2 Likes
A great brand is associated with the following terms: reliability, trustworthiness, and customer loyalty. Senco Gold not only is the epitome of these words, but also is one of the most reputed brands in the world. Its director, Joita Sen, her husband, and her father-in-law, are the main the reasons why Senco is where it is today. In this freewheeling chat at Kolkata Retail Summit, she spoke of the company’s growth, life during COVID, and the jewellery trends that will dominate the future
From a single store in 1994, you now have 130 showrooms across 13 Indian states. Can you share this success story with us?
My father-in-law, Mr. Shankar Sen, inherited three showrooms from his father, under three different name, which he brought under the umbrella brand Senco Gold and diamonds and laid the foundation for an organised company Senco Gold Limited. He set systems and processes in place, and in the process gave the brand an identity. He even set up computer systems, keeping in mind the future. We then set up the first flagship store – an 8,000 square feet space in Moulali, Kolkata. In the late 1990s, he even introduced the franchise model, which resulted in a slow expansion. When my husband and I joined in the 2000s, we began working on the expansion of the brand, which happened in 2010. Today, from that single store in Moulali, we have 130 stores across the country.
Jewellery trends have seen a change in the past few years. Today, rather than a metal for special occasions, gold and diamonds are purchased as everyday work wear by the younger generation. Jewellers would not have done this unless they predicted a trend early on. What are your thoughts on it?
Indian weddings are huge and buying wedding jewellery is an integral part of our tradition. This tradition will never die out. Having said that, there is a need to diversify the product and make jewellery that fits everyone and every budget. To take it to the next level, we introduced a brand under the Senco Gold and Diamonds umbrella called Everlite, which was the solution for the women who would wear gold and diamond jewellery for everyday styling.
We created the brand Gossip, for our younger customers who would come to our stores with their parents. While the parents bought gold as an investment, these young girls would opt for fashion jewellery that they could wear for casual outings.
While our wedding jewellery sales will continue, we also have a parallel market for our younger clients. We must also remember that like all fashion, even jewellery fashion constantly evolves, and light-weight jewellery is popular online. We introduced the e-commerce websites for customer convenience in their busy schedule.
We have seen a massive growth in the online jewellery market with brands luring younger customers with the digital experience. Given the shift of retail to a more omnichannel model, do you see this work in the jewellery industry where gold buying is about seeing and feeling the metal?
Omnichannel retail is here to stay, and we have to move with the times. During the pandemic, we used tools such as WhatsApp video to connect with our customers and show them our products, and realised that this trend will continue even in a post-pandemic world.
However, there is a budget beyond which people will not buy jewellery online. If I were to give a range, online purchases would start from Rs 25000 onwards. Most of the jewellery purchased from our website is usually daily wear that is affordable, and we have provided the option of try-on feature so that our customers can understand how the jewellery would look on them. When it comes to wedding wear and more expensive jewellery, then people prefer to come to the store to experience the feel before making the purchase and understand the nuances of the product.
What are the trends you predict when it comes to the jewellery industry by 2030? Do you think there will be a major shift in the way we buy jewellery? How will the customer experience change?
I can see the jewellery shopping experience becoming a seamless experience. There will be more adoption of artificial intelligence and augmented reality on e-commerce platform. Customer experience is an integral part of the retail experience, and this is critical for those who buy jewellery to keep coming back to us. Retail therapy will continue to stay, people would continue to visit stores to explore products and try-on jewellery before buying, because shopping is an experience, and experience is as important as buying the product.
Your email address will not be published.
