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Advisory 2010-11-02

Glittering Success On Dhanteras For Franchisors

Dhanteras is one such day throughout the year that usually records the maximum sales of products like jewellery, silver items, utensils etc in India. Jewellery franchisors and retailers start preparing for the day long time before to eat the maximum pie o

By Abha Garyali Sub Editor

With the onset of Diwali festival, businesses across sectors engage in boosting their sales during the occasion. As the celebration of lights signifies joy and happiness, it also has a special significance in businesses. Dhanteras is one such occasion, when buying jewellery is marked as auspicious. Thus, retailers and franchisors engaged in jewellery franchise business leaves no stone unturned to gain maximum profits during the occasion.

Dhanteras boosting sales

During Dhanteras, there is a sudden rise in customers thronging the showrooms. It is believed that the day is very auspicious to buy gold and diamond jewellery. Moreover, with the wedding season approaching, most of the customers consider this day favorable for buying wedding jewellery also. With multiple offers and uncompromised quality, Indian customers are growing conscious in buying ornaments only from organised retail or franchise outlets.

In words of Sandeep Kulhalli, Vice President, Retail and Marketing, Tanishq, “The jewellery sector has the single largest market on the occasion of Diwali and Dhanteras on account of the auspicious values attached with it. During Dhanteras it is considered lucky to buy any metal, be it gold, silver, stainless steel etc. Customers buy according to their pocket sizes.” Elaborating on the increase in sales on the occasion of Dhanteras Santosh Shrivastav, MD Gitanjali Jewels Ltd says, “Yes definitely we see the increased trend of sales during the festive period starting from Navratri, Dushehra till the Dhanteras and Diwali. The sales are usually three to four times of normal month’s sales owning to customary rituals of buying precious during these festive periods. Dhanteras day alone the sales are equal to a normal month’s sale.”

Preference of gold

Customers opt for different jewellery on this day according to their budget. Jewellery items that are most popular at this time are the gold and silver as well as earrings. However with gold rates rising sky high, many consumers opt for diamonds as well as kundan sets. Differing with this Kulhalli informed, “Tanishq still experiences a high market for gold purchasing. The 85 per cent of customers still opt for gold ornaments while only 15 per cent buy diamond on Dhanteras.” Contrary to the statement of Kulhali, Shrivastav informs, “Traditionally customers have been buying more of gold jewellery then diamond during this auspicious season but off late in last few years the trend to purchase studded diamonds and coloured stones jewellery is on rise owing to the changing tastes and preferences of consumers and higher increase in gold prices compared to diamond jewellery.”

Promotional offers by franchisors

Keeping in mind the festive occasion, franchisors develop some promotional offers to attract customers and generate footfalls. These schemes include giving beautiful diyas, siver coins etc. Regarding promotional schemes Kulhalli shares,“We have a ‘Queen of Diamond’ contest from 1st October to 7th November. It was also organised last year during the season. In this prizes worth the amount of Rs five crore are offered to customers. Customers who buy gold of a certain amount are given coupons. Prizes are won by customers based on a lucky draw. The first price is jewellery worth Rs 50 lakh and so on.” He further added, “The best deal is that all our 117 showrooms would offer prizes to 30 customers. Therefore, it is not limited to certain outlets.”  Highlighting the special schemes and offers Shrivastav informs, “The consumer expects special privileges and offers during this period and entire industry including us has our best offers lined up for consumers during this period. We at Gitanjali have been extending the Diwali Sammriddhi offer in which we have free solitaire jewellery on purchase of Diamond Jewellery and flat 30 per cent off on making charges of gold jewellery or alternatively we have up to 20 per cent cash back offer on purchase of diamond jewellery.”

Transformation of consumer preference of buying jewellery from organised jewellery franchising players than unorganised traditional jewellery has brought in a revolution in the entire concept of jewellery buying. With organsied players offering special schemes and offers further gives a boost to it.

Support provided to franchisees

As sales increase, franchisors offer special assistance to the franchisees to attract more number of customers. They are provided with new and latest stocks to lure consumers. As informed by Kulhalli, “We equip our franchisees with the latest designs in jewellery on account of the festive season. Moreover, they are given adequate training to handle the sudden increase in customers.” Shrivastav says, “We do support our franchisees during this peak demand periods with additional marketing budgets, advertising and promotional offers to take the maximum benefit of the festive period demand rise. We also do provide latest collections and launches as well as additional stock support on relaxed financial terms to make them stock adequately to cater to increased consumer demand.”

Thus, as the occasion of Dhanteras celebrates joy and success, franchise business owners heavily bank upon this festival to increase their sales rates. As the jewellery sales attain new heights, aspiring franchisees can avail great success in this sector.

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