BackTitan rolls out Akshaya Tritiya offers on jewellery brands
The company is in talks with various state governments and local authorities to understand whether it will be able to open and access its warehouse in Hosur, in Tamil Nadu, and ensure shipmentsTitan is expecting pent-up demand, as well as demand for wedding jewellery to emerge once the lockdown is lifted
PremiumNEW DELHI : India’s top watch and jewellery retailer, Titan Company Ltd, has rolled out offers on its Tanishq and CaratLane brands ahead of the annual Akshaya Tritiya festival later this month, even as it awaits clarity on whether online sales of gold and other precious jewellery can be fulfilled after some easing of restrictions on April 20.
The company is in talks with various state governments and local authorities to understand whether it will be able to open and access its warehouse in Hosur, in Tamil Nadu, and ensure shipments, a top executive at the company told Mint.
“We are hoping that after the 20th, e-commerce operations will be permitted for non- essentials. If that happens, we are preparing to ramp it up," Ajoy Chawla, chief executive officer, Jewellery, Titan Company, said in an interview with Mint.
Even though its stores have remained shuttered, Titan's jewellery brands have allowed shoppers to make bookings on its website. While shoppers are able to place and confirm orders, they are not given a timeline as to when deliveries can be expected.
Chawla said the retailer is in touch with logistics providers as well as state governments, “if we get permissions to restart, we will be ready to commence shipping at the earliest."
India’s retailers have been in a bind since the country entered a lockdown in the middle of March.
Titan has 1,709 stores across its jewellery, eye-wear and watches divisions. However, the company’s business has been disrupted since mid-March. “All stores were closed on the 22nd March in deference to the exhortation of the Prime Minister and continue to remain closed..." the retailer informed the stock exchanges in a quarterly update (Q4) for earlier this month.
As a result, retailers are now preparing to push more offers, and sales online.
For Titan's jewellery division, Akshaya Tritiya has emerged as the next most important week after Dhanteras during which people buy jewellery — prompting the retailer to roll out offers despite the lockdown.
Titan will reach out to prospective shoppers online, as well as through mobile marketing. It has also enhanced its offerings online.
India’s online retailers are preparing to begin deliveries of non-essential items from early next week—starting with sales of electronics such as laptops and mobiles, among others—after the government paved the way for e-commerce companies to commence operations.
India’s extended lockdown has disrupted businesses across the country. This is especially true for retailers, other than grocers, that have had to close stores.
Even after the lockdown is lifted, retailers expect it could be months before shoppers resurface in malls and busy markets. As a result, discretionary consumption could take months to recover.
Titan is preparing for opening stores post May 3 — however, under vastly different circumstances. “We are working to prepare for a safe restart," Chawla said.
In a set of standard operating procedures put together by the retailer — the company will ensure it commences operations with limited staff, and will encourage shoppers to make prior appointments. Other hygiene and safety practices such as masks, and sanitization will be followed once retail operations resume.
“We have developed strong SOPs for as and when the stores open. We are currently passing on learnings to around thousands of people that are directly and indirectly in our ecosystem — vendor partners, artisans, store staff, etc. Over the next two weeks, people will be trained," said Chawla.
Chawla added the company is expecting pent-up demand, as well as demand for wedding jewellery to emerge once the lockdown is lifted in the world's top gold market.
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