Buyers at JAS share tips for jewellery purchase in pandemic times

• Focussed Bridal purchase for fear of third wave
• Not inventory gaps, fill in design gaps with unique innovations
• Buying should factor sales growth or de-growth
• Check month-on-month sales data from last year
• No ambitious purchase, only focus on the upcoming season
• Buy colour gemstone jewellery for profits and pleasing young buyers

There has been a seismic shift in the buying approaches of retailers at trade events. Both manufacturers and retailers are trying to crack the ever-changing code of consumer behaviour at the outset of pandemic. It so used to happen that retailers would plan purchases for next couple of seasons, being confident of a timely rise in demand and desired profitability. Such an expectation is a thing of the past and retailers at JAS 2021 are weighing in on the approaches for sourcing inventory now.

Nirav Challa of PMJ Gems and Jewellers, Hyderabad say that weddings in India have been hit so hard that couples are not waiting for auspicious occasions (muhurats) to get married. “Fearing the third wave, people are investing in bridal jewellery more than ever. Therefore, we are closing bridal jewellery purchases first,” said Challa. It calls for design innovation in the bridal segment, and a retailer should look for bridal ranges that have distinct look and feel apart from usual designs to close transactions successfully.

For Vijay Soni of Mahavir Danver Jewellers, Kolkata, pandemic panic shouldn’t be taken to heart and a retailer should assess his current inventory and tally that with past month-on-month sales data to plan his purchase now. “Although customers are coming in showrooms after lockdown relaxations, a retailer has to put greater focus on planning the purchase basis actual sales,” said Soni. If sales are down by 10% or up by 20%, buying too should factor the same. Not more, not less.

For Namo Jain of Vardhman Jewellers, Delhi, the target is to buy only for the upcoming season. “There were times when a retailer used to feel that one occasion or the other will prove useful for a particular jewellery range, but now we are focusing on strict 4-month spans and buying accordingly,” he said.

In that regard, Jain said that a retailer can’t avoid the unbeatable acceptance of colour gemstones today. “The millennials are loving colour stones and it is but natural for us to focus on colour stone jewellery. Or else we might lose out an entire generation of jewellery buyers, which a retailer can’t afford today,” he remarked. Besides, who can deny that retailers need to stock up high margin categories and colour gemstones score high on that front.

Courtesy: Retail Jeweller India News