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.
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.
Retailers need to identify their customers based on their respective segments. These segments are discussed below.
Once the customers or prospective customers have been identified in one of the segments, the jewellers should accordingly create relevant modes of promoting their products to the relevant segment. Designs and inspiration behind those designs can be explained to the customers through email, Whatsapp, social media channels and personal meetings. The more systematic the systems for communicating with the customers, the higher will be the trust.
In the next part of this article, we will discuss what existing strategies are being used as marketing channels by traditional jewellers. This will be compared and distinguished in detail with strategies used by Organised retail brands.