RJIF 2018: Unleashes new possibilities for Indian Jewellery Retail

By retailj February 12, 2018 05:00

RJIF 2018: Unleashes new possibilities for Indian Jewellery Retail

IIDGR (A De Beers Group Company) Presents Retail Jeweller India Forum 2018 in association with NSE, MCX – Metal & Energy and Effission Software Enhances the Knowledge Quotient in the Trade

Power-packed sessions, unparalleled consumer and actionable insights, ample networking opportunities, Retail Jeweller India Trendsetters 2018 and Special Service Providers’ Gallery – RJIF 2018 unleashes huge growth opportunities and immense possibilities.

IIDGR Presents Retail Jeweller India Forum 2018 (RJIF 2018) in association with NSE, MCX – Metal & Energy and Effission Software, in its fourth edition, concluded successfully yesterday at Westin in Mumbai with the engrossing sessions involving the thought and business leaders with redoubtable knowledge and expertise. The interactive and power-packed sessions covering all aspects of the jewellery retail business kept the audience engrossed throughout the day.

Attended by over 200 select jewellers and various other industry stake-holders with futuristic outlook, RJIF 2018 gave away umpteen actionable insights, innovative marketing ideas, effective strategic foresights, interesting and undiscovered consumer insights and above all, a more open, sharper and more agile approach towards the business.

Based on the theme Transformational Retailing, RJIF 2018 has brought together the brightest minds from within and outside the jewellery industry with an aim to enrich the jewellery retail trade discourse. It has been an ongoing mission at the RJIF which is the only knowledge-led platform for discussion and idea exchange for retail jewellers.

Over the last four years, the Retail Jeweller, the leading trade magazine for the jewellery retailers in the country, has been carefully nurturing the Retail Jeweller India Forum to make it one-of-a-kind platform for the gems and jewellery industry where the progressive, futuristic and growth-seeking jewellers across the country gain invaluable knowledge that helps them add profitability and new dimensions to their business.

Ankur Bisen, Senior Vice President, Retail & Consumer Products, Technopak

RJIF kicked off with an insightful session titled Retail 2020 where Ankur Bisen, senior vice president, retail & consumer products, Technopak made an informative presentation. In his opinion, working age Group (54% of the total population is in the age group of 20-59 years) role in disproportionate role in consumption, urbanisation,  supply side reforms, rise of the retail led brands  in ethnic wear, footwear, value fashion  and jewellery and e-commerce will act as enabling factors for the organised retail growth.

In his opinion, higher private consumption, a steady GDP growth and increasing share in consumer discretionary are favouring the retail industry. “Retail in jewellery, watches, apparels and accessories has recorded a growth from 2007 to 2017. We estimate that expenditure on jewellery and watches will reach 8.2% of total discretionary expenditure in India in 2021 from 7.7% in 2017,” said Bisen.

Sushmita Balasubramaniam, Practice Head (South Asia), Kantar Shopper Insights

In her insightful presentation in the session – the changing shopper landscape and its implications on jewellery retail, Sushmita Balasubramaniam, practice head (South Asia), Kantar Shopper Insights, mentioned few trends which would have far-reaching effect on the jewellery retail.

Subramaniam said that the brand value and experimentation are increasing simultaneously, implying the need for customisation and use of interactive technologies as key techniques to attract customers.

“Today, one out of three urban internet users is a digital commerce shopper. Mobile wallet transactions in India have grown approximately 20 times in the last three years,” said Balasubramaniam.

She also spoke about the personalized product recommendations/promotions from past purchases, searches, cart-abandonment etc, use online data history to elevate in-store experience even when a customer walks into the store. There is a  need of ‘Personal shopper’ tools using image search history and interactive virtual fittings against changing colour/fashion choices; or using different jewellery/stone designs. According to her, social Media influencers are a new breed of accessible, everyday celebrities so there is a need to tap into this network with a consistent presence and relevant conversations.

Shaveta Bharadwaj, Head of West, Kanter Millward Brown

While making a meaningful presentation on building brand, Shaveta Bharadwaj, head of west, Kanter, Millward Brown, spoke about three key factors behind the process of building a successful brand – salient, meaningful and differentiated. The shares of the three factors in the brand-building process are 40%, 34% and 26%, respectively. She also spoke about the importance of story-telling. According to her, only 30% of the advertisements globally resorts to storytelling. In India, the share is 50%. Story-telling creates memories for the target audience, said Bharadwaj.

Aparajita Basak, Associate Director, Micro Marketing & Economics, Nielsen India Pvt. Ltd.

In her comprehensive presentation, Aparajita Basak, associate director, micro marketing & economics, Nielsen India Pvt. Ltd. discussed the nuances of locational analytics. According to her, without the right touch-points, retail will prove ineffective. She discussed in detail case studies on how to select potential markets.

