Industry Experts say capitalizing on digital, educating consumers about policies & creating unique designs are going to be the focus this year
Industry experts share what their core strategy is going to be this year. By Vijetha Rangabashyam
With each passing year, we jot down all our learnings and try to think of ways we can grow, and this is the case with business too. Some leading jewellers share with us what their focus will be on this year for a lucrative business.
Arpit Rastogi, Director, Lala Jugal Kishore Jewellers In
2018 as a brand our goal is to ensure that consumer is educated regarding all the policies related to bill, hall marking, certificates which a consumer should ask a jeweller before doing any transaction. The market sentiment has become better since 2017 Akshay Tritiya. As per the statistics, the currency flow in our economy has reached back to the pre-demonetization levels. The undisputed annual demands have accrued for an extended period, and are expected to realize now. With regards to GST government has put the gems and Jewellery industry in 3% slab where we have welcomed this decision. As far as new policies are concerned, the whole gems and Jewellery industry has become more structured and organized. There is increased transparency in all dealings.
Rajesh Tulsiani, Director, Dwarkadas Chandumal Jewellers
It is very necessary to connect with the customer and know about their needs. This year we are coming up with creating some really unique pieces and new collections that are in sync with ongoing trends which will appeal to our customers more. Creating a continuous buzz in the market is very necessary. Orchestrating events that will help us connect with our clients and showcase our favorite promotional events is another opportunity that we are looking forward to. There has been a dynamic change in the jewellery industry as well as consumer preferences due to exposure to various trends. The competition in the market has increased hence growing demand for design innovation and craftsmanship has become an important factor while buying precious jewellery. Consumers should be proud of what they are wearing; here creativity and design innovation plays a vital role to capture and hold consumer interest and confidence in the brand.
Ishu Datwani, Founder, ANMOL
Our strategy this year is to build a very strong brand recall for ANMOL, retain customer loyalty through various CRM & marketing initiatives and tapping millennial consumers through digital integrations, product diversity and creative ways of storytelling. We are taking a few special CRM initiatives to strengthen our relationship with our existing clients, aggressive marketing activities, social media marketing activities & exhibitions to reach out to potential clients at national & international levels. One of the reasons why the jewellery industry is finding it more difficult to sustain, survive and grow, is the fact that the younger generation is more attracted towards latest electronic gadgets and instruments and jewellery has taken a backseat. We are now designing more light-weight, trendy, wearable and price-point jewellery which would appeal to the millennial consumers. It has to be design, design & design! Also for the more expensive pieces, the designs are more youth oriented, classic & contemporary.
Adeesh Nahar, Director, Rosentiques
In the previous years we have worked with pure dedication and morality. Taking this ahead, keeping the basic ethics of uprightness and transparency as our main motto, we plan to introduce a new department of research and development to keep in pace with modern innovation and create new products of superior quality. As a brand, we value our customers more than our profits. With regards to this, we have worked very hard to get our procurement and manufacturing costs down to increase our profitability.
Aditya Pethe, Director, WHP Jewellers
As a brand, our focus is towards building our Silver brand Izaara as well as promote diamond Jewellery. Everyday diamonds continues to stay popular. Online promotion to increase our digital reach will be one of the key promotional tools. Over all, the last few years have structured and standardized the industry and eliminated many malpractices from the sector making it more transparent for the consumer. As a brand, we have always followed all ethical guidelines even before the government introduced rules for the industry. As one of the leading players in our market, we plan to ensure we continue educating our consumers on various practices like hallmarking, certification, GST, proper billing etc so that our consumers are empowered and aware of their rights.
Vaibhav Saraf, Director, Aisshpra Gems and Jewels
Management Information Systems will be of paramount importance to reach effective decisions in an organization. With this, seasonal stock movement of various kinds of jewellery gold, diamond, and silver can be maintained. Ageing of stock and customer responsiveness on each product gathered by MIS reports plays a vital role in the decision making process. We will also focus on digital assets such as our website, Social Media and Mobile app to eradicate communication problems between the customer and the management.