GJEPC webinar on a Way Forward
International Market Scenario &
Way Forward Post Lockdown!
Recently GJEPC organised, International Market Scenario & Way Forward Post Lockdown with speakers Mr. David Brough UK, Mr. Julius Zheng China, Mr. Jeremy Keight Australia, Mr. Alex Popov Russia, Ms. Irina Litvinova Russia, Ms. Sophiya Silvert Belgium, Ms. Holly Granofsky USA, Ms. Nancy Robey USA and the Webinar Moderated by Mr. Sohil Kothari, Co-Convener- Exhibition (International).
In a market scenario, Jeremy said, their government is channelizing the market and jewellery shops are opening now! Following him, Nancy by considering the year of election in USA said, rate of unemployment is rising in Europe, how government can touch jewellers! They have to provide economic package to protect sales people!
Opening his expression about Russia market, Popov said, at the juncture Russia is lockdown though shops are dealing through online and arranging delivery! Accordingly one can buy jewellery online! About 97% of those jewellery shops are having stock at hand yet there is a drop in business!
Popov said, right now at the lockdown, he is at Israel and also went to Israel Bourse. As of today people are coming with won prices and they are eliminating middlemen as there is no margin! Manufacturers are selling directly to buyer directly!
Julius said, China is facing issue migrant workers. Projected tumbling GDP rate, lowest since 1992 and migrant workers issues are at urgency to address! Government is trying to keep up package, trying to keep up economy! Initiatives are to restore stability!
He said, Social media works in China, creates good platform! Over $200 worth jewellery is moving online! About 3500 stores chain is working! Well they facilitated delivery of jewellery if it is over $850; such stores are showing jewellery online. Delivery is arranging from their nearest located stores! De facto Chinese are used to buy online!
Sophiya said, in a post lockdown there would be a question of liquidity in Europe! EU government is confused to announce a simulant package or not. It’s a catastrophic scenario! Accordingly, by the May & June month jewellery companies would be in a trouble!
Market would demand a correction! Right now people are in debt yet buying jewellery is always an emotional point. Now we know, upon little purchase we are going to bare a big losses! Point is how people are going to survive? We need to come out from this epidemic devastation!
Jeremy said to look at general public! What they are wearing now? Keep eye open when countries are opening for international trade & travel! Now India has to move on service, design and good business relations! In the row Sophiya said it would be India’s initiative to stay connected. Online contacts are crucial way! She suggested India to fill up presence with products and to manage sales! What manufacturer is offering is turning their consumers?
She said after all over probably what people will buy? People will not have as much money as earlier yet they want to buy fine jewellery & designs! Here point is how luxury industry, jewellery can pull consumers spending? David said marketing, marketing & marketing! Marketing would work! Influence buyer from every social media!
Further Nancy said about jewellery trade expo and trade seminars that there will be no travelling at least for four to five months in a post covid-19 era! Buyers are looking at a new, prefers to go online and one has to sale amid online competition with relationship by arranging one on one meeting with buyer! This would work!
In the row Jeremy said, sales would be very critical in the restriction on travelling and in the absence of international trade shows! Good reputation, solid relation would open the way! “I believe consumers’ relation and offering service & service (would work!)” said Sophiya.
By adding further, Nancy said this is the time to analyse company’s strength and limitations! While Popov said, travel generates half of the sales internationally! Restriction on travel will restrict sales! Now, even if you know people, you can’t insist much because people do not have money!
And, people will not buy everything at a time so every time you have to show Wow effect! “People will travel less in a post Covid-19 era! I can see a B2C pattern! It would be a good for manufacturer to connect buyer directly” added Julius. Sohil also allowed Q & A session! (Exclusively inked & edited by Nayan Jani, Editor-Jewellery News India- JNI.)
