The 2017 Global Retail Development Index by AT Kearney, a Global Management Consulting firm says that India is number one on the list of thirty developing countries. India was in second place last year but have leapfrogged longtime leader China to claim the top spot.
Meanwhile, the Indian Brand Equity Foundation (IBEF) claims that the Indian Gems and Jewellery market had a massive net worth of $32 billion for the 2015 – 2016 financial year. Both of these studies show that India is sitting on an untapped potential regarding its retail jewellery.
Retail sales has grown immensely in India and it shows no signs of stopping anytime soon. This is largely due to their growing middle class and increase in consumer spending. Now is the perfect time to grow your business.
Here are four recommendations on retail sales that I would offer for anyone running a precious jewellery store.
Utilize Social Media
If you are a startup or a small boutique store, chances are that you won’t be able to afford an ad spot on a TV channel. However, thanks to the power of the internet and social media, you won’t have to. Avoid signing up for many platforms from the beginning, as maintaining all of them and keeping up with them all at the same time will be difficult.
Instead, choose a select one or two (Facebook and YouTube or Facebook and Instagram, etc.) to concentrate on. Use these channels to publish your content and engage with your customers. Remember that social media should not simply be another means of advertising. You want to promote your products and services, but you should not do so in a spammy manner. Pushing one ad after the other on your accounts will cause your customers to unsubscribe, unfollow, or unlike the page.
Through YouTube and Facebook, you can make and promote your own videos or images. If they are creative or attractive enough, they will go viral, people will notice them, and your brand appeal will increase. Your main focus should be on bringing people to your store to buy the jewel.
Your main aim is to increase revenue, and you can only do that if you persuade and convince customers to purchase your products. You need to craft a compelling story. This isn’t easy, though.
The first step is to identify your competition. After that, analyse what your competitors are doing and learn from them. Obviously, you should stay away from any weaknesses they have and try to exploit them. Turn their weakness into your strength.
For example, if they do not offer a certain type or brand of product in their store, see if you can offer it in your own store. You should also promote the fact that you carry this particular product or brand. This is your unique selling proposition (USP). Your USP is the reason why people should shop a your store over others.
After that, you should try to determine what competing stores’ strengths are, but do not copy them. Although imitation may seem like the safe and secure track, customers may overlook or ignore you due to your lack of originality.
The best option is to stay unique and develop your own brand identity rather than riding the coattails of others. Lending special zest and a distinctive personality to your store will make it more recognizable than following past trends.
For any task, performing hard work is required. However, it is also important to work smart. Rather than simply slogging away, you need to focus in the correct area. If you target your energy at the opportune moment, you will reap the best rewards. This is why drafting a plan and taking a methodical approach to improving your business will grant you the most customers and revenue. Here are three themes and avenues to promote your brand:
Weddings are always a grand occasion and usually celebrated with much joy and gaiety. They are the perfect event for which to promote your services. You can create videos and posts specifically showcasing your wedding collection. Weddings are a huge opportunity for you to increase your store’s following.
Festivals and events where people exchange gifts are also a good avenue to market your jewels. Many social events such as Diwali, anniversaries, New Years, birthdays, and Eid/Christmas are just a handful of examples of such festivities. Valentine’s Day has also grown in popularity to become popular for jewellery. You should create posters with the festive theme to promote your products during this time.
Although this isn’t an event per se, as a jeweller, corporate wear should be a significant part of your portfolio. Obviously your target is women, so you should make posts and videos targeting working women. You can also focus on how wearing jewellery makes working women look empowered.
Developing your company online takes time and it definitely doesn’t happen overnight. Invest time and money into steadily rolling out good content in the form of videos, images, and text. This is much better than opting for a quick and easy solution which will end up not benefiting you.
Review your feedback and answer any doubts that the customers have. Upload your favorite testimonials to your website or social media pages. Since you are running a jewellery store, you should write enchanting descriptions of the products you sell. The more your reputation and goodwill increases, the more people will trust you and buy from you.
Gaining trust is the secret to success in the form of frequent customer purchases.
Ask Retail Gurukul for Help
If you need assistance with running your retail store, Retail Gurukul is happy to help. Our CEO, Shivaram has many years of experience having worked with companies such as Tanishq. He has also consulted and trained companies like WHP, Manubhai, Senco, Puma, Tata Health Plus, Titan Watches, etc. He is a popular speaker at major jewellery forums like IIJS and regularly conducts workshops and training programs across the country.
Retail Gurukul even has a free retail business clinic, where you can talk to us for half an hour. For more information and details, check out our training and workshops for retail staff. Contact us today and reap profits!