“The jewellers should prioritise the location. They should identify which locations or catchments have the largest revenue potential. They should zero in on the right sales location. When one looks at a particular location, the jeweller should analyse the consumer characteristics and location characteristics. Another key element is trade characteristics. One must also factor in the dynamics of his/her competitors, their target market and strategy for growth,” said Basak.

Hitesh Malhotra, Chief Operating Officer, NYKAA

In an informative and detailed presentation on how to achieve brand-loyalty with millenial, Hitesh Malhotra, Chief Operating Officer, NYKAA, a Indian multi-brand beauty retailer selling cosmetic and wellness products, said, “The retailers need to understand the split of the consumers and create opportunities for them. They need to understand the consumer touch points – social media, blogs. One needs to understand the media consumption pattern as well.”

He also highlighted the need to extract right perspective from the data points. “As per our data, out of 100 visitors, five initiate chats, four add products to the cart, three would check for offer and finally, two end up purchasing the products.”

From L to R : Sanjeev Agarwal, CEO, Gitanjali Exports (Moderator - Panel Discussion) - Rachna Bhusari, Head-SME, NSE - Vikas Kataria, chairman and MD, D P Abhushan Ltd. - Gaurav Jain, director, Hem Securities

In an insightful and engrossing panel discussion titled the Science of Leveraging Brand Value on the NSE SME platform, the panellists gave thumbs up to the idea of raising equity from SME board. “Tanishq inspired us to expand our operations and become organised. We had various apprehensions before listing. After the listing, the consumer trust has gone up,” said Vikas Kataria, chairman and MD, D P Abhushan Ltd.

“Promoters usually have apprehensions that they will lose control on the business if the company gets listed. Trade secrets will have to be divulged. Compliance will increase. But, a company has to be compliant while going for bank lending as well. But, the best part is that the listing always adds to the credibility and transparency in dealing,” said Rachna Bhusari, Head-SME, NSE.

“Listing is about mind-set. You can take the value creation to a different level. Equity market will offer you the runway to scale higher. Equity market is the best asset class in the market. You have to transform from tax-creation model to wealth creation model,” said Gaurav Jain, director, Hem Securities.

“Credibility and trust have a multiplier effect once the company get listed,” said Sanjeev Agarwal, CEO, Gitanjali Exports, the moderator of the panel discussion.

Vivette D’cruze, Director –Consumers Products & Retail – Ernst & Young LLP

In her insightful presentation, Vivette D’cruze, director –consumers products and retail – Ernst & Young LLP spoke about the key principles of expansion. “Before you expand, you must know what the value you want to offer to your customer while expanding. You may have six months of good sale after expansion but how to sustain that growth?” asked D’cruze. She prescribed, “The jeweller should have a clearly defined strategy which outlines its competitive advantage.” Besides that the jeweller needs to ensure that he delivers consistent experience across all stores and builds internal capabilities to support expansion.”  He needs to be open to continuous feedback from the ground and making changes to accelerate on the growth path.”

Maneesh Mittal, Head, e-Commerce and Big Data, Croma

 “Indian Retail is poised for unprecedented growth, expected to touch $1500 billion by 2020 and to capture that huge growth opportunity, one needs to pay attention to understanding consumers, price consistency, store visibility and store pick-up,” said Maneesh Mittal, head, e-commerce and big data, Croma in his presentation.

He also explained Croma’s strategy which revolves around digital influence. The strategy involves changed success metric, focus on ‘store as a theatre’, store-based online engagement and personalisation.

Mittal showed how redefining e-commerce has helped Croma in achieving superior consumer engagement and conversion. Price consistency, better hygiene features and a prompt after sales enquiry and promotion are the hallmark of a great retail strategy, according to him.

The shift is now from omni-channel to digital influence. “The retailers are now leveraging online presence to offline sales,” said Mittal. Experience will drive sales among millennial, said he. He cited the example of how technology is enabling higher conversions and experience. “We have access to data which informs our front end staff about the initial online product selections made by consumers who traverse the online to offline path. When they finally come to the store, our staff is able to shave off half an hour of discussion which was usually to understand what the consumer is looking for. It has greatly enhanced the consumer experience of buying from Croma. Conversions for these customers is almost 30 percent higher.”

He cited several other examples of new features which are enabling easy decision making for consumers.

Vishwas Parikh – Group Operations Manager, Mouawad

In his thought-provoking presentation, Vishwas Parikh – Group Operations Manager, Mouawad, spoke about the strategies to build an aspiration brand. He spoke about their Guinness World Record-winner Flower of Eternity Jewellery Coffer which achieved excellent Advertising Value Equivalency.

For Indian jewellers who have legacy brands, he emphasized the importance of creating stories that glorify the heritage of the brand. He also urged the jewellers to understand the subtle difference between doing business and creating a brand. “Mouawad believes in creating stories around its sourcing of rare stones or the accolades it gains by establishing new Guinness records.” He urged the family jewellers to delve into data points and not rely on intuitions to take decisions.” He gave several examples of how the luxury brand does deep competition research to come up with product strategies.

