In an exclusive column for Retail4Growth, Chanda P Kumar, Associate Director- Marketing & Communications, Strategy, and Sanjay Agarwal, Co-Founder, FRDC share their views on store experience in jewelry retail. Also, don’t miss the tips for Enhancing Store Experience in Jewellery Retail.
The demand for jewellery has always been very high in India and continues to be so, given the unparalleled jewellery legacy that the country has. From heritage based, iconic statement pieces, to more edgy, contemporary and crafted offerings, the jewellery segment in India has evolved to offer a plethora of new choices to the customers of today.
We also see a change in how jewelry is bought today, impacted by global trends and influences. There is a transition from
just traditional or occasion-led jewellery to jewellery for work wear, everyday wear, party wear and more. Increasingly people want to live by the dictum - ‘celebrate today and live in the present’.
Indian jewellery market on growth trajectory
Not surprisingly, the Indian jewellery market is experiencing a significant growth trajectory, with the jewellery retail trade expected to expand by 10-12% in FY24, according to ICRA. This growth is being driven by various factors including, rising disposable incomes and a shift towards design-led, bespoke, and high-quality jewellery among consumers. Organized jewellery retailers are expected to outperform the industry, thanks to planned retail expansion and the formalization of the trade. This trend is evident with the announcement of new entrants, such as the Aditya Birla Group, which is set to launch a branded jewellery retail business with an investment of Rs 5,000 crore. On the other hand, Titan had announced to open an invite-only retail store offering luxury jewellery with a minimum ticket size of ₹10 lakh, highlighting a broader trend of consumer companies premiumising their offerings to tap into the strong demand for high-end products.
The importance of offline retail in driving the growth of the jewellery market is immense. Despite the rise of online shopping, leading brands are witnessing that customers still prefer the in-store experience for obvious reasons - the sheer joy of shopping that online cannot provide, shopping as a special occasion in people's lives and the need for tactile and visual experience.
Read more https://www.retail4growth.com/viewpoints/adding-the-right-sparkle-in-jewellery-store-design-1157
SIX TIPS FOR ENHANCING STORE EXPERIENCE IN JEWELLERY RETAIL
By Sanjay Agarwal, Co-Founder, FRDC
1. Bring Fresh Perspective
Most Indian jewellery brands are now run by 3rd or 4th generation of the founding family, however the store experience remains dated and the same. There is a need to apply fresh narratives and perspective. We need to question all functionality related aspects, while having a new approach for the solution.
2. Counters and Display
The most comfortable viewing area is between the waist and the eyes. Raising display counters to a more comfortable viewing height provides a more ergonomic viewing experience, reducing strain on the neck and back. Avoid overload or overspread that can indeed enhance the shopping experience. This approach can help create a more visually appealing and relaxing environment for customers, allowing them to focus on individual pieces without feeling overwhelmed.
3. Guide, Guide, Guide!
Convert desires into wants and then into needs! That’s the key in Jewellery store. So the more you advice & guide, the more you build trust and connect with customers. Although you are the expert here, listen keenly to customers and what they seek. By using devices and communications, you can help in imparting accurate information. As it’s an expensive affair, all written information will have high validity.
4. Design and Comfort matters
Being just a trusted jeweller doesn’t make the cut these days, as people now know what is relevant and why they need it. So, how you display your best designs is the key to entice customer and make him/her feel at ease. Small details matter, such as the design of VM props, the fragrance, ergonomic chairs, glassware you serve water in and more. Also, it is extremely critical to treat space acoustically well so as to keep ambient sound levels quite low in the store. One group of customers should not be able to overhear another group, hence use of rugs/carpets, softer upholstery come in play here.
5. Lighting, Lighting, Lighting
Lighting can make or break the purchase decision of jewellery, especially in stone/diamond studded. In-counter light, indirect light, diffused light and right colour temperature for Gold vs Diamond vs Silver is utmost critical. Even the best showrooms of big brands lack in appropriate lighting. Most times this factor is overlooked or discounted due to budget constraints. One can save costs on other build materials, but never on lighting. Jewellery display requires extremely narrow and pin-point focus lights and that too of lower wattage so that the products glow and not shine. Product level lighting should be higher than ambient lighting. Natural light should be harnessed cleverly to create a daylight canvas which is also key. Glare should be cut as much as possible. Glasses used in display counters and walls should be anti-reflective in nature. It’s important to provide inbuilt lights inside cases and avoid light striking on glass. The backdrop materials of display would absorb light and not reflect. Always provide dimmable & tunable lights so that they can be adjusted, depending upon designs & colours of the products.
6. Technology-enabled but served by Humans
Use of technology should be much more than just a display of screens. It must be an enabling tool for informing/educating customers on how the jewellery is made, narrate story behind craft/stones and tips on how to maintain and preserve the jewellery. Avoid using large broadcasting screens as jewellery is an intimate product. Machines to check purity, carats etc., can be displayed neatly and in a transparent manner.
Read more https://www.retail4growth.com/viewpoints/adding-the-right-sparkle-in-jewellery-store-design-1157