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Enterprizing

The Finest in Luxury and Style is What Punjab Jewellers is All About..

Jewellery is a form of personal adornment and Gems and Jewellery industry has a significant role in the Indian Economy.India has done wonders with respect to polishing and the Indian cut Diamonds have become world class now.India is deemed to be the hub of global jewellery market because of its low cost and highly skilled labour. The Managing Director of Punjab Jewellers and Sons, Mr. Akshay Chawla tells about the jewellery industry in India,its working and the latest trends.

1.How has your journey been so far? What challenges did you face in bringing up your brand?

Ans. The journey has been a complete learning curve so far. To carry forward an age old legacy with this changing business ecosystem has been quite challenging but at the same time exciting. Customer satisfaction has been the key focus for us which has helped us to survive successfully.

The constant policy changes of the Government, declining trust of the people in jewellery after the recent financial scams, ever growing competition and the shift in consumer spending preferences have been affecting our industry constantly. Monitoring such challenges and effectively working on them by adapting to change have helped us in lessening their impact. We, being a MSME enterprise work with limited financial resources as compared to those corporate jewellery brands. But we have ensured retaining existing customers through a sense of personal touch and creating new consumers through a more focused and targeted approach in marketing and spreading awareness.

2.Why are the three best features of a jewellery business?

Ans. We focus mainly on the following features to make an impact:-

  • Customer Trust and Satisfaction(Customer is king)
  • After Sales and Exchange policies
  • Fair pricing and Quality

3.How much do you think social media is important for a business like yours to be creative and updated?

Ans.We believe social media is extremely important for any customer centric business these days as most of their target audience is using it.  It’s a platform where a consumer is engaging with its favourite brands and connecting with them. To leverage the impact of social media, we aim to create maximum engagements through innovative and meaningful posts targeting the needs of a consumer rather than just the product. It is essential for us to be updated with the latest trends and showcase creative designs and concepts to get the users involved in our brand. As they say, “Out of sight Out of mind” and we take every initiative to be visible to our current and prospective customers.

4.What do you think are your brand’s competitive advantage which restricts other’s to enter?

Ans.Trust is the most important element in our field of business. We have been successful to instill faith in people about our brand through our customer friendly approach, a long legacy, high quality designer products, transparency, attractive buyback options and fair pricing. Also, each and every consumer irrespective of the ticket price is given special treatment by us as we believe in adding and maintaining personal touch to all.

5.What challenges do you face while expanding your business and where do you see your brand in next 5 years?

  • Ans. A business when grows faces different problems and opportunities demanding different solutions. For us some of the major issues include handling increased customer debts, delay in delivery of orders, increased marketing expenditure, reduction in margins to attract new customers, issues of attending customers personally, risk of low stock turnover in new markets resulting in high costs and dilution of the brand. We are planning to focus on some niche segments and launching different collections specifically targeting them.. Currently we have an online catalogue which we are substituting with an e commerce portal for both designers and consumers.Also, making the consumer experience better with more transparent and quicker delivery of items ordered is on the cards With the shift in consumer preferences, we have started shifting our resources to target youngsters with a range of light wear designer jewellery as against the traditional heavy weight ones. We plan to be more responsive to the changing consumer demands and produce different designer accessories too.  

6.How can your journey be concluded?

Ans. I would say the journey has just begun for us. The yesteryear’s business tactics and strategies require a complete transformation in order to deal with the current scenario. Overall, it has been an interesting one with a lot of learnings, a few bumps and several smiles. A lot of things are yet to be explored and we hope for the best now. Fingers Crossed !!

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