Here are some strategies for reviving the jewellery industry in the post-COVID-19 world

The coronavirus-led lockdown that resulted in a change of attitudes towards supporting employees, flexibility, work-life balance, wellness, among others, will have a major impact on the workplace, on the facilities and services it provides, and on how people will interact in this environment.

For brands, it becomes essential that they shift from merely being a space provider to creating experience and community among their customers. They should also offer an inviting atmosphere that fosters collaboration, creativity, and productivity.

Everyone has come a long way since the lockdown, and its time everyone gears up for reopening and coming back to business, as the government has allowed businesses to open with 50 percent staff.

Here are some strategies to keep in mind before reopening your jewellery business in the market.

Sanitisation process in stores

Since markets are opening, most people will start visiting the stores. Brands should make sure to uphold all the necessary safety protocols and ensure the wellbeing of customers, staff, and all those around.

Daily temperature checks should be mandatory for everybody. Fresh gloves, masks, and sanitisers should be available at the entrance for anyone entering the store and should be worn necessarily all times inside. Social distancing always has to be maintained.

Contactless payment methods like online banking and credit cards should be encouraged. The credit card machines should be disinfected after each use, and surfaces should be sanitised regularly.

Jewelleries, too, should be disinfected after every customer visit. Staff should be trained extensively to make sure that each of them understands the importance of following the safety norms. Going forward, they should also be trained periodically with the best and updated safety measures.

Visits should be via strict appointments so that overcrowding in the shop is avoided.

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Cost-cutting measures

One good alternative for cost-cutting can be the reduction of raw material used in making any jewellery piece. This will reduce the cost of the final product without impacting its quality.

Brands should focus on ways to purchase a large number of raw materials at a lower price to take advantage of the discount from the supplier. They should prioritise improving the production efficiency so that less material is wasted.

Packaging and documentation can also be avoided if not necessary. One should also focus on improving work efficiency and start hiring skilled workers.

Connect to customers digitally

We have entered the age of ‘digital metamorphosis of the workplace,’ where the workplace is not merely a physical space. The COVID-19 pandemic has shown us the way we communicate and collaborate with employees, has to evolve every day.

This pandemic has allowed us to promote brands and products digitally. It’s the best time to make the presence of the brand’s face value, to connect with the audience via zoom calls, live sessions, webinars, and many more.

Brands are also witnessing lockdown weddings happening, and jewellery is considered one of the most essential commodities of a wedding.

As the customers are restricted to visit the stores physically, one can initiate sales on video calls and can send images of their products to the customer, so that they can make the best choices out of it.

Wedding season — a ray of hope to minimise loss

As everyone is gearing up for the post-COVID-19 world, the upcoming wedding season is a perfect opportunity for the industry to get back to their business, and make maximum profit out of it.

One should start promoting their jewellery in every possible way, be it on their social media, or by providing good discount offers to maximise the sale. Due to the shift in weddings, the brides have also got enough time to choose the best jewellery and do better preparation for their D-day.

As there will be fewer wedding functions and attendees, the average investment in a wedding will shrink. Consumers may also avoid destination weddings for some time. This surplus spending earlier kept aside for the wedding will allow them to invest in gold as a security for the future.

As we have all seen, jewellery is the only commodity, unlike share market, whose prices haven’t gone down. The gold prices have increased drastically from Rs 3,900 per gm in January to Rs 4,500 per gm in March. So, people might see it as a safe investment option.

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Conclusion

We expect short-term decision making to be affected by the current investment climate. However, the industry will soon see a brighter long-term outlook with recovery in the market.