Mandrops, a multifaceted, reputable, family-run retail store, was founded in 1989. It has long been a trusted destination for many products, including toys, camcorders, PCs, multimedia, consoles, large and small household appliances, and more. For over three decades, Mandrops has consistently provided its customers with valuable guidance and advice, and now, as well as in their store in Germany, they also sell their products internationally online.
With the help of financing from Silvr, Mandrops remains dedicated to ensuring customer contentment in the future, making them a reliable choice for all your shopping needs. We sat down with Karsten Dehler, Head of Global Sales at Mandrops, to learn more.
Karsten, can you tell us more about Mandrops?
I've been ‘married’ to Mandrops for over 33 years, so a very long time. Mandrops sells popular items in electronics, toys, watches, jewelry, and even boasts a modest fashion section.
We make sure the products we offer are predominantly licensed products, items that are branded and often linked to popular franchises. Ultimately, we focus on things associated with movies or Hollywood licenses, which we enjoy dealing with. We sell the brands online and offline via various platforms, but also via our local store and in the B2B sector, all throughout Germany and worldwide.
How did Mandrops become what it is today?
It’s been quite a journey. Initially, our roots trace back to video production. We were involved in creating films or promotional videos, somewhat akin to what we might consider blog posts in today's context. These were short videos designed for marketing various products. Our primary focus was producing promotional videos for food mixers, targeting both animal food manufacturers and end-users. These videos were showcased at trade fairs and events. Gradually, we transitioned from video production into the actual trade of these products as we recognized the growing demand. This expansion led us into other product categories reasonably swiftly. During that era, the sale of car radios was flourishing. We seized the opportunity and became involved here as well.
Who would you say is your target customer?
That’s simple, everyone. Our diverse product range holds broad appeal, catering to a wide spectrum of age groups and interests. Whether someone possesses strong technical prowess or prefers outdoor activities, we have offerings to suit their preferences. From technology to outdoor pursuits, fashion to children's toys. We've successfully established a broad target audience.
What has been pivotal to making Mandrops successful?
We've always been adaptable, which has led us to develop a wide range of products. We found our strength in the car radio sector until the early 2000s. We imported car radios and distributed them to various sales outlets like Mediamarkt, Konrad, Voelkner, and others during that time. However, shortly after the turn of the millennium, there was a shift in the market, with new vehicles coming equipped with advanced audio systems, reducing the need for retrofits.
As business people, we had to adapt again and heavily ventured into the gaming industry. Realizing that gaming alone wasn't enough to sustain us, we expanded our focus to diversify our offerings. Today, our business is multifaceted. While gaming remains a part of our portfolio, we've added other product categories such as electronics, mobile devices, tracked goods, jewelry, fashion, and watches. This broad diversification ensures that if one product category experiences a decline in popularity, we have a solid backup to rely on. Moreover, our sales channels do the same: We are also broadly positioned in B2C, B2B, Germany, Europe and worldwide.
What are some of your most difficult challenges?
The process of sourcing goods has grown more demanding over time. Nevertheless, we maintain relationships with over 200 suppliers, providing a broad and diversified sourcing network. The challenge of procurement, however, is ever-present and involves staying attuned to the needs and preferences of our customers, which is paramount.
Moreover, external factors present significant challenges. Lately, we've encountered many challenges, including the impact of events like the COVID-19 pandemic and geopolitical issues such as those involving the war in Ukraine or potentially Israel. These are countries we have had business ties with or dependencies on, and navigating such global events always poses a substantial challenge.
Did these challenges lead you to explore a finance solution such as Silvr?
Yes. We have always financed ourselves solidly through our bank. However, Silvr emerged as a viable and efficient option for us, offering a relatively swift and straightforward solution. We came across an advertisement that presented Silvr as a means to finance the required seasonal goods. The process proceeded smoothly and without significant complications.
What was it that made you choose Silvr over other financial options?
We picked Silvr because it proved to be an effective and hassle-free solution. The personal interaction with our account manager was a great match, and the quick response times were advantageous for our needs. This positive experience led us to opt for a second round of collaboration.
The financing came in worthwhile for us. It enabled us to increase our stock for the Christmas period. We always must have the extra money to buy merchandise without compromising our cash flow.
Did you compare Silvr with other providers?
No. Our decision to go with Silvr was primarily due to the simplicity of their account setup. We recognized that we required financing for a specific period, and the personal contact and close relationship we developed with Silvr proved beneficial. We didn't need to extensively compare or explore alternative options because we trusted the process with Silvr would be swift and straightforward. In the end, the quality of communication with Silvr positively surprised us.
What benefits did Silvr offer compared to your business bank?
While traditional banks require physical appointments and a presentation of our business case to a representative, my interactions with Silvr were primarily over the phone, brief and to the point. Their rapid approach is a significant plus. Unlike traditional banks focusing on historical data, Silvr uses account statements and sales data to forecast the future. Overall, the experience with Silvr was very positive.
Would you recommend Silvr to others?
Yes, absolutely. I recommend Silvr to other businesses because it offers a quick and flexible solution. It's ideal when you must promptly finance a short-term stock or order. The overall processing, from the application to the actual payment, is swift, making it a convenient choice for short-term financing needs. It’s great for speed and flexibility. Plus, unlike many other providers, they offer direct contact with a dedicated person, which is invaluable.
What does Mandrops’ future look like? Will Silvr continue to play a part?
Our next milestone involves expanding our sales channels further. We plan to invest significantly in our online store to enhance its capabilities and reach. We aim to extend our store's functionality, making it available as a B2B store, and allowing retailers to place orders through it. Additionally, we're actively working on increasing our presence on various foreign platforms. We're already present in countries like the Netherlands, France, and England. However, we aim to expand into Poland and appear directly on platforms in several other European countries. Considering these plans, we’re sure Silvr will stay an important partner.
Interview with Karsten Dehler, Head of Global Sales
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