The GSI Retail Jeweller India Forum 2016 (RJIF), in its second edition, offered jewellers the information and insights they need to begin to orient themselves for success in the changing retail environment — including how best to meet the requirements of the challenging new-age consumer.
The jewellery retail sector in India is projected to double in size over the next half-decade, going from $55 billion in 2015 to $100 billion in 2020. The sector growth rate is expected to be 10–12 per cent annually from 2016.
The growth of the industry is fuelled by multiple drivers such as the ever-increasing popularity of digital media, new funding opportunities, the emergence of omni-channel retail, discerning value-seeking consumers and the continued economic expansion, all of which create more wealth and the aspiration to own luxury lifestyle goods.
Based on this nuanced understanding of the way this industry works and what it can genuinely achieve, each session was carefully thought out and executed on.
RJIF 2016 was about “Responsive retailing”. The theme brought together industry experts as well as outside experts with a wide range of relevant experience in other industries. The mix was exceptionally fruitful, as we were told time and again by the attendees —themselves the cream of the jewellery community.
The experts included Gaurav Bhatia, former marketing director, LVMH, and founder and CEO, Gaurav Bhatia–A Luxury Advisory Cell; Debraj Gupta, manager–new business sales, Google; Anita Kotwani, leader, client leadership, Mindshare West; Govind Shrikande, managing director, Shoppers Stop;and V Balasubramaniam, chief business officer, BSE; as well as Sanjeev Agarwal, CEO, Gitanjali; Kapil Hetamsaria, founder & CEO, VelvetCase.com; and Vijay Jain, CEO, ORRA Jewels.
Together this brains trust discussed and analysed online marketing, new-age luxury branding, luxury marketing and omni-channel marketing, as well as funding opportunities. RJIF 2016 kicked off a whole new narrative for the Forum, one that is capable of disrupting conventional ways of doing business and re-energising and enriching our industry.
Jewellers who attended the RJIF all commented with pleasure on the usefulness of the thoughts and ideas discussed at the Forum. They said that the take aways from RJIF 2016 would have a positive impact on their business outlook. They had no doubt that the insights would help them adapt to change faster, giving them a competitive advantage within their category as well as versus other categories.
The RJIF is making its presence felt and appreciated by the industry at a time when jewellers are becoming ready to accept new ideas and retail practices that are designed to enhance performance and competitiveness in an increasingly organised retail environment.
The RJIF is conceptualised and strategically nurtured by the Retail Jeweller (TRJ), India’s favourite business magazine for jewellery retailers.
The bimonthly Retail Jeweller has served the jewellery community in India for the last 12 years. Every edition is meticulously planned and strategized to keep our readers up to date on the latest developments in the industry. We recognise that retail is becoming a specialised area of knowledge. Applying our extensive horizontal and vertical knowledge of this industry and extending our footprint beyond print alone, we at TRJ have redefined our role as a thought leader by spearheading India’s first knowledge forum for retail jewellers.
With its rich substance and quality content, the RJIF is maturing into the must-attend forum and networking event for the jewellery industry, which until the RJIF had no comparable platform for idea exchange and networking.
With participation rising every year, this edition of the RJIF saw as many as 300 delegates attend. This power audience comprised independent jewellers as well as the business heads of leading retail chains from India and West Asia.
After the stupendous success of RJIF 2016, the forum promises to return next year with even more ideas-enriching sessions, featuring even more compelling speakers.
The service providers’ gallery was a key attraction at RJIF 2016.Companies like Alankar International, BSE, D Soft, eBay, Effision Software, GSI, IOJS, Jewels by Avani Sayed, Kraftex Interiors, Mindtree, NYUZ, Prorigo Software and Style Quotient. showcased their products and services designed to help jewellers achieve growth.
With the advent of organised retail, jewellers across India are aggressively on the lookout for professional organisations with proven experience in the jewellery industry with whom they can collaborate to develop the precise retail solutions they need.
Given the fragmented nature of the industry and the high concentration of service providers in the metro cities, it is often difficult if not tedious for retail jewellers to identify the best resource for a particular service. RJIF 2016 filled this void by picking companies that have strong, demonstrated synergies with jewellery retail’s requirements, and bringing them together on a single platform.