“MIA by Tanishq thrives by embracing a start-up mentality” – Rajiv Menon

Rajiv Menon, National Head of Sales & Retail Operations at Mia by Tanishq, has driven the brand’s success by prioritising customer engagement, integrating omnichannel experiences, and maintaining an agile business model to ensure a strong online and offline presence.

Rajiv Menon’s multifaceted approach, ranging from data-driven customer relationship management to expanding Mia by Tanishq’s footprint across tier-1 and tier-2 cities, has been instrumental to the brand’s success. In an interview with The Retail Jeweller India, Menon discusses the evolution of his role, the challenges faced, and the impactful strategies employed to position Mia by Tanishq as a leading player in the jewellery industry.

“Recognising the potential of 14k jewellery as affordable daily wear, we revamped our online platform two years ago to make it more user-friendly and visually appealing and launched an app to boost our online presence and customer interactions”

– Rajiv Menon, National Head of Sales & Retail Operations at Mia by Tanishq

EDITED EXCERPTS:

Maithili Patange (MP): Since joining Titan in 2016, you assumed the role of National Head for Sales, E-Commerce, and CRM in 2021. How has your role evolved since then?

Rajiv Menon (RM): Initially, I managed Tanishq’s business across the southern states, excluding Andhra Pradesh and Telangana. In 2021, when I transitioned to Mia by Tanishq, my approach was to treat the brand as a start-up with 10 years of experience, with the existing database and initiatives that had been tried but perhaps not fully capitalised on. Over the past few years, my role has evolved to encompass comprehensive business strategies, including omnichannel integration and expansion into tier-1 and tier-2 cities.

MP: What specific strategies have you employed to drive growth for Mia by Tanishq, both online and offline?

RM: Mia by Tanishq was predominantly an offline brand due to the traditional mindset of purchasing jewellery in person. Recognising the potential of 14k jewellery as affordable daily wear, we revamped our online platform two years ago to make it more user-friendly and visually appealing and launched an app to boost our online presence and customer interactions. We have a dedicated team addressing online queries and directing customers to stores when necessary.

“As of May 2024, we have over 190 exclusive Mia by Tanishq stores in 70-75 cities and are present in over 400 Tanishq outlets. While metros have always been strong markets due to their exposure to global trends, we have seen significant growth in tier-2 and tier-3 cities”

MP: What are the primary challenges you encounter as a retailer and marketer operating within the highly competitive jewellery industry, and how do you effectively address these challenges?

RM: Adapting to new market demands was a challenge. We expanded aggressively, growing from 40 to over 190 stores in three years. To connect with Gen Z and millennials, we revamped our website and developed a mobile app, catering to their reliance on mobile devices for purchases. Maintaining flexibility in our processes was key to addressing unforeseen issues effectively.

MP: How do you evaluate the performance of your e-commerce platform and sales team, and what metrics do you focus on?

RM: Top-line performance is our primary metric. We track footfall, conversion rates, average ticket size, and product recommendations. For e-commerce, we measure lead generation, conversion rates, and response times, now under four hours. Virtual try-ons and seamless returns enhance our omnichannel strategy. Training, mystery audits, and feedback analysis maintain high standards for our sales team.

MP: Can you share insights on the regions showing robust growth and your expansion plans?

RM: As of May 2024, we have about 190 exclusive Mia by Tanishq stores in 70-75 cities and are present in over 400 Tanishq outlets. While metros have always been strong markets due to their exposure to global trends, we have seen significant growth in tier-2 and tier-3 cities. These regions are new to 14-carat jewellery and have embraced the brand enthusiastically. We plan to expand further, leveraging e-commerce sales data to identify new potential markets. Our online channels cater to almost all tier-1, tier-2, and some tier-3 cities in India.

MP: Could you share a successful e-commerce strategy you led that has directly affected your sales growth?

RM: Revamping our website and launching a dedicated app have been major milestones. An AI-powered chatbot on our site helps customers by suggesting products based on their preferences. This feature has been well-received, simplifying the shopping experience and increasing both online and offline conversions. Our revenue and interactions on the website have grown by three times after introducing these features.

MP: What role does CRM play in your strategy, and how has it enhanced customer engagement?

RM: Titan’s robust CRM programme, ‘Encircle’, helps us understand customer behaviour. With its help, we introduced initiatives like the ‘Runway Star’ event, where 150 customers showcased Mia jewellery in Bengaluru. We also organise factory visits and exclusive product previews for loyal customers. Special events like ‘MasterChef for Father’s Day’ and Mother’s Day activities boosted revenue by 1.5x and 2x, respectively.

MP: With 25 years of extensive experience, what are the three key learnings you have incorporated into your approach?

RM: Firstly, maintaining a customer-centric approach is crucial. Every action I take is evaluated based on its impact on the customer. Secondly, the importance of people cannot be overstated. Happy and motivated employees lead to satisfied customers. Lastly, my experience across different sectors has taught me that good practices are universally applicable and can add value to our operations when adapted suitably.

MP: With Mia by Tanishq growing, what are the plans you have for the brand further

RM: To strengthen Mia by Tanishq, we target more store openings in untapped cities. As market leaders, we focus on innovation, continuous improvement, and setting benchmarks for competitors while challenging ourselves to stay ahead.

Written by Maithili Patange