The strategy to enhance jewellery exports from India involves three main approaches. First, identifying and targeting new markets by researching low-tariff countries and understanding consumer preferences. For example, participating in international trade fairs could help build connections with local distributors. Establishing partnerships with local retailers can further solidify India’s presence in these markets. Second, optimizing supply chain efficiency by setting up regional hubs, which reduces logistics costs and delivery times. Implementing technology for streamlined operations and building relationships with logistics providers are crucial actions. Lastly, enhancing product differentiation and innovation by investing in R&D to create unique designs and leveraging sustainable materials. Collaborating with international designers can bring new appeal to Indian jewellery, showcasing cultural craftsmanship.
The strategies
⛳️ Strategy 1: Identify and target new markets
- Conduct research to identify countries with low or no tariffs on jewellery imports
- Analyse consumer preferences and trends in potential markets
- Establish partnerships with local distributors and retailers in the targeted countries
- Participate in international trade fairs and exhibitions
- Develop a catalogue of products tailored to the preferences of each market
- Utilise government trade facilitation programs for smooth market entry
- Leverage digital marketing to reach international buyers
- Assess market entry regulations and compliance requirements
- Strive for competitive pricing strategies to attract overseas buyers
- Seek out trade agreements that can reduce tariff burdens
⛳️ Strategy 2: Optimise supply chain efficiency
- Set up regional hubs to reduce logistics costs and delivery times
- Use technology to streamline supply chain operations
- Build relationships with global logistics providers for better shipping rates
- Implement rigorous quality control processes to ensure product consistency
- Negotiate favourable terms with raw material suppliers
- Use forecasting tools to align production with demand
- Incorporate just-in-time inventory management to reduce overhead costs
- Partner with reliable freight forwarders for efficient customs clearance
- Investigate options for localised production in key markets
- Monitor supply chain performance with KPIs for continuous improvement
⛳️ Strategy 3: Enhance product differentiation and innovation
- Invest in R&D to develop unique jewellery designs
- Introduce collections that highlight traditional Indian craftsmanship
- Utilise sustainable materials and practices to appeal to eco-conscious consumers
- Offer customisation options to cater to diverse consumer needs
- Collaborate with international designers for co-branded collections
- Highlight quality and craftsmanship in marketing and branding efforts
- Exhibit new products at international virgin jewellery shows
- Incorporate technology like augmented reality for virtual try-on experiences
- Provide detailed product information and transparency in sourcing
- Conduct customer feedback loops to drive future product innovations
Bringing accountability to your strategy
It's one thing to have a plan, it's another to stick to it. We hope that the examples above will help you get started with your own strategy, but we also know that it's easy to get lost in the day-to-day effort.
That's why we built Tability: to help you track your progress, keep your team aligned, and make sure you're always moving in the right direction.
Give it a try and see how it can help you bring accountability to your strategy.
