Mumbai (Maharashtra) [India], Jan 23 (ANI/NewsVoir): The Indian retail jewelery industry came together at the 9th Retail Jeweler India Forum 2023 on Jan 4, 2023 in Mumbai to delve into the new and emerging retail landscape that shapes the industry. . The forum presented a truly innovative learning continuum for retail jewelers in India.
The Retail Jeweler Indian Forum is the largest and only knowledge sharing platform in the industry that promotes knowledge as a tool for growth along with presenting new solutions that can fuel that growth and highlight leadership excellence in the retail that inspires the industry.
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The forum brings together all retail stakeholders under one roof to find innovative solutions to traditional business methods. Over the years, it has built a reputation as the premier platform where forward-thinking jewelers come together to brainstorm, share business insights, and deliberate on macro-level retail. The forum is one of the most effective networking platforms where retail jewelry professionals and business owners can meet with colleagues, potential partners, and industry leaders.
The day started on a high note with Ankur Bisen, Senior Partner and Head of Consumer, Food and Retail at Technopak Advisors, sharing interesting statistics highlighting jewelry retail as the third largest contributor to GDP, after only food and clothing and ahead of real estate. or retail sale of pharmaceuticals. He also spoke about the macro changes in networking and connectivity, telecommunications and open networks, which will create a new digital interface for jewelry retail to maximize business.
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The forum’s two keynote speakers, Mithun Sancheti, CEO of CaratLane and Revathi Kant, Design Director of Tanishq, addressed the audience with powerful presentations.
The tone for the summit was set by Sancheti who, providing an overview of CaratLane’s consumer centricity, mentioned how the brand has been Omni since 2011. He further explained how all businesses must become Omni to remain relevant in the future and how companies should anticipate consumer needs. Consumers, he said, “don’t like to make or escalate inquiries; they expect solutions and tools that help them navigate and buy on their own.” He further explained various features and tools that CaratLane is currently using to make life easier for consumers buying jewelry through Omni-channels.
Kant took the stage to explain the design drivers that drive both profit and aesthetics at Tanishq. He discussed how to extract information from consumer research and combine it with upcoming trends before introducing new collections. Speaking of the “Color me Joy” collection that popularized fashion designs in colored gemstones, he said, “It filled a huge gap in our product offering and created a profitable new product category in our portfolio.”
A spark session revealed how a technology tool, Unlearn, is helping lead measures to record consumer journeys across channels and guide sales staff to make relevant recommendations to potential consumers when they come to the store. at any time in the future. In addition, the Unlearn team introduced their latest digital offering titled ‘Trouve’, which allows consumers to visually search for any product anywhere. It promises to take the online shopping experience to a new level and empowers retailers to ensure that Gen Z customers buy impulsively.
Other highlights of the knowledge conference were special panel discussions on the most successful retail strategies for growing the diamond business. In this session, panelists shared innovative strategies, such as simulating in-store diamond labs for consumers to learn about and evaluate the quality and certification of their diamonds, price-based marketing to drive conversions, or introducing diamond-based jewelry. prices alongside all gold category counters to create immediacy and choice for first-time buyers.
One of the most anticipated panel discussions was on emerging jewelry technologies in the industry. The panelists talked animatedly about consumer insights and technological solutions that solved many of their existing problems. They talked about technology enabling haggle-free solitaire shopping, digital enrollment and payment for retail point-of-sale savings schemes, seamless buy-and-return facilities from brands offering multi-channel transactions, and even worked to improve return on investment for brands through a virtual test facility.
In another panel discussion, panelists explored new possibilities for market growth by collaborating with partners that add excellent value to companies. The panelists agreed that deeper b2b collaborations with brands would lead to new, hitherto unexplored opportunities.
Another panel of headlines deliberated on how large retail chains are paving the way for success and growth in the next decade. The panel agreed that retailers need to look at the business holistically in terms of driving the right product mix, which needs to be independent of the community, exploring communication channels that reach a broader audience in multiple languages, localizing content and designs to build a stronger partnership with customers and create an expansion strategy that drives greater reach through physical expansion while building omnidirectional access.
The forum was attended by many retailers from across the country who value knowledge as a tool to enhance business growth. The Knowledge Forum was held in conjunction with a Retail Solutions Expo showcasing carefully selected technology and service providers for retail businesses. The forum was attended by leaders of family businesses and national and regional chains.
The forum encouraged retailers and industry experts to have an open dialogue about current industry issues and draw insights from each other’s experiences.
The day ended on a high note with an awards gala night where 20 stalwarts were honored for their exemplary leadership in driving their businesses to new levels of growth. Nawaz Modi Singhania was the main guest at the award ceremony.
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