Ahammed MP
Chairman, Malabar Gold & Diamonds
The success of our ‘One India One Gold Rate’ plan will make traders think about uniform gold prices
THE RETAIL JEWELLER (TRJ): What valuable lessons have you learnt from Covid?
AHAMMED MP (AM): First, jewellery retail should be in sync with the changed reality that is the rise of commerce through digital channels. Second, digital communication channels should be leveraged extensively to explore new retail opportunities. Third, we need to develop a collaborative environment so that all the stakeholders in the supply chain continue to work together to keep the business running. Fourth, safety and hygiene for the customer are as important the luxury of a pleasant shopping experience. And finally, as everyone’s marketing budget has taken a hit, we have to think creatively to engage with customers. For example, we organized virtual store launches.
TRJ: What are the business-risks you would like to minimize based on your experience of the pandemic?
AM: We aim to become the world’s largest jeweller with a target to triple its retail network from 250 showrooms in 2018 to 750 outlets by 2023. So, we have taken certain risks that are in stride while pursuing the growth plan. The introduction of our ‘One India One Gold Rate’ plan also involved risks. Having said that, pandemic has taught us to rationalize some operational and management-related risks and we are implementing them. For instance, all our stores across the country were shut down, we quickly switched to online, and bolstered our e-commerce presence to reach out to customers.
This story is from the January - February 2021 edition of The Retail Jeweller.
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This story is from the January - February 2021 edition of The Retail Jeweller.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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