Multi-pronged effort to revamp the business model

retail
By retail February 10, 2020 18:31

Multi-pronged effort to revamp the business model

Operating out of Chandni Chowk, Delhi, Shri Ram Hari Ram Jewellers has always been considered a legendary, reputed brand. However, people thought that it catered only to the older generation, an impression Meghali Gupta wasted no time in dispelling upon joining the business in 2013, following her husband’s death. She talks about how she pulled off an image makeover.

–Manoj Chakraborty

Reimagining the customer’s choice

We started as a small jewellery shop in one of the country’s largest jewellery markets. Previously, we used to offer mostly traditional jewellery, but immediately after I joined, the first thing I did was to change the store collection. I started keeping more modern and upscale products. The idea was that  anyone who comes to my store, no matter from which age group, should find what they came looking for. I did not want to disappoint anyone at all. I understood that I had to go with the times if I wanted to attract the attention of millennials and the office- going crowd. So, I shifted to lightweight jewellery that young adults could wear on an everyday basis. Although we were already stocking coloured stones, it was in a rather limited manner. But coloured stones are a big opportunity and, accordingly, I introduced stones such as Tanzanites, Pink Sapphires and Opal.

Going big on technology

I also decided to adopt technology in our business in a big way. For instance, three years ago, we introduced high-end machines for alloy testing, where you can just put in a piece of jewellery and the machine gives you the full description of the item and also tells you its value. Besides, it gives you details such as precious metal content, and information about the other metals mixed in it. This basically determines the purity of gold. The machine has helped us in refining our product quality since we do not have to rely on outsourced test results. Thanks to it, we were able to fine tune our buy back policy, and also the metal purchase policy, which helped our clients who wanted to sell their old gold ornaments.

Besides, we introduced Computer-Aided Design (CAD), which has helped us improve the finish of our products, especially diamond jewellery and gold-studded jewellery. CAD has enabled us to maximise the look of diamonds by minimising the look of gold. A year ago, we also got  rhodium testing machines at our factories.

Comprehensive brand-building exercise

People of Delhi knew about Shri Ram Hari Ram, but they had little idea about our collections. To get our message across, we did collaborations with brands and designers, and participated in shows. For instance, we collaborated with the internationally renowned fashion designer, Rohit Bal, to showcase our exclusive jewellery. The idea behind the collaboration was to drive home the point that heritage extravagance is still wearable, extremely coveted by brides, and is for anyone who wants to make a fashion and luxury statement. We have started participating in consumer exhibitions actively, and are going all out on social media to create a big buzz around our jewellery.  Apart from maximising our business, this also helps us to connect with our customers and ensure they remain loyal to us.

 

retail
By retail February 10, 2020 18:31
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