Retail Jeweller India Forum 2019 Encourages Innovation With Technology to Win Over Buyers

Have you heard of the word sellennials? If you have, then you look forward to doing business not only with middle-aged clients but also seek potential among the latest generations with an upcoming disposable income in 2019. To draw attention of the youth, you must believe in innovation, which was the mantra of SGL Retail Jeweller India Forum (RJIF) 2019.

Inaugurated by GJEPC chairman Pramod Agrawal, GJC chairman N. Ananthapadmanabhan and SGL directors Chirag Soni and Shirin Bandukwalla, the gracious delegates underlined the pressing need to innovate to win and upgrade themselves with latest practices discussed in this highly sought after annual jewellery event, which one overlooks in their busy daily schedules. The country’s only knowledge forum on jewellery retail, RJIF 2019 touched base on various attitudinal, infrastructural, managerial and technological aspects of retail innovation that the gem and jewellery industry must adapt to. The first insight discussed was to entice the five senses of customers by promoting differentiated products.

Discussions then veered towards how a brand should leverage technology and creativity to create a balance in the final product. Also a part of brand building, the company should look into inventory management and initiate processes to standardise business and reap the maximum profit. In this context, exceptional ideas must come into play while ideating promotional campaigns that attract consumers and help keep the brand relevant to their needs. Breaching the sensitive topic of discounts, retailers discussed how one should control themselves from yielding to the requests of customers. In the worst case scenario, redeemable points against future purchase of jewellery can be offered to keep value from spilling over other product categories.

The crucial debate of naturals versus Lab-grown diamonds was also taken up where it was inferred that foolproof customer education about each of the category will stop illegal mix-and-sell, and help sustain trade of both product categories. RJIF 2019 also displayed how Forevermark is impressing global customers with advanced retail technology, while DPA discussed its success in promoting the lure of natural diamonds. The Indian retail landscape can do better with lower making charge and is unique as players can stay regional and still accrue greater profit than a national player, so was inferred from the event. Retailers also got to know how a volatile market can be checked with gold hedging. While designs should be kept contemporary, the audience got to know about an Indian innovation of a virtual mirror that enables one try out jewellery and take images. On the human resource front, it was discussed how a simple reward system can boost performance and sense of belonging exponentially.

RJIF 2019 also presented a motley group of service providers for different requirements of jewellery retail. For the best advice, participants approached DS Consulting, while for the best visual merchandising, Artistry became the talking point. While onlookers were amazed by Styledotme’s MirrAR platform, they approached Synergics for software services and and Networkbay retail to revamp their in-store decor. While IBJAS’s customised gold coins became an instant attraction, people also discussed hedging opportunities with MCX. Harshil Khichadia Project Management Consultant provided premium retail tips for commercial space while Virtual Diamond Boutique exhibited their app platform for diamond trade online. SGL spread its awareness about its certification program while IIGJ became the destination for educational training in gem and jewellery. All in all, RJIF 2019 was a wholesome experience for the entire jewellery supply chain where one not only got knowledge about effective business strategies but also took back leads and resources to implement the same back at their business arena.