Jewellery is mostly a seasonal product – business soars in certain seasons, and then there is a lull for some time. The wedding season, and festivals such as Akshaya Tritiya, Dhan Teras, Diwali, Navratras, and so forth, ring in the good times. In a category where business is so cyclical, retailers have to come up with innovative methods to keep the cash registers ringing during the rest of the year.

Accordingly, jewellers have identified several growth drivers that give an impetus to sales. These range from improving systems and procedures within the company, to better social media management, and promotion and communication. Talking about what works for him, Pradeep Kothari, Karan Kothari Jewellers, Nagpur, says, “We have been system-oriented, and have focused on improving our software. Besides, hallmarking becoming mandatory has also had a very positive impact on our business. Other factors that have been our growth drivers include our emphasis on design. We opted for smaller, but trendier, pieces, and that proved to be a good decision. Our major conversions have been in the Rs 50,000 bracket.”

Understanding the nature of the business and keeping up with the changing trends are cited as major sales boosters by jewellers. Says Pankaj Seth, Durga Das Seth Jewellers, Amritsar, “In this business, you need to make the customer feel like a king or a queen. Understanding the requirements of customers is of paramount importance. When a bride-to-be enters our store, she is, probably, shopping for jewellery for the first time.

“Her tastes and preferences will be very different from those of her parents. We have to go by her choice. At the same time, we don’t want to offend the parents, or create conflict between the child and her parents. So, better understanding of customer requirement has been our major growth driver. Social media will help you only to bring the customer to the store. Converting the visit into a sale is all up to you.”

Simple things like training the staff and engaging with customers have given good results to many retailers. Explains Sumeet Khimji, Khimji Jewellers, Bhubaneswar, “Several factors are combining to propel sales in our case. Internally, we have taken many steps to streamline our functioning. Product assortment, product quality, competitive pricing, transparency, staff product knowledge, customer engagement, after-sales service –these are just some measures we focused on, which have paid off.

“Besides, we are putting in a lot of effort into marketing (influencer marketing, social media posts, reels, digital marketing), networking, and product and service trials. 2022 was all about a strong buying sentiment, post COVID, increased affordability, revenge buying, postponed events during the pandemic, phenomenal offers (retailers gave incredible offers to liquidate stocks), convenience shopping (E-Commerce shopping got a leg up during COVID, increasing 2X from pre-COVID levels). All of these have been our growth drivers.”

Agreeing with Khimji, Dr Pratap Madhukar Kamath, Abaran Timeless, Bangalore, says there has been a lot of revenge buying, in the aftermath of COVID. “People withheld purchases for a long time, and now, weddings are again being conducted the way they used to be. The Big Fat Indian Wedding is back. We have seen a 30% growth over the previous year, in spite of the fact that gold prices have shot up by 20%.

“Both volumes and value have gone up. We have been improving our marketing, and that has paid off. Social media has made targeted marketing possible. Social media is very personal and accessible. It has a far better reach over traditional media. And especially in an industry like jewellery, social media has been a great growth driver.”

Then there are those who have resorted to self-improvement in order to give a fillip to sales. “I registered for a leadership training programme, which boosted my self-assurance and provided me with better guidance on how to efficiently manage my team and resources,” says Shobhik Gupta, P P Jewellers, Delhi, adding, “We have also revamped our approach to gathering customer feedback, carefully reviewing and utilizing constructive criticism to enhance our performance and professional growth. Attending conferences and joining industry associations has helped me remain informed on the most recent trends and advancements, ensuring I stay connected with the larger professional community. These have been my growth drivers.”

Adapting to changing times has been the go-to policy of several retailers to give a leg-up to sales. “The tastes and preferences of Indian consumers are evolving rapidly, and there is a growing demand for contemporary designs. E-commerce and social media have made it easier for consumers to be updated with the latest trends. So, adapting to rapidly changing tastes has been our growth driver,” Shlok Ranka, Ranka Jewellers, Pune, says.

Clearly, there is no one factor that is working to boost sales. Assessing the market correctly, adapting to changing customer preferences, using social media effectively, and overall self-improvement can, thus, be summed up as the growth drivers of the industry.