Jewellery | Luxury Goods
About Jewellery Retail Industry in India:
Investment in gold and jewellery is considered to be one of the best and safest options in India after housing. The market of jewellery and diamonds is steadily growing as more and more people are buying it. As a matter of fact, festival occasions and wedding season see a substantial boost in the jewellery market of India. The biggest advantage amongst the jewellers is the legacy that they carry. Banking on the goodwill and legacy is what the jewellers of the nation must aim at.
Challenges faced by the Jewellery Retail Industry in India:
- Lack of SOPs is the biggest challenge. If the processes are not well defined, expansion of the brand becomes remotely achievable.
- Personnel recruitment and training is again a challenge every jeweler faces. Staff being the greatest asset to the organization, they have to be oriented in the most effective manner.
- Imparting product knowledge & domain expertise to the staff.
- Acquiring quality and skilled workers who have an eye for detailing. Parameters to assess their performance and upgrade their skills accordingly.
- Developing accurate and effective systems for all the departments, right from sale, purchase, accounts, marketing, IT etc. to provide a 360 degree view for expansion
- Identifying our USPs & preparing the company SWOT, thereby developing strategies for growth