“E-commerce push and omnichannel marketing is going to be the success mantra for the future”

Anuraag Sinha, the managing director of Liali Jewellery and board member of Dubai Gold and Jewellery Group, is a purveyor of balance when it comes to using technology in the jewellery sector. He talks to The Retail Jeweller World about the industry, as he sees it, of the future

How has technology helped you to enhance your business in the last 5 years?

Technology has helped me take life a bit easy. It does a lot more than the usage we put into it, and this automatically helps us put more time into qualitative thinking, based on the analytical results that are available. With CRM, today, our insights have grown into consumer behaviour, buying patterns and frequency of purchase, etc, which helps us plan seasons ahead. We are still debating about augmented reality in our business. We are looking for the right kind of RFID platform to speed up inventory management at the back-end and in the stores.

How has Suntech’s technology helped you in improving your processes and sales? Are there specific instances that come to mind?

We have been using Suntech’s accounting feature for almost ten years now. It is user-friendly and reliable when it comes to getting the results you need to see. When it comes to technology, the people behind the technology matter. At the end of the day, they are the ones we reach out to. Every now and then, there are hiccups that get sorted over a phone call. Suntech understands the business, technology and accounting. They have managed to merge these elements in a user friendly, practical and reliable manner. We are difficult customers and have got multiple things customised. We want to see reports in a unique format, because sometimes, you wish to see things the way your business demands and how we understand it better. Suntech is good at these changes. In short, they have a great understanding of the clients and deliver accordingly.

How would you advocate Suntech’s product portfolio when it comes to a retailer’s holistic improvement — both at the front end and back-end?

I have been telling Suntech that its high tine them they look at other ancillary products — be it customer relationship management or even find ways to help mid to small sized players to go on the e-commerce platform. There are companies that need to outsource these needs because the cost of maintaining teams for these operations are not always logical. If Suntech looks at the e-commerce and digital support as well, a lot of trade members will benefit and so will they.

What is your vision for the Jewellery industry 2025 and your message to your fellow jewellers?

I would personally wish that the industry gets more branded and out of the commoditized business, because, it’s a very capital-intensive industry. It involves risks that the investors and shareholders carry. As a result, sometimes, people who are head-on and love the industry very passionately don’t really see much translating into profitability and return on investments. This has a lot to do with the industry, where most of us, in the past, have driven the commodity rule. The young customers are brand conscious now and their desire is getting clouded by brand status that they see across all media. I would like, it if going forward the industry gets more branded. We will all end up happier that what we are today.

What do you think is the impact of ecommerce in the retail side of jewellery?

Consumer habits have changed. If you expect people to come into the mall or your store like they did in the past, it will not happen. They are all online. The question is, how does it impact us? E-commerce is chugging along, even in the jewellery industry. There has been a certain amount of growth. However, we need to keep the momentum on and be aggressive on the omnichannel. It’s a challenging task because jewellery is not something we need daily. A combination of e-commerce push and omnichannel marketing is going to be the success mantra for the future.

Courtesy: Retail Jeweller World News