How can jewelers improve their operational efficiency in 2021?
The glittering business of jewelry, which was expected to flourish and grow at an exponential rate in year 2020-21, is running at a very slow pace despite the wedding season ahead. The stores are experiencing less to no footfall due to the lockdown in several areas.
According to a few news reports it is being said that jewelry business did experience a setback, but despite that it is never going to have major losses because if you consider gold in India, it is an investment option as well as owned as jewels to be adorned by Indian men and women.
We need to focus on improving the efficiency and revolutionizing the Indian jewelry sector to meet the needs and wants of customers in 2021, who are always looking for options and new ways to be catered with.
Here are a few suggestions to keep in mind while you make changes in your procedures:
Store reopening- As and when the Government mandates are easing in states now, jewellery retailers are re-opening stores offering the best of safety standards and comfortable shopping experience for our customers. There is a plethora of measures that are put in place to secure the well-being of customers and employees and the workforce has been specially trained to maintain the rules of social distancing and follow strict safety norms and guidelines.
E-commerce- Different brands and players in the market- Divine Solitaire, Caratlane.com, Bluestone and many such companies have been successful in establishing the jewelry businesses online. Taking your business online helps you cater a larger audience and help you improve on the efficiency.
Digitization- As per a report by Ibef.com majority of players in the Indian jewelry market like Joyalukkas, Malabar Gold, Kalyan jewelers have started selling their jewelry online on Akshay Tritiya, In April 2020. It is quite evident that the Indian jewelers have taken their first step towards digitization. The pandemic has affected the business so much that the jewelers have incurred huge losses, going the digital way is the efficient way today.
Online Transactions- If the jewelers cannot shift their businesses online, least they can do is provide flexible payment options to their suppliers and customers through NEFT, UPI, Mobile wallets etc.
VR/AR – VR/AR is the new feature that has Indian jewelry market is going to bring In and Companies like PNG Jewellers, Popley and Sons, and PC Jewellers are planning to bring Virtual Reality experience for their customers. This technology will help customers to have an in-store purchase experience from the comfort of their homes. They will have to wear A VR headset, they can select any jewellery, see its details, and design and make the decisions.
Omni-Chanel - Omni-channel is not just about complementing offline stores with online web stores. It is about giving a hybrid experience to the customer. A successful omni-channel model can bring superior customer experience as well as greater operational efficiency to retail Jewellers. Thus, improving both topline and bottom-line for the jeweller.
Sales Analytics- If you want to efficient in your operations and on the same time be concrete about your sales, analytics is the option that can help you do this, slowly integrating everything with the help of analytics can help you derive various reports of expense and income based on stores and products. With this system you can analyze sales and expense based on product type, location, season, or behaviors etc. Maxsells’ MXGT Karat Pro Compact Gold Tester has simple software interface, that makes it easy to understand the details of Gold composition.
Inventory Optimization- Jewelers need to maintain right inventory of different jewelleries and accessories. Out-of-stock or overstock is a problem for business. Any delay or in ordering or negligence of the required items in the stock can result in losses. Focusing on real-time status of the inventory in the store and having information of stock levels can give an edge to the retailers as, if the stock in one store is not moving forward, it can be transferred to other stores for better sales. The optimization can be done with the help of analytics and data about trends and demand and supply scenarios.
3D Printing – It is one of the most valuable integrations in the digital jewelry business. These have created a wide range of benefits for the jewellery makers. They can make design that are detailed, can be altered easily, and production is faster. This technology has allowed the manufacturer to create beautiful and intrinsic designs.
With 3D printing play a major role in the jewellery design process which creates an inclusive experience that is highly personalized and satisfactory.
Website- Maintenance and optimization of website has been essential to sustain in the digital world, which brings in new customers for you and helps you place your business in a better manner.
Testing and soldering machines- Why do we need a Gold Testing machine? Here are a few points that can answer the question.
· Increases Profitability, as customer trusts you and is less likely to bargain.
· Increase in Footfall of new customers, as today more and more customers look for Assurance in Gold quality.
· Exchange of old gold is easier and risk-free; it favors both jewelers and customers
· Assures your customers that Quality is your topmost priority, and you are Technology Driven.
· Helps Your Salespeople in Selling better and Closing Sales efficiently.
· Also, the jewelers are rest assured about the quality from their suppliers, which reduces any further procedure for jewelers to check the purity.
· For jewelers, providing loans on jewellery becomes easier, as they can check the quality of jewellery and decide the amount accordingly.
Maxsell’s Karat Meter MXGT Karat Pro Compact Gold Tester for Jewelry Shops has undeniable advantages which help us improving efficiency for the jewelers and their customers at a greater level.
Laser welding and soldering machines- Installing a machine for subtle design changes can help you save manpower for smaller tasks and will eventually reduce your operational cost. or Soldering Machines can help in quick fixing of broken or repaired jewellery in almost no time with simple pedal operation with simple control panel helps you weld even smallest jewelry easily.
So, following these suggestions would not only improve your business operational efficiency but will also help you get stability in your business through the pandemic.
