Jewellery industry is witnessing a shift to an omnichannel approach: Rupesh Jain

The year 2023 has started on a rollercoaster note, with an accelerated adoption of generative AI, AI chatbots, and digital innovations. This is bringing in new operational efficiencies, stronger strategies, a far greater emphasis on building deep bonds with various stakeholders and consumers. In keeping with the current market ecosystem, technology and a human approach are seen as going hand in hand.

As part of our annual TRENDING NOW series, Adgully has been approaching key industry leaders to Crystal Gaze into 2023 to highlight the major trends and developments that they see dominating the industry in the year ahead.

In this interaction with Adgully, Rupesh Jain, Founder & CEO, Candere by Kalyan Jewellers, highlights the key trends that are expected to dominate the jewellery industry in India in 2023, major expectations from the year ahead, improving customer experience and retention, strengthening Candere’s experimentation culture, and more.

Key trends dominating the jewellery industry in 2023

Rupesh Jain noted that the jewellery industry is witnessing the shift of brands to an omnichannel approach that allows consumers to start their journey online, browse creations of their choice offline and complete the purchase whenever and wherever they choose. According to him, the seamless channel integration also furthers meaningful consumer education, engagement, and experience.

He further noted that the industry is evolving with technological interventions causing a wave of change across sectors. “To emphasise the customer experience, enterprises are leaping to another level to provide customised services and accessible interfaces for better purchase experience across both online and offline mediums,” Jain said.

Major expectations

Listing the key expectations for the year, Jain said, “We at Candere by Kalyan Jewellers look forward to less volatility in gold rates for the year ahead. Additionally, with the advent of technology and social media outlets, brands can aim to build a more personalised, transparent and trustworthy relationship with their customers, ultimately leading to increased brand loyalty and sales.”

He pointed out that young cosmopolitan consumers of today have started to lean towards jewellery for the wardrobe, ones that are design-led and high on style. This shift is a direct consequence of the intensive year-round browsing leading to jewellery becoming a marker of individuality and style. Thus, this fresh wave of informed decision-making of consumers will give new-found confidence in virtually purchasing high-ticket price items like fine jewellery.

“Retailers must be at par with the market trends to expand their offerings and consumer demographics and behaviour favouring the industry’s shine,” Jain added.

Key focus areas for Candere by Kalyan Jewellers in 2023

“Our prime focus for 2023 would be to preserve the brand’s recognition and relevance among customers. While keeping at par with the evolving market, we will improve customer experience and retention, strengthening our experimentation culture. Additionally, we will continue penetrating further into the current distribution channels with our upcoming jewellery collection launches this year, along with establishing a few services like Digi Gold and Referral Plans for our customers’ complete jewellery buying ecosystem,” Jain further said.