Look for opportunities in adversities

retail
By retail January 28, 2020 18:46 Updated

Look for opportunities in adversities

Need to craft a sales strategy? The Retail Jeweller takes you through to four different yet interesting ways to boost sales in the competitive environment.

–Manoj Chakraborty

Navigating the change

Over the last one and half months, I have been selling more jewellery in 18k and 22k. Looking at the current market trends and demands for ornaments, it is imperative to change the strategy of sales. I changed my existing inventory a bit and introduced Lightweight jewellery in 18k gold. We have introduced items like – rings, tops, bracelets, and earrings to attract customers. My sales have gone up by almost 10% at present.

Anand Pednekar, Director, Anand Jagannath Pednekar Jewellers, Mumbai

Anand Pednekar, Director, Anand Jagannath Pednekar Jewellers, Mumbai

Customising to increase demand

During IIJS when the gold prices suddenly shot up to an all-time high, we decided to make few changes in our inventory and focussed more on lightweight, small ticker items. We replaced products weighing 15 to 20 grams with jewelleries weighing between 5 to 8 grams. We also started marketing these lightweight jewellery collections on social media platforms to spread the word.  Our efforts paid off as customers positively responded to our call and the sales of the lightweight category increased.

Umesh Soni, Partner, Shree Kareshwari Jewellers, Bharuch, Gujarat

Umesh Soni, Partner, Shree Kareshwari Jewellers, Bharuch, Gujarat

 

Innovating to make it tasteful

Through the last 6 to8 months, we started converting our 18k gold jewellery into 14 carat, studded diamond jewellery. We did this to make the pieces more attractive for the customers. The marketing of the new product was done in such a way that the customers were more than happy to buy studded diamond jewellery instead of gold jewellery because of the soaring prices of gold. The customers, on the other hand, did not mind buying diamond jewellery by paying slightly higher rates.

Kamlesh Soni, Partner, Om Markandeshwar Jewellers, Ankleshwar, Gujarat

Kamlesh Soni, Partner, Om Markandeshwar Jewellers, Ankleshwar, Gujarat

Increasing on-ground presence

To meet our sales target and hit the right numbers, we reduced our spends on purchase and thereby put a stop to over buying. We also planned to consolidate what we already had in stock and decided to sell those because it was important to keep the rotation on. To target the upcoming festive season, we also organised events and exhibitions across the city to reach out to a maximum number of people.

Amol Bansal, Director, BK Saraf Jewellers, Lucknow

Amol Bansal, Director, BK Saraf Jewellers, Lucknow

retail
By retail January 28, 2020 18:46 Updated
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