing, customer receipts and management reporting.
We believe this platform is a cornerstone of our business and source of competitive advantage, delivering reliability, scalability and unique functionality, and we have an in-house team of dedicated programmers constantly improving our systems with new features and functionality.
Reliable delivery with competitive pricing is fundamental to our proposition and success. Our e-commerce platform is configured to select the most cost-effective delivery options from 20 different delivery service providers, to provide our customers with a class-leading range of delivery options.