Here is how a progressive family jeweller in India is shining his way back to success.
Back in 1995, when national retail brands started expanding their operations in tier 1 and tier 2 cities across India it became very difficult for family jewellers to stay competitive as well as relevant. The national brands during the initial stages, worked relentlessly to understand and study the weaknesses of the family-run jewellery business and touched the nerve of the consumer base by offering them Quality Standardization - which was nonexistent and was the biggest industry issue, Value Proposition backed by brands and of course Discounting Perception which was a game-changer there was never a concept of Discounting in Jewellery before that.
Backing with hefty marketing budgets, national reach and Omni channels – They were able to communicate the key findings with great persistence to the consumer base. The sheer size of their operations, opening of new stores, expansions resulted in great sales numbers and Growth Year on year. But on a one to one comparison they were still behind Family-owned stores by many many years.
The reality of lost market share started reflecting on the Family Jeweller around 2014. Nearly a decade later when sales Dropped, Numbers don’t lie Top line of all Family jewellers started to fall It is then the Progressive Entrepreneurs in the Jewellery Market started to wake up and started learning from their mistakes and adapting to the best practices of the National Jewellery Brands they also started to work on their other weaknesses ... In my opinion, a lot of Family Jewellers learned and improved on the following 8 points.
1. Customer’s first philosophy:
It’s very tough nearly impossible for Nationalized Brands to offer the same level of personal customer service and satisfaction and attention to detail as the family jeweller does, Through a focus on personalizing customer experiences and standing behind their brand, they are re-emerging as the go-to places because of their many years of experience, excellent customer service, and knowledge in the field they always aim to make their customers happy. Customers will always be satisfied and come back again and again for their jewellery needs.
2. Unique Design’s:
Another way that sets them apart from the competition is in their design strength. Which is very customer-focused and Driven. Customers can count on them to have the latest design trends and inventory.
3. Jewellery Customization:
Family Jewellers have started to leverage design customization as per the customer requirement have also worked hard to cut down on customer order turnaround time to one-third of what chain stores take Delighting the customer with the speed and efficiency.
They are adapting to Technology using technology for more efficient store operations collecting plus using data for better customer relationship management and customer delight they will always have Customers Jewellery preferences on record they now track their Buying Habits This enhances the personal feel of their store. In addition, they are now data-driven for inventory management so that they always have the correct product variety for their ideal customers.
5. Digital Marketing:
Family Jeweller is how leveraging digital marketing to reach out to a large relevant audience with a smaller Marketing spend better ROI understanding the importance of Digital Marketing.
6. Having a Face of an Organization:
There is always direct access to the owner for greater customer satisfaction. This gives customers a sense of confidence because they know that they can trust the brand behind their purchase.
7. Small is Beautiful:
The best thing about A Progressive Family Jeweller is that this small retailer is flexible and always ready to change adapt fast as per the market.
Family Jewellers have a legacy. They have understood how to sell their legacy, family Jewellers put customers first in every aspect he has rediscovered his strengths in catering to what their customers have come to expect. They are proud of the fact that they have been able to sell jewellery to 2/3 generations and have proved themselves over and over again.
You can’t write them off so soon... They are here to stay and grow and reclaim their Market share ..., Author: Sanjay Kalsi Accredited Gemologist Founder
J D Solitaire