Covid presents a great opportunity to connect with young consumers: Nishit Nanda, CEO, Khimji Jewels

We, as jewellers, are acutely aware of the growing indifference that young consumers show to the value that the older generation put in long-cherished precious jewellery. Retailers across the globe have uncompromisingly been pursuing the goal of making their brand responsive and relevant to young buyers. One of the positives that Covid brought is an unflinching desire in Indian jewellers to prepare a stronger foundation that can target young consumers.

During Covid, we saw a lot of reverse migration, where people and families moved back to their native city because of the work-from-home arrangement. This is a phenomenon otherwise seen only during family weddings or occasions. Many of them wanted to buy jewellery and were suddenly open to the idea of browsing and discovering products online. We rolled out all modern retail experiences and conveniences, including video calls, WhatsApp chat bots, home trials, digitized inventory selection and virtual try-ons to make it a pleasurable experience.

In the process, we realized that we need to mature digitally. We understand that young consumers will eventually go back to their workplaces as this is a temporary trend. However, these consumers are aware of our eight-decade-long legacy, so if we offer the right omni-channel experience, they will shop from us from anywhere.

A wider research showed us the potential of digital commerce. Young buyers are open to discovering new designs and products online and deal with brands that have a strong legacy, which helps repose trust, even if they have not heard of them.

Digitization of inventory will give us tremendous benefits. It will help us map the browsing history of customer, understand their choices better and be able to tweak our product strategy accordingly.  It will also generate strong leads and help us personalize communication.

 In keeping with the findings, we are at the last stage of testing our e-commerce platform and will launch it in the next few months. We will also digitize 100 percent of our inventory in a phased manner.

E-commerce is a necessity today for growing business and securing our future with new-age consumers. We are certain of garnering 15-20% of our overall business from online channels in the next 5 years. The business is expected to come in from all across India; from those who already know us and even those who will eventually discover us online.

It is over and above the benefit it will lend to the omni-business, where consumers will browse online and maybe come to the store to close deals. Digitization is now a fundamental requirement to grow your business, and stay relevant.

Courtesy: Retail Jeweller India News Service