Jewelegance Founder Dhruval Shah Emphasizes On How Digital Transformation Drove Cost Reduction in Jewelry Businesses
Over the past few years, digitization has emerged as an inescapable means to survive and sustain growth in a modern disruptive marketplace. As a result, Indian businesses have been seen to embrace the digital trend and invest money into it. According to global consultancy firm Capgemini, 87% of businesses believe that digital transformation provides the opportunity to gain a competitive advantage in the marketplace. This is especially true for the SMEs that can put up a fight against their larger counterparts leveraging the digital. Considering the same, Jewelegance founders discusses the changing dynamics of the industry and how to keep up with the sector to stay in utmost profit.
Like every other industrial sector, digitization has brought huge scope to the jewelry industry. With the help of analytics and data about trends, demand, and supply, jewelry businesses can deeply improve their operational efficiency eliminating any chances of business disruption. From designing to manufacturing to inventory to sales, digitization can create a number of saving opportunities in every sector of the business.
Before the emergence of the pandemic, several companies were reluctant to show full support to digital transformation due to the fear of overwhelming efforts in shifting the business management. However, Covid-19 has been an eye-opener that has pushed the jewelry businesses to move towards digital adaptation. During the prolonged period of lockdown and subsequent recession, companies realized how much cost reduction, value creation, and deeper customer satisfaction opportunities digital transformation could offer to their businesses.
Covid-induced travel restrictions have significantly reduced the number of footfalls in physical jewelry stores. It has brought a paradigm shift in the traditional customer behavior wherein Indian buyers used to love visiting the local jewelry shops to choose the perfect ornaments for them. In the post-pandemic world, people have started to prioritize safety and convenience, pushing the jewelry businesses towards digitization. In this scenario, maintaining a physical store can prove to be a cost-prohibitive and loss-making venture. Jewelry store owners can save a significant amount of capital spent on in-store maintenance through adopting the digital business model. At the same time, it will allow them to operate their business from a single centralized location and tap into the domestic as well as the global market at the same time.
Experts emphasize that leveraging digital technologies and analytics can boost business productivity through increased operational efficiency. Because of improved efficiencies in operations, businesses can easily save more and invest more in their customer satisfaction. In fact, a McKinsey report suggests that by digitizing information-intensive processes, costs can be cut by up to 90%. Digital transformation lowers the overall cost of business operations leaving a huge impact on profitability. Today, businesses are using tech-driven automation tools to cut down mundane and repetitive tasks that used to drain a lot of valuable time and energy. This makes the entire business management process more fluid and streamlined than ever.
At the same time, automation is now being used in inventory management allowing businesses to manage everything without hiring any professional hand. The implementation of IoT tools helps business owners to anticipate any maintenance requirement and eliminate the risk of business interruption. Technological tools are now enabling saving from every point of purchase, delivery, and transportation through increased management efficiency. With so much cost reduction in business operations, they are now able to set such prices that allow them to retain their customer loyalty.
There are a ton of activities related to manufacturing, sales, marketing, promotions, advertising, or operations that can be expensive. Through digital adaptation, industries, including the jewelry industry, can reduce their cost without any scope of human error. This gives a unique opportunity to the online jewelry stores to sell their products at an affordable price range and with lucrative offers. Better price offering of the jewelry products and services brings in better sales and customer satisfaction making the digital businesses more profit-making even in these uncertain times.
- Ezazul Haq
You have amazed me with on-time delivery as promised with continued support from purchasing the product to delivery, answering all my queries and making me feel stress-free regarding the quality of product, its security at the time of delivery and process you followed was also fully satisfying. The quality of the product is also awesome. I will be most happy to continue to purchase many more products from you.
- Nandita B N
I had ordered a Hanuman pendant. Jewelgance had the most exquisite, intricate, and unique design compared to any other leading jewelry company. Initially, I was a bit apprehensive but they are very responsive and professional with the customers. I’m extremely satisfied with the purchase. I’d definitely recommend Jewelgance.