When do you think the market will bounce back and how does one protect their business?

The way of transacting business is not going to change overnight. We shouldn’t unnecessarily get worried. Business owners are already concerned about uncertainty and paying salaries during lockdown without any income amidst other things. Now is not the time to worry whether we will lose our business, because it is going to take a year or two, till the market comes back to normal. So, we need to keep our cool and calm instead of predicting what is going to happen in the future. Focus on the things you need to do today. Don’t build big plans about how you can increase your business now. Priorities of people have changed and we need to accept that. Being aware of what’s happening today is very important rather than being selfish and wanting more for yourself. This is not the right attitude to have anytime and especially now.

Don’t build big plans about how you can increase your business now. Priorities of people have changed and we need to accept that. Being aware of what’s happening today is very important rather than being selfish and wanting more for yourself. This is not the right attitude to have anytime and especially now.

 

Are brands with e-commerce portal at an advantage?

Who is delivering even if you have an e-commerce website? People can build castles in the air about working on an e-commerce website because they have all the time in the world. We are facing a situation we have never faced before and people are focusing on staying alive to enjoy tomorrow. People shouldn’t fear about losing out their businesses to other companies or the fact that larger companies are at a better advantage. At the end of the day, e-commerce or not, if you are responsive to your customers’ requirements, you will survive. If you continue to ignore their needs and continue to operate the way you want, you may be in business but you may not grow. 26th of April is Akshaya Tritiya. Even if I have an online store, what business am I going to get? In the e-commerce world, people are burning money. There is no concept of sensible way of investing and making money anymore. The amount of money people burn on e-commerce and trying to garner business through the same is crazy. These people are not even making profit, they are spending the money they make in garnering more business. So, people shouldn’t be worried about losing out to these online businesses. People are going to come to your store and they are still going to want to look at jewellery physically before they buy. You should focus on updating your products and services – if you do that nothing can replace this business forever.

At the end of the day, e-commerce or not, if you are responsive to your customers’ requirements, you will survive. If you continue to ignore their needs and continue to operate the way you want, you may be in business but you may not grow. 26th of April is Akshaya Tritiya. Even if I have an online store, what business am I going to get?

 

How are you maintaining the connect with your customers?

Don’t disturb your customers. This is not the time to communicate your commercial ideas to your customers. This is the time to spend with your family and on your health. You will never get this time back. This is a blessing in disguise. You have to be grateful for this opportunity. I work eleven hours a day and so many other businessmen work 12-14 hours a day. So, where do we get time to relax? In this time, don’t bother yourself with more questions about how you will survive or when you will be able to open your store. To customers who get in touch with you, you respond to them. You sit on your ideas. When the time comes, you can execute them. Until then, take care of your family’s wellbeing.

 

Don’t disturb your customers. This is not the time to communicate your commercial ideas to your customers.

 

What do you have to say to jewellers who are worried about their businesses at this point?

We have earned for so many years, can’t you take a 3-month period of not earning? How do you plan for retirement then? Think of this time as a 3-month retirement period in your career.  Fear is causing people to worry, we don’t need to worry. As Mahatma Gandhi said, the world provides for every man’s need but not for every man’s greed. I think as business owners we should reflect on that and not worry about wanting more. Don’t hang on to what you have or have not done in the past. Think about what you can do with what you have in your store and with your own limitations. Continue to enjoy your work and be passionate.

Think of this time as a 3-month retirement period in your career.  Fear is causing people to worry, we don’t need to worry. As Mahatma Gandhi said, the world provides for every man’s need but not for every man’s greed. I think as business owners we should reflect on that and not worry about wanting more.