When 20-year-old Manav Agarwal, Director of Dreamz Diamond Jewellery, Hyderabad, joined the business in 2020, it urgently needed organisational restructuring and decentralization. Agarwal, who has a BBA(Finance) degree and Level 1 finance professional accreditation from CISI London, tells The Retail Jeweller how he went about setting things right

SHORING UP WITH USN

The first step was to create a smooth workflow. We have our own manufacturing set-up, so every jewellery product was given its unique sequence number (USN), and a detailed job card logging every detail about it – the composition, procurement and quality of diamonds and coloured stones, etc. This made the cost of the product crystal clear for customers. Since we have a large inventory, written and digital records of the USN helped us identify a product and know whether it had been sold, was with a customer, gone to the factory for repair or ready for sale in stock. It made the business hassle-free and less prone to human error.

“ Since we have a large inventory, written and digital records of the USN helped us identify a product and know whether it had been sold, was with a customer, gone to the factory for repair or ready for sale in stock ”

Manav Agarwal, Director of Dreamz Diamond Jewellery, Hyderabad

MULTI-USAGE PRODUCTS

I started focusing on more R&D to bring in innovation and creativity. This led to multi-usage products, attracting more customers. Most people who invest in a heavy bridal set would want to wear the jewellery differently on different occasions. The concept of 2-in-1 and 3-in-1 and re-imagined diamond jewellery garnered positive response from customers, and increased sales. Also, for every product that was a prospect for sale, I had a follow-up team comprising two people. For example, if a customer liked a piece of jewellery, we noted down the details along with the customer’s name, phone number and address. The team would then follow up to close the sale.

DIGITAL CATALOGUES

To showcase our products, I launched digital catalogues for our regular customers. These have an ID and password and give access to only the specific items they wish to buy from our store. Catalogues are updated every month with new products. Currently, we have over 200 products from different categories in the digital catalogues. More than sales, these catalogues helped us reach out to old customers, who had lost touch with us during COVID. Sales conversion improved by almost 10%, thanks to digital catalogues.

The Retail jeweller India Magazine

When 20-year-old Manav Agarwal, Director of Dreamz Diamond Jewellery, Hyderabad, joined the business in 2020, it urgently needed organisational restructuring and decentralization. Agarwal, who has a BBA(Finance) degree and Level 1 finance professional accreditation from CISI London, tells The Retail Jeweller how he went about setting things right

SHORING UP WITH USN

The first step was to create a smooth workflow. We have our own manufacturing set-up, so every jewellery product was given its unique sequence number (USN), and a detailed job card logging every detail about it – the composition, procurement and quality of diamonds and coloured stones, etc. This made the cost of the product crystal clear for customers. Since we have a large inventory, written and digital records of the USN helped us identify a product and know whether it had been sold, was with a customer, gone to the factory for repair or ready for sale in stock. It made the business hassle-free and less prone to human error.

“ Since we have a large inventory, written and digital records of the USN helped us identify a product and know whether it had been sold, was with a customer, gone to the factory for repair or ready for sale in stock ”

Manav Agarwal, Director of Dreamz Diamond Jewellery, Hyderabad

MULTI-USAGE PRODUCTS

I started focusing on more R&D to bring in innovation and creativity. This led to multi-usage products, attracting more customers. Most people who invest in a heavy bridal set would want to wear the jewellery differently on different occasions. The concept of 2-in-1 and 3-in-1 and re-imagined diamond jewellery garnered positive response from customers, and increased sales. Also, for every product that was a prospect for sale, I had a follow-up team comprising two people. For example, if a customer liked a piece of jewellery, we noted down the details along with the customer’s name, phone number and address. The team would then follow up to close the sale.

DIGITAL CATALOGUES

To showcase our products, I launched digital catalogues for our regular customers. These have an ID and password and give access to only the specific items they wish to buy from our store. Catalogues are updated every month with new products. Currently, we have over 200 products from different categories in the digital catalogues. More than sales, these catalogues helped us reach out to old customers, who had lost touch with us during COVID. Sales conversion improved by almost 10%, thanks to digital catalogues.

The Retail jeweller India Magazine