Volatile gold prices and changing customers tastes areforcing traditional gold jewellery retailers to sell fashionand imitation jewellery to protect falling business marginsand sales.Research shows that the Indian jewellery sector is in thetransition phase with consumers desire for possession ofjewellery for its aesthetic appeal and not as a form ofinvestment.Imitation jewellery is easy to carry and comes in variouspatterns and colours which are giving edge over traditionalyellow metal.
every woman wants to look beautiful, not everyone can afforddiamonds and gold. Thats why the concept of imitation jewelleryis a popular option for many womenFor many women, shopping for and collecting different typesof accessories qualifies as a passion. Buying expensivejewellery is not the most practical optionIt also affords most fashionable women many more options, andis safe for travel.While attending an important event far from home, and worriedabout whether or not you should bring your fine jewellery? Insuch situations, imitation jewellery provides the best andsometimes safest bet for a fashionable look
The trend of heavy and trendy imitation jewellery has gainedpopularity due to TV serials and historical films Earlier only middle-class aspirants used to come to shopsuch jewellery but now women from across the class opt forsuch kind trendy jewelleryImitation jewellery is available at a price ranging from Rs 5to 15,000 depending on design and material.Now one-gram gold jewellery micro and antic patterns are ingreat demand
Imitation jewellery is too cheap to worry in the case of lostor steal. Women now wanted to wear jewellery according to theirclothes. This is not possible with real gold jewelleryBest Option to Accessorize on Budget No matter your ageSpecial events for valentines day , teachers day, doctorsday collectionsThe consumer wanted a wider selection at a single convenientlocation and expected an international shopping experience.
The following steps will help you define your marketing mix* Identify your target market.* Determine what the target consumer desires.* Assess whether you have any advantages over yourcompetition in delivering the desired service.* Choose the position that is most valued by the consumer.Product: Features , Services , Product quality, Staffquality, Style, Brand name, packingPlace(Distributions): Location, Frequencies of services,Transportation, Distributions, Inventory.Promotios: Publicity, Sales promotions, Personal selling ,Advertising , Mailing listPrice(Cost): List Price, Discount, Credit terms
Shop in shop-The "shop in shop" retail concept is where a brandowner or retailer takes space in another retailers store andfits it out to provide selling space dedicated to thatsecondary companys products.Pop up retailing - pop-up stores are a new phenomenon takingretail by storm. A pop-up shop, that is — a temporary retailspace or experience which involves “popping-up” one day, anddisappearing the next few days , Pop-up retail outlets give amore of a touch and feel experience for customer and buildawareness.Think the possibilities of create a travelling jewellery show.Seek out places, events and venues like womens associationevents , luxury or economic hotel lobbies or even mall kiosksthat lend themselves to selling jewelry on the fly.
Association with corporate gifting coupon companies and allowtheir customers to redeem coupon in our out lets/channelpartners.Make association with third party loyalty pregame partners, likeSBI, ICICI, loyalty cards .Add new retailers for increase sales volumes in targetedmarket. Use some technique for developing franchises/ salespartners. Each new store has the opportunity to further promotefuture franchisees,Direct approch- approch leading retilers or whole sales andsell the concept , make a business deal in win win basis Networking-There are many different types of networking, rangingfrom email, to in person, to online on LinkedIn and other socialnetworking sites. Knowing the right people can cause an increasein your franchise sales.
MediaThe media provides another option to increase your franchisesales. Although different strategies apply, you can use both thelocal and national media to expand your business. The local mediais an important tool for lead generation and allows you to targetgeographic areas where you would like to growTrade ShowsTradeshows are another way to meet prospective franchisees. Theevent will provide an insight for potential franchise owners,while promoting brand awareness and product visibility. Tradeshowsalso provide an opportunity to promote new and current productsand drive sales
PROMOTIONS & BRAND BUILDINGUse all retail marketing Tools for increase brand building amongtargeted customer segmentThink the possibilities of create a travelling jewellery show.Seek out places, events and venues like womens association events ,luxury or economic hotel lobbies or even mall kiosks that lendthemselves to selling jewellery on the fly.Sponsorship or Active participation in cities fashion events ,film based events, school college events ( By focusing Targetsegment)Use the powers of retail coupons ( one day or few days valid )by print medias like News papers, women based magazines.Motivate retail partners for increase sales by offeringexclusive special events or sales schemes.Create Data base- for repeat sales , loyal customers and makeassure constant touch with emails or other way of communications
There is a huge untapped market for branded Imitation jewellery inIndia. The critical success factors in the business is quality,fashionable design, and good after-sales service ,The changing lifestyles demanded lighter and trendier jewellery withless price .For setting up good gold jewellery shop one needs inventory at leastworth of Rs 30 to 50 lakh. While, in the case of imitation jewelleryone can start business with stock of meagre Rs 15, 000Imitation jewellery are known as celebrity-inspired jewellery-segmentThe Indian consumer was willing to experiment with new designs.cultivate trust by educating customers about the unethical practicesin the business and change the perception of jewellery as a high-priced purchase.
email@example.comWhoever said money cant buy happiness simply didnt knowwhere to go shopping.”- Bo Derek