Jewellery brands hoping for double digit growth this Akshaya Tritiya
Brands such as Senco Gold & Diamonds, Malabar Gold and Diamonds, P C Chandra Jewellers and Kalyan Jewellers observed a rise in the purchase of gold jewellery by men
While the love for the yellow metal has been there forever, this Akshaya Tritiya, jewellery brands across India said to have seen a substantial growth in terms of sales of diamond jewellery. Right from pre-book offers to cash backs, the brands have leveraged their brand to ensure good sales trajectory, this May 7, on occasion of Akshaya Tritiya.
If, the brands are to be believed there has been a rise in the purchase of light weight gold jewellery in terms of gold coins invested mostly by men. After the retail gold price plummeted from 34,000 to 31,500, 10 grams, the brands are hoping this Tritiya would glitter gold.
exchange4media spoke to jewellery brands about how they strategised their marketing on digital platforms besides following promotions and adverts in print and television, expected sales to be achieved, promotional offers and how the brands leveraged their products for millennial and working women.
As for P C Chandra Jewellers, the brand followed their last year’s marketing strategy wherein they gave assured gold coin in every purchase and 5 per cent discount on diamond value. With a specific focus on digital, P C Chandra used all traditional platforms like TV, Radio, Print, and OOH to promote their products.
UK Chandra, Managing Director, P C Chandra Jewellers told exchange4media, “From the past couple of years we have been working and promoting our products especially on the digital platform so to get a targeted reach. We always try to touch our prospective customers across touch points. Our products are available across 47 brick & mortar showrooms around India and through online platforms like (Amazon, Flipkart, Paytm and pcchandraindiaonline). We have a special promotion running on Amazon and our website with amazing discounts.”
When asked about the sales growth expected to achieve, Chandra said, “We are expecting at least 10 per cent growth vis-à-vis 2018-19, keeping in mind the current scenario.”
Elated over the stable gold price and many offers and pre-booking schemes, to lure customers, M P Ahammed, Chairman, Malabar Gold and Diamonds said, “We are expecting to touch sales growth of 17 to 18 per cent, this year. Our special offers for the eve include up to 50 per cent off on making charges and up to 20 per cent off on diamond value, early bird offer for customers who book with 10 per cent onwards in advance and get jewellery at the booked rate or prevailing rate whichever is lower,”
According to Ahammed, the company, this year will have over 2,000 kg gold to be available for our customers across all region. In Kerala, the showroom would be thrown open from 8 am for our customers.
Sandeep Kulhalli, Sr. Vice President-Retail & Marketing, Tanishq, said, “This Akshaya Tritiya, we are expecting a healthy growth and there is an overall positive sentiment. There has been no substantial change in the buying behaviour in spite of the rise in gold prices. Gold coins will continue to see traction this year as well, but there has been a significant increase in the demand for gold jewellery as compared to gold coins. Since the wedding season is on, we are expecting an increase in footfalls at all our stores.”
Marketing their brand across all mediums and having adopted a 360 degree approach, Senco Gold & Diamonds, started early ensuring their sales see an upward trajectory and to cater to younger generation of India, Senco Gold & Diamonds jewellery became sponsors in IPL cricket by sponsoring Kolkata Knight Riders and Delhi Capitals team. Suvankar Sen, Executive Director, Senco Gold & Diamonds said, “We are focusing on men's collection - AHAM. Along with that, the season begins with a focus on bangle as a category celebrating Bangle Utsav this Akshaya Tritiya.”
Pointing on the attractions and offers, Sen said that as a part of marketing and promotional strategy we gave offers like - Win rupees one lakh worth of bangles every day, cash back offers, discount on diamond jewellery, making charges and many others. When asked about any change in the buying trend, interestingly, the number of men investing in gold seen a rise as compared to women. “Gold coin as an investment has gone up across all ages. The encouraging thing is that young generation especially men are buying gold as a savings instrument across mediums - online or offline.”
Asking about the response, Sen added that overall response on Akshaya Tritiya has been lukewarm. Due to market uncertainties, people have bought token purchases of more of light weight jewellery for daily or casual wear use. Only those customers who have summer weddings coming up have gone for heavier jewellery. With the weather of East India and market uncertainties, the weekend sales of Akshaya Tritiya got affected. “We will see limited growth or even a same kind of business as last year would be an expectation this year,” explained Sen.
Kalyan Jewellers is expecting a surge in their sales by 25 per cent this Akshaya Tritiya. The brand is parking 15 per cent of their annual advertising budget on digital mediums. They not only did digital activation of their brand and product by using content, making collaborations and contests but also had celebrity influencer and designer, Shweta Bachchan Nanda onboard, with whom the brand organised a series of on-ground engagements under the umbrella #AddTheKalyanSparkle. A few lucky customers were given a chance to be part of this exclusive series and solve their jewellery styling related doubts.
When asked about the unique measures taken by Kalyan Jewellers for marketing their products this Akshaya Tritaya, T S Kalyanaraman, Chairman and Managing Director, Kalyan Jewellers said, “This Akshaya Tritiya, we have received phenomenal response from our customers for the pre-booking campaign and the rate protection program that we launched. We are also running a campaign around reduced marking charges, with a '300 Kg gold give away' offer. Overall, we are expecting a positive response from the customers as a result of our planned efforts during the last two months.”
Speaking about the sales growth the brand is expecting this year, Kalyanaraman said, “We are looking at a projected Revenue of INR 11,500 crore (approx) for FY – 2019-2020.”
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