On Day 4 of IIJS Signature, the Innov8 Talks panel discussion brought together industry experts Nirupa Bhatt, Prasad Kapre, Karan Bothra, and Ashish Pethe to delve into the ever-evolving landscape of jewellery retail.
The panellists explored the intricate balance between art and science of selling jewellery in the retail sector. Bhatt, a seasoned Business Coach and Consultant, emphasised the unique challenge faced by retailers in connecting with a vast and diverse consumer base. She highlighted the need for continuous adaptation in both manufacturing and retail to foster a successful symbiotic relationship.
Bothra, Director at Whitefire Diamonds India Pvt. Ltd., shared insights into the generational shift in consumer preferences. He acknowledged the importance of effective communication between manufacturers and retailers, stressing the significance of understanding and addressing retailers’ specific needs.
The discussion also touched on the impact of social media on jewellery retail. Kapre, Managing Partner at Blue Skies Business Management Group, highlighted the paradigm shift brought about by the digital revolution. He underscored the necessity for retailers to embrace an omnichannel approach, seamlessly integrating online and offline experiences to cater to the changing expectations of today’s consumers.
Kapre shed light on the six motivations driving women’s jewellery purchases, particularly in the Indian market. The first two motivations are the desire to look beautiful and project a certain status. This aspiration often extends to gifting, where the act of receiving jewellery becomes a declaration of love. The evolving landscape of women in the workforce has led to the third motivation – wearing jewellery at the office. The fourth motivation revolves around social desirability, where owning at least one piece of jewellery becomes a symbol of status to showcase in society. Panellists emphasised the significance of having that one coveted piece in the wardrobe, an item that adds to one’s social appeal. Additionally, the concept of jewellery as a form of personal expression and differentiation was explored as the fifth motivation. Lastly, the sixth motivation centres on making a statement to the world. Women see jewellery as a means to assert their presence and assert their rights, creating a narrative around empowerment and individuality.
Pethe, Partner at Waman Hari Pethe Jewellers, shed light on the role of data in the industry. He acknowledged that while data collection in the Indian jewellery market is still evolving, it plays a crucial role in understanding market trends and tailoring products to meet consumer demands.
The conversation further delved into empowering sales teams and the importance of understanding consumer motivations. The speakers stressed the need for sales professionals to grasp the customer’s mindset, distinguishing between their motivation and justification for a purchase.
The panellists agreed that the jewellery retail landscape is undergoing a transformative phase. Adapting to technological advancements, understanding consumer motivations, and fostering effective collaboration between manufacturers and retailers are key elements for success in this dynamic industry. The future of jewellery retail lies in the hands of those who can navigate these changes with agility and innovation, they surmised.