From L to R: Vipin Sharma, CEO, Azva - Santosh Sawant, Forevermark - Vijay Jain, CEO, ORRA - Vikram Merchant, Director, India Representative Office, Rio Tinto Diamonds - Kamna Chowdhury, Director, Consumer Insights and Marketing, PGI

In the final session of the day which was on bridal trends, panellists highlighted various aspects of evolving sensibilities of modern Indian brides.

“The ritual of gold jewellery is firmly rooted in tradition. But the brides are reinventing the trend. They are expressing individuality without defying the traditions. So, designs are becoming increasingly important. Jewellery is not like fashion in a wedding. Long-term relevance is still a strong consideration,” said Vipin Sharma, CEO, Azva.

Vikram Merchant, director, India Representative Office, Rio Tinto Diamonds said, “The outlook for bridal jewellery has changed. It has become wearable. And that aspect has increased opportunities. According to our research, 56%-67%  of the mother and daughter prefer to buy new jewellery at the wedding time. They don’t mind taking old jewellery from the mother but they still buy new jewellery for the main occasion,” said Merchant. The purchase decision now lies with the bride. The parents chalk out the budget, but the design, the stones and the metals are chosen by the brides. According to him, the bridal trends in 2018 would be uncut diamond jewellery, statement pieces and authenticity.

Santosh Sawant from  Forevermark said, “as per our diamond acquisition study covering  40,000 consumers in the country, 90% prefer wearing finger rings. They don’t want to wear big pieces. Today’s woman has transformed social materialism into personal meaningfulness.”

Kamna Chowdhury, director, consumer insights and marketing, PGI said, “The occasions of celebrations go beyond the wedding week. Today’s bride wants her trousseau to prepare her for the new life ahead. The designs should compliment fusion dressing, extraordinary adaptations of classic motifs. The design should be elegance and simplicity in design and offer flexibility of wearing.

“The design has to be revenant to the occasion. The designs should reflect emotions,” said Vijay Jain, CEO, ORRA.

Amitabha Das – Head Operations, IIDGR, Surat

Amitabha Das – Head Operations, IIDGR, Surat, in his presentation, spoke about IIDGR’s focus on the trust factor and authenticity. He discussed how the diamond world is in continuous threat of improper trading of, diamond simulants, diamond synthetics, treated diamonds. “There is a need to increase consumer awareness and confidence in the market at the moment,” said Das.

Elaborating more on its detection procedure, IIDGR displayed its state-of-the-art equipment such as AMS2, SYNTHdetect and Diamond Plus that can easily detect synthetics in jewellery and stones.

Minesh Shah, MD, Effission Software

In his presentation, Minesh Shah, MD, Effission Software spoke about their various product and service offerings. They have launched new-commerce platform where jewellers can go online in a day. “We offer simpler user interface and navigation, suitable to jewellers specific needs and business processes,” said Shah. The solution is equipped with features like inventory and customer management, advance filtering, to name a few.

Shivanshu Mehta, Head, Bullion, MCX

Shivanshu Mehta, Head, Bullion, MCX, in his presentation, spoke about the new product Options. “Options offer the buyer an Insurance against adverse movement, but allow for participation on favourable side. It offers maximum loss to the extent of premium paid for buyer. Exchange traded options free from counter party risk. Futures and Options combination (both risk management tools) gives leverage of futures with safety of options,” said Mehta

Retail Jeweller India Trendsetters 2018

The exuberance of some exquisite design innovations was in full flow at the fashion walk of Retail Jeweller India Trendsetters 2018. Achal Jewels, CVM Exports, Kiran Jewels, Meraki by P Mangatram and Vijay Exports captivated the audience with unparalleled design excellence and craftsmanship at the Retail Jeweller India Forum 2018 through a fashion walk.

Achal Jewels showcased their polki jewellery collection. CVM displayed Haweli collection and Sanyukta Chain collection. With Zuri collection featuring motifs like scallops and roses, Kiran Jewels stole the show. Meraki by P Mangatram added to the grandeur with their Falaknuma collection. Vijay Exports showcased Celestial Collection which has been designed with millennial in mind. All the five manufacturers were awarded the prestigious The Retail Jeweller India Trendsetters for their design excellence. Heads of those companies took part in the fashion walk and were felicitated with the awards.

The Retail Jeweller India Forum Service Providers’ Gallery

The Service Providers’ Gallery where companies like V-Design Architectural Solutions Pvt. Ltd, Jewelfie, groupDCA, Sense Strategy & Design, Style Quotient showcased their latest products and services attracted attention of the attendees. Jewellers visited their booths to understand the benefits of the displayed products, services and solutions which will equip them to achieve higher profitability.

Service Providers Gallery
By retailj February 12, 2018 05:00
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