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The pandemic has been a once-in-a-lifetime test of business continuity planning for retail businesses across the globe. Even when things have stabilized to an extent and economies are gradually opening up, the industry is being confronted by a hard question – what’s next? With little to no revenue in sight for months, brands and retailers turned to those who they have always looked upon to lead them when the going gets tough – their CEOs.

IMAGES Retail spoke to Suvankar Sen, Executive Director, Senco Gold & Diamonds to find out how he led the change in a crisis year with the way he managed his company, integrated technology in the workspace and let consumers be the voice of the brand.

From your brand’s perspective, how did you fare during the lockdown and what was the consumer response in the initial Unlock phase? 

During the lockdown period, jewellery industry went through multiple challenges. At one end, the product – being discretionary spending and not a necessity – was not a preferred buy during initial phases. However, once the unlock phase happened, the rising price of gold as a commodity brought about a lot of confidence and positive attitude towards the category. With the wedding season coming, consumers started buying jewellery – both gold and diamonds. With our karigars badly affected by the lockdown, losing jobs and work opportunities temporarily, it was a huge challenge for the industry to provide jobs and security to them. Therefore, as unlock happened, we motivated them and encouraged them to join back work with proper sanitized conditions and tried to preserve the art of designing by saving the karigars. We also used this opportunity to mobilise our team to support elderly customers during lockdown, help local communities to support the poor and needy, try contributing towards government initiatives and be there for the community.

What steps did you take to bring the brand firmly on the road to recovery?

The steps were:

Healthy and sanitized condition for employees and customerDigital mediums of selling, to offer a better and easier experience to customers for purchase and decision makingGive importance to traditions such as wedding and handcrafted jewellery for special occasions

Did you emphasise more on a digital presence in this time period or did you opt for the traditional retail model with minor adjustments?

Digital presence became more of a necessity during the lockdown. We started accepting online payment systems and booking of gold. We also had our team showcasing jewellery to customer as per their needs through the video call. Our e-commerce team were also active and guided customers. There has been a shift in mindset and an aim to seamlessly mix offline and online.

Have you launched any innovative consumer experiences over the pandemic period?

We implemented Virtual Try on, online video selling, Facebook live selling, online booking of appointments, designer customisation and various other virtual initiatives.

Which are the new technologies – both in-store & online – that you have introduced in an effort to go contactless?

Online payments, viewing, selection of products for our B2C and B2B customers, various inter-departmental meetings, connecting with store managers, doing store audits – a lot of such customer experience and operational related work has been done in a contactless manner.

How has been the consumer response been like in the festival season? Were you able to match the level of business and profit last year?

The business which happened in the festive season was the outcome of the hard work of the entire team as well as the karigars. The profit didn’t reach last year’s level as there was virtually no business for two months due to the lockdown. The overall business is at 70-80 percent of last year currently.

Stores in malls vs streets, which ones are bringing in more revenues / raking in more footfalls? Why?

Stores on street have done better this year because malls were shut down more and footfalls were limited. Customers wanted a more secure way of buying.

Has the brand reached pre-COVID levels in terms of sales?

Weddings have played a major role for brand recovery since customers realised the value of a true asset in form of gold and diamond that can be gifted to their family members. However, we feel it will take 3-6 months for getting back to pre COVID levels.

What are your future plans?

Future is about taking the company through a seamless digital led, customer centric planning, ensuring we can take our craftsmanship story to various parts of the country and offer our unique designs to customers. We will observe market conditions and plan growth accordingly.

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The brand is set to launch its new campaign ‘Your World, your stage’ with Parineeti this Festive season. Through this campaign Rangriti encourages women to be themselves and feel like a star on their own stage.

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“We plan to invest Rs 150-200 crore to open 20 new outlets in the next 1-1.5 years. At present we have stores in 44 cities…we will go into five more cities and open rest of new planned the stores in the cities where we already have a presence,” Vasanth Kumar, Managing Director, Lifestyle International, told PTI.

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Adeeb Ahamed, MD, Tablez said: “We are excited to join hands with YOYOSO to bring the world-famous fast-fashion leisure department store brand to India. YOYOSO products are simple, natural, high-quality and have great value. We are sure that it will strike a chord with the discerning Indian consumers.”

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The Asia Wine Academy, a wine mastery programme with intensive courses which was debuted last year will also be held during the Hong Kong International Wine & Spirits Fair where both wine professionals and the public can learn from notable Masters of Wine. An array of events will be held during the Fair, including grand tastings, master classes, wine tastings, cocktail and whisky demonstrations and seminars. Over 70 events were held in 2017. The Wine Industry Conference will also be held as an important annual event featuring key industry players talking about the latest market opportunities. On the third day of the fair, the fair will be open to the public who can join such events as grand tastings and master classes.

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Inspired by the New Age Women, Code Yellow is a women’s western wear brand which is constantly evolving to bring in new fashion trends. The label’s expansive collection of apparels, watches and eye wear offers a one-stop solution for the aspirational Indian woman, looking for quality fashion wear at an affordable price.

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But that is not to say that e-commerce hasn’t been benefi cial to the offline ecosystem. In addition to providing an additional revenue stream to fashion brands and adding to the shopping convenience of the new-age fashionista, technology has made it possible for offl ine brands to optimise their overall operations. Sourcing and supply chain management has become infinitely easier with the integration of digital technologies, as have other business-critical aspects such as marketing and visibility. New-age tech, like that of geolocation-based targeting, is being implemented by leading malls and physical outlets to reach out to prospective consumers with highly-personalised offers and greater accuracy, thus increasing the footfall at offline stores. Consumer data is being analysed to identify the state and unstated needs of individual customers, effectively breaking down the larger consumer base into a market of one, to provide fashion houses with detailed insights into what customers actually want and cater to their demands. Customers, too, increasingly prefer to use online as more of a research tool which provides them with information about the latest deals, offers, and style trends, before heading to their nearest retail outlet. This niche is being tapped through hybrid retail models currently being developed by leading shopping malls, which combine the best of both online and offline channels to the most optimum operations and end-user experience.