Transitioning to organised retail: Deepak Tulsian’s blueprint for growth

In a session at IIJS Premiere 2024, Tulsian shared insights on how jewellery retailers can transition from unorganised to organised chains, unlocking their full potential and achieving scalable growth

Mumbai: In a compelling session at the IIJS Premiere 2024 at the Jio World Convention Center, Deepak Tulsian, founder of MyWisdomLane.com and a veteran in the jewellery e-commerce industry, explored the intricacies of transitioning from unorganised to organised retail. With a wealth of experience consulting over 450 jewellers, Tulsian’s insights were both practical and inspiring.

Tulsian began by defining ‘unorganised’ and ‘organised’ within the context of the jewellery retail industry. He emphasised that achieving an organised workflow is akin to polishing a rough diamond, revealing its true brilliance. The session was particularly relevant for standalone jewellers and medium-sized retailers aspiring to become chain store operators.

The growing landscape of organised retail

One of the key takeaways from Tulsian’s presentation was the significant growth of organised retail in India. He noted that while standalone jewellers still dominate the market, medium-sized and regional chains have increasingly captured market share over the past two decades. Today, organised retailers, including regional and national chains, hold nearly 40 per cent of the market, up from just 5 per cent two decades ago.

Overcoming internal challenges

Despite external challenges such as competition, changing consumer behaviour, and economic factors such as demonetisation, Tulsian argued that the real obstacles to growth are often internal. Issues like mindset, company culture, and management practices were identified as the primary barriers preventing jewellers from scaling their businesses.

Building a strong foundation

Tulsian addressed a fundamental challenge: establishing a unified and efficient team. He emphasised the importance of not only hiring skilled individuals but also of training them comprehensively. “Creating a strong team is essential. You need to ensure that every member understands the company’s goals and processes,” Tulsian stated. The emphasis on team cohesion and structured training is crucial in overcoming the initial hurdles of scaling.

Creating a consistent brand experience

The session highlighted that merely opening new stores is not sufficient. “Every store should reflect the same brand experience,” Tulsian explained. This necessitates a clear system, standard operating procedures (SOPs), and a cohesive marketing strategy. He elaborated on the importance of not relying solely on word-of-mouth or existing customer bases when entering new markets.

Innovation and adaptation

Tulsian’s advice on innovation was particularly striking. He underscored that staying competitive requires continuous innovation. “The business landscape is dynamic. If you do not innovate, you risk losing your market share to competitors who are constantly evolving,” he warned. This perspective aligns with the necessity of adapting to market changes and consumer preferences.

Leadership and delegation

In terms of leadership, Tulsian stressed the need for delegation and empowering others. “You cannot scale your business by doing everything yourself. Train and delegate responsibilities to capable leaders,” he advised. He explained that effective delegation not only helps in managing day-to-day operations but also fosters the growth of future leaders within the organisation.

Branding beyond visual identity

When discussing branding, Tulsian offered a nuanced view. “Branding is not just about identity; it is about reputation and emotional connection with your customers,” he explained. He highlighted that a brand’s promise and its ability to consistently deliver on that promise are what build lasting customer relationships.

Retaining top talent

On the topic of retaining top talent, Tulsian provided practical advice. “Employees are motivated by more than just salary. They seek growth opportunities, recognition, and a positive work environment,” he noted. His emphasis on the ‘Earn, Learn, and Fun’ philosophy encapsulates the need for a supportive and engaging workplace where employees can thrive.

Tulsian’s session provided a comprehensive framework for transforming from an unorganised to an organised retail chain. By focusing on team building, innovation, effective leadership, branding, and employee retention, retailers can position themselves for sustainable growth and success. As Tulsian aptly summarised, “The transition to an organised retail chain is not just about increasing sales; it is about creating a consistent and exceptional customer experience.”

Written by Pooja Mujumdar

Retail Jeweller India Exclusive