What are the parameters on which jewellery retailers compete? Is it just design and product quality that differentiate one retailer from another, or are there other focal points as well?
The Retail Jeweller India Forum 2018 attempted to address these fundamental queries, with Minesh Shah, MD, Effission Software Pvt Ltd, talking about “Software as a productivity tool — Case studies, Indian and Middle East jewellery markets”. Mr Shah pointed out that retail jewellers are using software technology as a product differentiator in the race for customer acquisition. In today’s times, product differentiation and customer engagement are the two vital strategies to boost business, and retailers around the world are investing in disruptive software technology that sets their brand apart from others.
While presenting his case study, Mr Shah dwelt upon the advantages that can accrue to retail jewellers if they start using cloud computing. “A retailer spread across 21 locations in India launched a brand titled Millennials. The retailer wanted to maintain parity and control in inventory management and different turnaround ratios in various outlets. In case of discount offers on an existing price, the dealer had to break the tag and put another tag on the product to reflect the price with the discount. The dealer also had to re-enter data. This wasted time. By resorting to cloud computing, the prices of all products were changed at the head office-level, and all the manual labour of changing tags was eliminated. This helped the retailer rotate inventory,” he said.
Through this case study, Mr Shah explained how cloud computing is a faster, cheaper and better way of increasing productivity. He informed the audience that, “the next generation software is cloud-based that not only increases productivity, but also provides flexibility while serving customers.”
Mr Shah underlined the importance of software efficiency for integration of systems, which is vital for jewellers expanding their reach across states, and even countries. “A jewellery retailer in Bahrain was facing trouble in transferring data in spite of using expensive ERP systems such as Microsoft Dynamics. One had to manually enter and edit data whenever products came for manufacturing. We created a seamless integration system in which the company no longer needed manpower to manually enter data. We, thus, eliminated the possibility of unnecessary back and forth discussions,” he stated.
Referring to another case study, Mr Shah highlighted the issues faced by a jewellery company in Dubai that has stores in nine countries and, thus, has to cater to different preferences. “Effissions created a bank of 10,000-plus designs, out of which store owners chose products for their stores as per their budgets. The sales person became empowered to take the decision, thus giving a high turnover ratio to the company,” he said.
The final case study of the presentation elaborated upon how retail jewelers can expand their business if they use technology to customize every jewellery piece according to the preferences of their customers. “We made a multiple-design combination application for a London-based retailer. With that, the retailer could add or remove gemstones and diamonds for nearly 200,000 designs. Customizing the jewellery enabled the retailer to provide the exact weight and size of the finished product, thus meeting customer requirement and streamlining business,” Mr Shah concluded.