#RJEF2023: Next-gen jewellery retail hinges on integrating people, products, processes and tech, say experts

Speaking at the inaugural Retail Jeweller East Forum, Vivek Das and Sanjib Chatterjee, Founders of Synergics Solutions Private Limited, emphasized the pivotal role of adaptive change, data-driven decision-making, and technology integration in shaping the future of Indian jewellery retail

Kolkata: There is a pressing need for seamless integration across the four pillars of one’s organization – people, products, processes and technology – said Vivek Das and Sanjib Chatterjee, Founders of Synergics Solutions Private Limited, delivering a presentation titled ‘Insights on Next-Gen Jewellery Retail’ at the inaugural Retail Jeweller East Forum (RJEF) held in Kolkata.

Das shared several real-world examples that can boost data-driven decision-making of jewellers and customers, such as storing extensive data about one’s master designs and clearly defining product categories. This builds a vast information repository about each component of design, variations present in the existing store stock as well as potential customized orders, which will further aid procurement, he said.  

Observing sales analytics, purchase patterns and design/product preferences will render useful insights about relative cost-profit items across vendors, best-selling items and optimal customer sighting windows that will help retailers capitalize on high-cost inventory items, Das added.

“Retailers must lead an adaptive change that includes people, introduce change-oriented processes and innovative products and then lace them with technology to maximize output. Re-evaluating internal organizational processes, aligning with partners who understand both business and technology, and fostering meaningful customer relationships is the cornerstone of next-gen retail,” Das said.

The entire talk focused on how technology can be best optimized as a medium to amplify organizational business growth. Chatterjee discussed how one of the most critical aspects of infrastructure management is to use cloud systems that ensure security of digital data, and how technological tools can be used to assist real-time sales at counters.

“In case of franchise networks, challenges are not only in physical goods movement. Multiple entries must be populated without human intervention for you to provide authentic data to parties to support it. Technology that provides real-time diagrammatic representation of your data is available with reasonable investment, which retailers must leverage,” Chatterjee explained.

Written by Harshita Kale

Retail Jeweller India Exclusive