Titan’s jewellery arm Tanishq has introduced a new purchase plan, Rivaah Aashirwaad, to assist consumers in buying jewellery for weddings and related occasions. The plan is designed to help consumers plan their wedding jewellery purchase with discounts on making charges.
Talking about its marketing plans, Ajoy Chawla, CEO, Jewellery Division, Titan Company, said, “We are going to be promoting the plan quite strongly for the next few months through a large campaign. We will showcase our intense focus on how the product is connected strongly to the respective communities and traditions and this story will be taken forward strongly on print, digital, OTT or even conventional platforms.”
Tanishq introduced Rivaah, its dedicated wedding jewellery sub-brand in 2017, catering to the diverse and varied jewellery needs across communities and regions.
Explaining how the share of wedding jewellery has climbed up to 24% in this quarter compared to last year, Chawla said, “The contribution of the wedding segment has been growing, but there is huge headroom for growth. Also, the share of wallet has gone up for those who have been buying from us.”
Taking active interest in wedding jewellery, the company plans to target to increase the share of this segment next year too.
“We continue to look forward to growth in the next year in all segments as customers are coming back strongly and gold prices are getting corrected. So there will be more buyers in the market for both gold and diamonds,” he said.
According to him, the brand has been seeing a lot of traction on its website for all of its products in general, but he is uncertain how much of it is getting translated into sales. It also plans to continue to expand the retail footprint.
“Contactless will continue to be a trend. But customers are looking for a combination of both offline and online. Remote shopping is only 10% of the business. Many small town neighbourhood stores are responding well so we will continue to expand. We have opened around 16-17 stores this FY and have a target up to 35-40,” he said.
Apart from wedding jewellery, it has been anticipating the need for lightweight jewellery because of the rising prices of gold and perhaps because some customers might want to limit their budget.
Discussing how the festive season has been for Tanishq, Chawla said the company had seen about a 15% growth during the Dussehra to Dhanteras period.
“In terms of lower price brands, the growth continues to be little sluggish. And for rest of the price brands, we had fairly good recovery,” he said.
“The festive season growth has sustained the post-festive period too. During the festive season we stopped talking about recovery and start talking about growth,” he said.
Chawla, however, believes the uncertainty of the pandemic among customers still remains a challenge and that is why it is putting extra efforts to ensure safe transactions. Though it hasn’t launched a try at home service formally in media, it is offering this for existing customers who choose to shop from the comfort of homes.
The brand recently introduced an array of phygital features for customers to shop from the comfort of their homes, providing them with an enjoyable omnichannel shopping experience.