Powering business with technology: Getting an inkling into the winning strategies in a digital gem and jewellery arena

A Retail Jeweller World Dubai Forum panel aces the area that most stores and big chains have problems with — how to improve sales and customer engagement through the stirrups of technology

The second panel at the Retail Jeweller World Dubai Forum had a pertinent topic that plagues jewellers across the world, especially in the pandemic era.

Being a traditional industry that did not want to forego on the touch-and-feel factor, the pandemic ushered in an era where it became very important to transform businesses into digital giants. A few did it willingly and a few decided to wait and watch. The importance of technology in the gem and jewellery sector was the talking point for the panel titled, “Powering business with technology: Driving personalisation, productivity and processes in retail”. Moderated by Rishikesh Trivedi, digital transformation advisor, Suntech Business Solutions, the esteemed panellists were Shaji Kakkodi, chief digital officer of Malabar Gold & Diamonds, and Julian Leo Serrao, director, brand communications of La Marquise Jewellery. 

Trivedi opened up the stage for the discussion about the changes that had creeped into the industry after the pandemic hit the global canvas. For Kakkodi, the growth charted by Malabar Gold & Diamonds had come as a result of different phases of digital transformation. “Years back, technology as always at the back end catching up.  Then we started standardising ourselves. We realised that digital is the future and would be a key component for our plans in the next 10 years,” he said.

Kakkodi added that today, the success of any brand depends on discovery. “The discovery of your brands and your products are going to change. It is never about the average price. Even though online sales have increased, the absolute value still belongs to brick-and-mortar stores. We always talk of omnichannels but breaking the barrier between online and offline is never an easy job,” he said.

For Leo Serrao, the lockdown meant more time to study the customer and cater to their needs accordingly. “We had more time studying about where the industry would take us. The important thing is understanding the customer, and more importantly, where the digital customer is. We see people buying complementary luxury brands now. Everyone has some pieces that stand out. There is no brand loyalty now as the customer is well-informed through their online activities. We decided to take those pieces and spin a story around them. Online is where such stories sell the most. Because the customer can interact at their own time. Engagement is very important as that is what will lead to conversions in the future,” he said.

 The meaning of the word ‘discovery’ has shifted in the last few months. Trivedi pointed to a research that shows that if consumer has been part of the creation process, they end up valuing an item 30% more. So, what can be tried to engage the customer in the design process so that they feel they are a part of the discovery process?

“Customers connect with us online and work through chats and phones. We have a platform for them to share designs and they get updates. It has worked significantly for us and enabled larger transactions. The customers need to be engaged online and that requires a bit of effort. More retailers will realise the importance of technology and every store will have to incorporate it into their operations,” said Kakkodi.

For Leo Serrao, the USP of La Marquise is good custom orders. “Discovery is a very interesting point in all social channels. Instagram has a discovery page today. We can now map out how a customer is looking at their interests, likes and dislikes. We can show old customers collections based on what they have bought in the past. This is where you are creating a sense of discovery — what can also be called shadow marketing. You can ensure that you have triggers through marketing automation that will lead to conversion. We have seen how the customer engages with a collection on social media, then go to website and convert it to sales on the platform or at the store. It ties to the omnichannel experience,” he said.

Leo Serrao added that as brands, it is important to have a digital boutique manager for the next decade.

When it comes to driving the KPI for a customer who is discovering something online but not coming to the store, the simple answer for Kakkodi is data. “Data enables a salesman to give customers a better experience. We must constantly mine info and create personas. It will help how you sell, manage and personalise operations. How do manufacturers enable themselves? It is through the same set of data. AI and analytics work only when you have a trove of information for the algorithm to work. Than can only happen when we put processes in place. Creating a better experience for customers is going to come from the information that is available online,and this will also help brick and mortar stores,” he said.

“A couple years ago a brand communication or marketing dept was known as one that would just spend money. Now, things are changing.  You can explain how you have that ROI, how many web visitors are there, what kind of time do they spend on the site and how to refine this through your content,” said Leo Serrao.

At the end of the session, the panellists listed the top three imperatives that the audience should look at in their digital transformation journey.

“The first one is adaptation of the digital and omnichannel. We should have some people solely focusing on digital. The next imperative is deep diving into how customers are interacting with the content we want them to see. When we strike a balance between the two, it will help us drive sales,’ said Leo Serrao.

Shahji dismissed the flashy solutions that many retailers are employing these days. “What we need to see is how much value these solutions have. Does this help me improve my customer experience or operational deficiency? When we choose technology, look at it as an integrated ecosystem, because everything must work in one line. That is only when all these new technological tools will work,” he said.

Courtesy: Retail Jeweller World News