In January 2023, Zaveri Bros, a legacy brand from Coimbatore, made a significant foray into the northern market by opening a store in Gurugram. Under the leadership of Managing Director Raghav Meghraj, who holds a GIA degree and brings extensive growth management experience from Zomato, the brand embarked on a transformative journey to establish itself as the ultimate trusted destination for all jewellery-related needs, focusing particularly on the untapped potential of jewellery afterlife services
TRIGGER
We needed to develop a strategy to penetrate a new market, encouraging customers to visit our store and build trust. We identified a gap and potential in jewellery afterlife services and decided to become a one-stop solution for all jewellery-related needs. We anticipated initial challenges, as customers typically hesitate to entrust their gold jewellery to a new entrant, especially for lengthy gold testing procedures and repairs that traditionally required at least a full day.
EXECUTION
We swiftly implemented an advanced gold testing and melting machine within the store, capable of delivering accurate results within 10-15 minutes. This machine not only expedited the assessment process but also increased customer’s trust, as they could witness the evaluation first hand. People even brought in old jewellery to verify the purity of pieces they had purchased elsewhere.
We launched multiple online campaigns to advertise gold testing, refining, jewellery repairs, and the exchange of old gold for new jewellery. We also placed standees and hoardings around the store.
To achieve our ‘one-stop solution’ ethos, we ensured skilled karigars were readily available in-store, proficient in repair and customisation services. We strongly believe that the afterlife of jewellery represents a significant market, as people are often reluctant to entrust their jewellery to stores where they did not originally purchase it.
Simultaneously, we displayed every piece of jewellery with detailed tags outlining comprehensive information such as gross and net weights, making charges, and hallmarking specifics. By offering complete transparency, along with a variety of unique designs, we fostered relationships with new clients, encouraging repeat business and emerging as a trusted partner in every aspect of jewellery.
RESULT
The gold testing and melting machine significantly enhanced operational efficiency by 98.95 per cent, performing a day-long task within 10-15 minutes. This reduced logistical complexities, costs, and security concerns associated with traditional assessment methods. The increased transparency accelerated customer trust and resulted in a notable 30 per cent increase in gold testing, refining, repairs, customisations, and old gold exchanges compared to the previous year.
Moreover, showcasing statement collections like Temple, Polki, Amritsari Jadau, and lightweight designs to these customers led to an impressive 80 per cent conversion rate.
By Pratyasha Kumari
