Indian jewellery market has seen big changes in last few years due to the entry of multinational companies. Local retailers are facing huge problems due to this. The mindset of customers is also changing towards branded jewellery. To retain their position in the market, traditional jewellery sellers must adopt some new marketing techniques.
Before making any plan there is a need for knowing the factors that affect the sales in this market. Below are some factors seller should consider:
1. Purchasing power
This is the main factor to consider while selling any product. According to the region you are focussing on, a research on the purchasing power of customers should be done.
2. Choice of buyers
Instead of blindly selling products of their own choice, jewellers should know the taste of customers.
3. Trends in jewellery market
Jewellery is a part of fashion and lifestyle industry and such markets see the change of trends very quickly. Every jeweller must know the latest styles that customers are asking for.
Marketing strategies to use in retail jewellery
1. Personal relationships
For a small-scale business owner, it is the best idea to start impressing your known ones in any business and this holds true for jewellery industry also. These people can help by suggestion others to try your service for once.
2. Digital marketing
Ignoring social media can be harmful to local businessmen. Social media networks such as Facebook and Instagram can do wonders for jewellery business especially Instagram as images of gold and diamond can attract the audience to buy jewellery.
3. Event marketing
Event marketing has been there from years and is still very effective. Jewellers should promote their business by doing promotion in small events. Festivals are very important in India and such times should never be ignored to set good sales.
4. Using discounts
Discounts can never go out of marketing. Announcing sales at regular times can help local sellers to gain new customers.
5. Using latest technology
Technology can play a vital role in increasing the producing for making new designs. Jewellery should be shown as a style statement and can be sold in combining it with innovative packaging with expensive clothing.