Grow your jewellery business by 10x through trends
Keep an eye out for refreshing trends that will soon take the jewellery industry by storm.
Post-pandemic I am sure there have been some trends that came into force. Avnish Anand, the Co-founder of CaratLane, speaks about the market post-pandemic and the new trends which he sees coming into the jewellery industry.
Avnish Anand, Co-founder of CaratLane:
We have stopped thinking of the business as online, offline, omni-business. The way we see it is that through our jewellery and our marketing and our brand actions we create enough desire. We know who our customer is, right, a typical customer. So one of the things we say is that we think of every pincode as an opportunity. So for every pin code we know how much desire or demand we have created and then it is for us to create the right conversion solutions to maximize that demand opportunity which we have. The conversion solutions can be in the form of trial either through store or try at home or no now we have started to do exhibitions also and also through fast delivery. Those are the methods which will make sure that the demand which you have created is converted into a big business. Similarly you might say that let’s know certain occasions that if you know you say think of 10th anniversary as an occasion, how can we create not only the best jewellery for that occasion but also for the best service or solution for it that everybody is thinking of really make the spouse super happy on the 10th anniversary should come to CaratLane. So like I said earlier, rather than thinking of it in terms of studded jewellery market itna hai aur aisa hoga, you think of it in terms of how many customers are there who would be interested in your jewellery and what occasions are you competing for so that you can grow your business based on that.
As far as future Trends are concerned one megatrend is the full behavior where people don't want to own stuff anymore which is why we have started a rental business in Bombay as a pilot to see how it works, to understand how it goes and to see whether it is the right time for doing it or to see how customers are reacting to it. But there is definitely one megatrend, the non materialistic trend, right the whole thing that I want to experience and not own the whole stuff wherein we want to experience a lot of great jewellery but I need not want to own so much jewellery. So that is the new thing of this Gen Z or whatever we call, right, that they want which will really change the stuff because jewellery was always looked as an asset that you could also wear it but it is also an asset which keeps growing. Now this non-materialistic generation or a materialistic in a different way doesn’t think of it as an asset anymore which will change dynamics but this will still take a lot of time because we are still, in fact enough of us still want an asset part of it. But in 10 years or in 5 years, things would be very very different. So, we will have to be prepared for that and we will have to work towards it.
What do you think of this new megatrend of renting not owning a piece? Are you aware of such exciting trends that our readers ought to know? We would love to hear your thoughts in the comments below.
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