How Aditya Pednekar went about modernizing Jagannath Gangaram Pednekar Jewellers

Aditya Pednekar, Director, Jagannath Gangaram Pednekar Jewellers, Mumbai, an MBA from the SP Jain Institute of Management and Research, tells The Retail Jeweller how he went about implementing changes to modernize the family business after joining it in 2017

CHANGED THE INVENTORY MANAGEMENT SYSTEM

After joining the business, I carefully studied how we purchase and manage inventory at our 14 stores, and found a professional approach missing, with scattered stocks. So, I installed an efficient inventory management software. I also found out that there was no pre-decided budget or plan before purchasing inventory, with most purchase decisions being taken over a call. I decided to maintain a certain stock level at every store. Now, we only buy fast-moving items and have grown to 18 stores across Maharashtra and Goa.

INTRODUCED KIDS’ JEWELLERY AND LOCALIZED DESIGNS

Our business had never tapped the kids’ jewellery market. I decided to introduce a lot of categories and sub-categories catering to different age groups, income groups and demographics of the areas around our stores. I also increased the number of vendors supplying us jewellery from 5-6 to around 20-22. Now, we try to introduce new designs every quarter, so that they look fresh. We also have an in-house design team working to create localized designs based on feedback from customers. If we find customers unhappy with any of the stocks, we try to make changes according to their demands.

TOOK A MODERN APPROACH TO STAFF TRAINING

Earlier, new joinees would be asked to stand next to senior sales staff and learn the work by observing them. Before designing a new staff training module, the senior management including me spoke to each employee to understand their challenges and where they needed help. We devised in-house training sessions, dividing the staff into groups of 30 odd members. For our stores in Tier III cities and small towns of Maharashtra, the training module focused on increasing sales of diamond jewellery, and it ensured at least 20% increase in diamond sales in the last 6-8 months. I also make it a point to talk to each and every employee whenever they attend the training sessions.