Part 1: Marketing Strategies For Jewelry Retail

DATA COLLATION
The competitiveness in the retail jewelry industry seems to be reducing as the traditional jewelry retailers have so far failed to impact the market as against their organised and branded jewelry retail players such as Tanishq, Gitanjali among others. This has led to the business expansion of organised retail players and branded jewelry chains.

The mindset among customers for branded jewelry is rapidly increasing and it is evident that the traditional jewelry retailers must step up and adapt to the changing customer tastes and preferences as well as technology.

There are several distinguishing factors that jewellers can adapt in their strategy to attract more and relevant customers.

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WHAT INSPIRES THE CUSTOMERS?

The Jewelry retailers should attempt to understand the reasons that inspire the customers choice and purchasing decisions. Most of this research will come from the retailers’ existing customers while conversing with them or by taking a feedback.

The following aspects are important to understand.

• Purchasing power
  It is essential to understand the estimated value that the customer is likely to splurge on his/her jewelry purchase. This enables the jeweller to display products in that range. The visiting frequency of the customer in a year can also assist in understanding the purchasing power.
• Emotional value
  An emotional value is attained with every jewelry purchase. They are bought on occasions such as weddings, anniversaries, birthdays, festivals, etc. These are moments that customers cherish for a long period. As per the trends, even where the customers are buying for themselves, it is the “feel good” emotion that lasts longer for jewelry purchases than any other purchase. The jewellers should be able to gauge and connect with the customers in their celebration.
• Choice
  Customer’s choice of jewelry is a very important aspect that drives sales. The jewellers need to clearly understand their requirements and preferences instead of pushing their products blindly. This will help target the right jewelry to the right customer. Its simple math.Sale conversion is better when the products displayed appeal to the customers. The inventories displayed in the showroom should have a range of traditional heavy jewelry as well as lightweight jewelry targeting the millennials.
• Lifestyle and attitude
  A customer’s lifestyle inspires his/her choice of jewelry. The retail business should regularly converse with all customers in understanding the lifestyle choices not just about jewelry but also other products and services, such as cars, investments, etc.
• Trends
  Current jewelry trends are very different from what was seen just three years ago. Though the investment sentiment still prevails in Tier II and Tier III cities, times are changing with the younger generation preferring minimalistic designs and using jewelry as a fashion statement.

The jewellers should be able to collate the information taken through above means in a systematic document to analyse the results. Accordingly, jewelry designs should be selected, executed and marketed to the relevant customers based on their segments.