Indians prefer online stores for wedding jewelry: Report
Amid the increase in online and digital consumption in the post-pandemic era, the purchase of wedding ornaments in India continues to be in physical mode.
Although India has seen a rapid shift in online shopping during the pandemic and subsequently in the post-pandemic era – be it groceries or lifestyle.
Buying a weird ring, earring or pendant online is okay, but Indian consumers are largely turning to physical stores when it comes to shopping for weddings, said Sunil Nayak, CEO of Reliance Jewels, a subsidiary of Reliance Retail.
Mr. Nayak made the remarks during the closing session of the two-day MAPIC India 2022 convention – formerly IRF (India Retail Forum).
“Customers are more demanding because nobody wants to buy me-too products (similar products available in the market). But inventory management to generate the maximum return on investment is essential,” said Mr. Nayak.
By rough estimates, Asia’s main economy, India, is expected to witness more than 1 crore weddings per year, giving 6 crore job seekers out of the country’s 50 crore singles.
Speaking at the same event, Rajendra Kalkar, President (Shopping Centres), The Phoenix Mills, said: “The conflict between physical and digital consumption has evolved from the rapidly tech-savvy shopper around the world who bought disruption to retail and real estate.”
His company operates nine operational malls of over 640,000 square feet in India.
The two-day MAPIC India convention brought together retail industry captains from all walks of life with spirited deliberations on the outlook ahead in the post-pandemic era.
The conclave was also complemented by an exhibition of major retail, food and fashion brands that are set to expand their footprint in the country.
MAPIC India, established in 2004, is one of India’s premier annual events for the retail industry.
(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)