Digitization is the key, as older groups are also using technology now: Binaisha Zaveri, Director, Tribhovandas Bhimji Zaveri

As jewellers rethink their business strategies to strive in the brave new world that is slowly shaping up from the ramparts of the destruction wreaked by the pandemic, Retail Jeweller speaks to Binaisha Zaveri, Director, Tribhovandas Bhimji Zaveri, Mumbai to find out how Covid has intensified a culture of learning and change within organizations, the leadership lessons learnt and unlearnt and the measures designed to reduce the impact on business from unknown and relatively known risks.

The Retail Jeweller (TRJ): What valuable lessons have you learnt from Covid?

Binaisha Zaveri (BZ): One can never be fully prepared for a crisis, but can always have a plan. We are introducing a playbook of sorts to ensure that teams can act with without having to second guess their decisions. Communicating constantly and transparently with teams is critical and must be a continuous process. Digitise wherever you can. Be comfortable with change. The true nature of any workforce’s productivity is different from how we thought of it previously.

TRJ: What are the business risks you would like to minimize based on your experience of the pandemic?

BZ: Consumer-facing businesses will suffer if consumers are unable to engage with them. So, we have improved our array of direct-to-consumer options via technology, and we will continue to do so. We are training our teams to be multi-functional, so that the organisation is agile if and when the need arises.

TRJ: Did you spot new opportunities in the calamity? Tell us about them.

BZ: During the pandemic, we saw an influx of new customer segments that consumed the brand. We plan to target them specifically. We saw technology being used increasingly even by the older age groups. This will allow us to digitise more of our offerings.

TRJ: Has Covid ushered in any new thought in your organization for CSR? Please tell us more about it?

BZ: As an organisation, TBZ-The Original has continuously supported the cause of helping victims of domestic violence. This unfortunate trend saw a spike in such cases. So, the company doubled its efforts to look into how we can improve on helping these women.

TRJ: What are the changes that you observed in the consumer behaviour and demand patterns?

BZ: We have seen certain professions and communities buy more, while some others have stepped away. Urban consumers are willing to switch from gold to diamonds in low and mid-range products due to the high gold prices. However, at an overall level, the consumer’s attraction for gold has not dimmed at all. We have also seen a higher adoption and demand for our digital services of buying from home and booking online appointments.

TRJ: This decade has taught us many lessons. What are the most important emerging trends that jewellers will have to adapt to for success and survival in the post-Covid era?

BZ: Brands will have to attune to the tastes of the consumer at the micro level, as overall discretionary spends will be lower. We have to walk the talk and provide the best value in terms of cost and experience, or the consumer will find another option.

TRJ: How do you envision the coming decade for retail business?

BZ: Jewellery is not a rational product. It’s an emotion. As consumers evolve, I feel that its value as part of the overall ‘look’ for the customer will only increase. The future looks bright if a category focuses on driving this emotion and not only on jewellery as an investment.

Courtesy: Retail Jeweller India News Service