Sunil Nayak, chief executive officer, Reliance Jewels on changing consumer behaviour, being a mass brand and technology that will rule the jewellery sector
Mumbai: The Millennials and GenZ consumers of today do not buy jewellery to keep in their lockers but for adornment, observed Sunil Nayak, chief executive officer of Reliance Jewels.[bs_input_restrict]
According to him gone are the days when jewellery purchases were limited to weddings and festive occasions. The jewellery sector has been experiencing transformation over the years from technology to changing consumer preferences.
Nayak spoke to IndiaRetailing about how the brand is trying to keep up with technological trends and the dynamics of changing preferences of the customers on the sidelines of the Lakmé Fashion Week x FDCI in Mumbai recently. Reliance Jewels launched its new Akshaya Tritya Collection, Thanjavur exclusively at the event in collaboration with fashion designer Monisha Jaisingh where Taapsee Pannu was the showstopper.
Excerpts…
Tell us something about the new collection
India is a diverse country. Each state has something of its own to offer. We, as Reliance Jewels, have been showcasing the different diverse cultures, art and heritage of India through our collections. This year we are launching our new collection called Thanjavur, inspired by Tamil Nadu’s Thanjavur region which is known for its temples and architecture. We have tried to showcase the same in our gold and diamond jewellery collection.
What’s in for millennials and Gen-Z in the new brand’s collection?
Thanjavur will have a universal application as it will have both modern and traditional offerings. It will be right from the chokers to the accessories so I think it will have across-the-age offerings.
How has the brand changed with the customer?
Millennials and Gen-Z want jewellery for adornment rather than for keeping it in their lockers. We understood this quite well a couple of years back. We have come up with a tagline ‘Be the moment’ which means there is jewellery for every day and every occasion. Previously, jewellery was only bought during festivals such as Akshaya Tritiya and Dhanteras or weddings. But I would like to believe that our brand has been able to create interest through its offerings so that now people are even buying jewellery for Valentine’s day or Father’s day. We have collections for almost every occasion. In fact, we launch at least two collections a month.
How affordable is your brand?
Reliance is a brand for the masses. And we have never called it expensive or cheap as we believe that jewellery has to have a certain quality and design. Our offerings are across the classes, right from heavy chokers to daily wear earrings so it caters to all income profiles.
How do you use technology for a better consumer experience?
The brand is heavily investing in technology now. We have, in fact, initiated the idea of making the brand omnichannel. If you see our website and visit our exclusive stores, you will find jewellery not only available in that particular store but across India.
Technology trends that will dominate in the future?
In the jewellery business, the maximum investment happens in inventory. So, the success of a brand depends on how efficiently the stock is turned and technology plays a big role in ensuring that there is maximum efficiency in inventory turn.
We use Augmented Reality which enables customers to see how a piece of jewellery looks on them without even holding it in their hands. It creates interest in customers as they need not even come to the stores to try or even buy. So, a technology like this will play a great role in future.[/bs_input_restrict]
