Balancing tradition and empowerment, the twin Ranka sisters challenge gender norms in the industry, redefining conventions, while seamlessly integrating into the business, finds Priyanka Talreja Garegrat
Ishita and Aashna Ranka are the seventh generation to join the family business of Pune-headquartered Ranka Jewellers, having hopped on to the bandwagon in 2018. Since then, they have brought about some pivotal changes in the company that have made it more visible online, and more efficient at the backend.
A Fresh Perspective
"At Ranka Jewellers, our strength lies in the collaboration of three generations, and any idea must resonate with all stakeholders to gain approval," says Ishita, who mainly oversees marketing within the diamond vertical. Emphasising the evolving perspectives regarding marketing across generations, she notes, "The previous generation's understanding of marketing is more focused on hoardings and print ads, while we believe in having a comprehensive plan for digital as well."
In her pursuit of introducing a fresh perspective, Ishita identified areas for improvement within the business. Notably, upon joining the company, she observed an inventory mismatch. Committed to informed decision-making, she took the initiative to completely overhaul the diamond inventory data management system.
Ishita explains, "When I entered the business, I noticed an inventory mismatch. I believe in analysing previous data before making new purchases, so I decided to revamp the diamond inventory data management system. Now, we meticulously track each sale, categorising products such as earrings into studs, danglers, or chandeliers. This approach greatly aids us in making informed decisions for the future and provides the team with a clearer picture of what products are selling more rapidly."
Ishita's data-driven approach earned her the trust of her team, and their confidence in her ideas. In the process, she managed to foster a culture of valuing data when it came to decision-making.
Going Digital
Since its launch in 2018, the Ranka Jewellers website has been a driving force in the digital transformation, led by the Ranka sisters. Aashna Ranka, a key player in this shift, highlights the remarkable growth in online sales, stating, "Our online sales have surged by 68% since we revamped our backend platform, diversified our product range, redesigned the UI/UX of the website, and repositioned our brand to resonate with diverse audiences. With a returning customer rate of 15.67%, our best-selling items are silver articles, offering a variety and price range unparalleled in the market."
When the first digital sales began, the Ranka sisters were taken aback by the untapped potential of online purchases in India. Ishita shares, "We were awestruck to receive orders worth lakhs of rupees from remote villages in states like Rajasthan, Gujarat, and others." Despite these accomplishments, the sisters recognize that the complete digital potential of their site is yet to be realised. "We now have a plan to bring online all the inventory that has not flown off the shelves from the store over a period of time. We want to bring on as much inventory as possible," says Ashna.
Putting an end to Complacency
With a family legacy spanning seven generations, it is natural for a sense of complacency to seep into employees. Ishita reflects on the situation, noting, "Most of our employees have been with us for 15-20 years. When I joined, I observed that a significant burden was placed on my Dad, with every minor decision funnelled through him. Now, we have made a conscious decision to overhaul this dynamic. We are actively identifying key employees and implementing a reporting system. Each employee will now have defined Key Result Areas (KRAs) and will be guided by a more systematic process."
Combating Male Dominance in the Industry
Entering a male-dominated industry might seem daunting, but for the Ranka sisters, it has always felt like home. "We grew up in the stores, and during Diwali, customers would tell us about their long-standing connection with our grandfather. The bond they've formed with us is something we've cherished since our childhood," the sisters say. "Seeing the women in our family actively involved in the business, including our mom and aunts, made working at the store a natural choice. It was never a taboo; in fact, our parents always envisioned us at the forefront of the business," they add.
Acknowledging the initial hurdles of entering a predominantly male environment, Ishita reflects, "The initial period had its share of challenges. Walking into a room full of men can be intimidating. However, my mom played a crucial role in easing the transition. She provided me with a single point of contact in each field, streamlining my interactions. This way, I didn't have to engage with everyone. Seeking guidance from my cousins during the onboarding process was also instrumental. Their support was invaluable, ensuring that I never encountered significant setbacks."
Today, the Ranka sisters are trailblazers in their respective roles. When asked about their advice for other young women entrepreneurs, they emphasise the importance of self-confidence, stating, "You can always hesitate and feel that there is a male who will take the lead and do the job. But it is important to have confidence in yourself and understand the value of what you bring to the table."
Next-Gen Jewellers
In a rapidly evolving industry, the Ranka sisters aspire to be recognized as the Next-Gen jewellers. Their vision is rooted in the belief that a successful store should cater to everyone, offering something for every generation. "If I walk in with my family, there should be something for my grandmother, mother, me, and girls younger than me; only then will a store truly succeed in serving its diverse clientele. We also believe that automation should play a significant role in every business to achieve true scalability," emphasise the sisters.
To enhance Ranka Jewellers's collection, Ishita, in collaboration with her father, initiated a crucial partnership that introduced lightweight jewellery in the store. Recognizing a gap for younger girls in the market, Ishita says, "After studying our collection, I noticed there wasn't much for younger girls. They were looking at Cartier and Tiffany, but Pune lacked something exclusive for them. I discussed this with my dad, and we collaborated with the jeweller Farah Khan to introduce an exclusive collection, which turned out to be a huge success."
Through their website, the Ranka sisters have garnered the attention of celebrities, including Anoop Sankar from Thrissur, Kerala, a renowned playback singer, songwriter, stage performer, VJ, RJ, and media personality.
Looking ahead, the sisters plan to enhance their digital presence and have a strategy for global visibility. Ashna explains their goals, stating, "We are planning significant changes and aiming to expand our reach globally. By March 2024, we aim to commence international shipping."
The glimpse into the journey of the Ranka sisters not only highlights their success in the Indian market, but also reveals their ambitious plans for further growth, and a global presence in the years to come.
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