Sundaram Chains, established in 1980, has maintained its legacy through a combination of commitment to quality, customer satisfaction, and innovation. The label’s ability to blend traditional craftsmanship with modern techniques has allowed it to remain relevant in an ever-evolving marketplace.
Nominated in this year’s IIJS ‘40 under 40’ ceremony, NIKUNJ JAIN, Executive Director of the Mumbai-based company, shares some of the key values that have contributed to Sundaram Chains’ sustained success:
How has Sundaram Chains maintained its legacy since 1980?
The core values driving Sundaram Chains are transparency and purity assurance. These seem like a given in today’s day and age, but when we started off in 1980, mixing and adulteration of precious metals was quite prevalent in the industry. The value of honesty, ingrained from the first generation to the current third generation, to which I proudly belong, has ensured brand loyalty in a market where customers are spoiled with options.
What leadership practices have helped you shape this business?
I personally believe that growth only occurs when one steps out of one’s comfort zone. If you stay within the realm of comfort, you will never have a perfect view of opportunities that lie in the market. At Sundaram Chains, we are always looking to learn, evolve and grow, as per the times, needs and consumer preferences.
As a younger leader in the business, what modern approaches are you implementing, to prepare your company for future challenges?
As of now, we are focussed on upgrading our machine and operating systems, as well as improving our recovery methods. Fine tuning these systems and methods means we reduce production costs as much as possible, and offer maximum value to the customer.
How do you embrace technology while maintaining traditional craftsmanship?
As technology is indispensable is our trade in this day and age, what gives India an edge over the stiff competition prevalent across the global markets is our exceptional karigari (handcrafting skills). It is important to remember that labour is expensive in developed nations, nor will they ever acquire the ethnic design techniques that have been historically preserved in the Indian subcontinent. In our company, we understand that the delicate balance between technology and traditional craftsmanship will give us an upper hand.
What initiatives are you taking to engage with the next generation of customers and employees?
It goes without saying that social media marketing is the call of the day. We have WhatsApp integration that gets updated with our livestock so our customers do not have to travel to Mumbai to select merchandise. We have integrated photography to provide real-time pictures, making it feel like a live selection. The Sundaram Chains mobile app is updated on a weekly basis.
Managing a family business can involve complex dynamics. How do you approach resolving differences in opinion within the family?
When I joined this family business, there were four elders from the earlier generation to whom I was answerable. Over the years, I have come to understand that alignment with everyone involved is important in terms of goals and decisions. The most important lesson I have learned, however, is to show respect to each other at all times, especially when you disagree on certain matters.
Any final words?
Always be giving to the customer: If you focus on offering your customer good value, it will automatically convert into good sales and profits as a natural byproduct.