Senco Gold Limited (SGL) began as a private limited business in August 1994 and was reorganised as a public limited company in 2007. Senco, however, has been around for more than 85 years, beginning in Dhaka, Bangladesh, and then moving to Calcutta, India. The business produces and sells fashion, diamond, platinum, and silver jewellery as well as plain and studded gold jewellery. Senco, with more than 112 locations across India and 74 stores in the East, is the largest organised jewellery retailer in the eastern part of India, with a total area of over 275 000 sq. ft., in 72 towns and cities.
The sale of goods that are made of lightweight gold jewellery accounts for the majority of its income. It provides a wide range of handcrafted jewellery designs, the majority of which are created internally by a design team in close coordination with knowledgeable neighbourhood artists or craftsmen (generally termed Karigars). While most of its showrooms, which sell items under the “Senco Gold & Diamonds” tradenames, are company-operated showrooms, it also advertises its products through franchised showrooms, enabling an asset-light approach intended to reduce its capital expenditure.
DUE TO THE COMPANY’S EIGHT DECADES OF SUCCESS, CONSUMERS TRUST ITS PRODUCTS SENCO GOLD .
Consumers have faith in the company’s products because of its eight decades of success. Senco Gold Jewellery Museum, a family-run proprietary company that has been in business for over 70 years, has carefully grown its presence from its longest operating shop in the Bowbazar neighbourhood of Kolkata to 14 states in India.
Several prestigious awards have been given to the journey, Senco Gold including the “Best Capital Management” award from Business India publication in 2015, the “Iconic Brand of India” award from Economic Times in 2016–17, the “Gems of India” award from the All India Gems and Jewellery Federation in 2015–16, the “Leading Retailer of India” award from UBM in 2016 and 2014, and so on. To reach the widest possible audience, its varied jewellery assortment is further embellished by an alluring price range (about between Rs. 500 and Rs. 500,000).
A DIFFERENTIATED FOCUS ON SMALL, CHEAP JEWELRY MEANT TO CATER TO THE MIDDLE CLASS AND YOUNGER GENERATION | SENCO GOLD
The different consumer groups Senco Gold serves, in particular the middle class and younger generation, are catered to by its broad variety of goods. As a result, the lightweight and reasonably priced jewellery starts at around Rs. 5,000. To cater to these populations, it has created two distinct product lines and brands. Targeting the “middle class,” its Everlite collection of thin gold and diamond jewellery ranges in price from Rs. 3,000 to Rs. 50,000. The Gossip collection then meets the demands of its younger clients for silver and costume jewellery.
The quick-changing, stylish, and simple-to-wear jewellery allows our clients the opportunity to switch up their jewellery to go with different outfit choices and different circumstances. The Gossip series has precious and semi-precious stones set in sterling silver or base metal. The special Wedding collection for the bride across diverse cultures and geographies is the emphasis of the “Vivaah” collection. The jewellery line “Aham” is designed for today’s sophisticated and self-assured guy. In order to give clients the greatest quality and goods, the “Perfect Love” diamond solitaire brand uses the best cut, rarest of rare diamonds, which account for 1% of all mined and cut diamonds.
Senco Gold primary assets include its emphasis on design and innovation
Ability to identify market trends and consumer preferences, intricate designs, and high-quality materials and workmanship. Due to access to a large pool of talented local Karigars from West Bengal, the company is able to provide a diversified product range that can adapt to changing customer needs. The company’s extensive range and variety of goods show its capacity to identify trends in the jewellery market.
ADDITIONALLY, SENCO GOLD HAS ESTABLISHED A SIZABLE ONLINE PRESENCE
Senco Gold has also made a significant internet presence for themselves. With very little effort, the growing Internet usage in India and the ongoing development of online channels enable businesses to expand their consumer base and increase revenues.
In order to provide clients with a seamless blend of physical and online purchasing options, “our aim is to expand our business through the digital platform and use our manufacturing expertise on the establishment of an asset-light sales channel”, Suvankar Sen’s comments (CEO and ED of Senco Gold). Its online store offers gold coins for a variety of clients in addition to jewellery goods. Additionally, the company has begun selling its goods through several e-commerce aggregators. The web strategy aids in reaching areas outside the range of Showrooms and Franchise Showrooms.
PRIMARY MARKETING METHODS
Senco Gold makes investments in high-end marketing strategies to boost customer awareness of the brand and traffic to its showrooms. Being from the “City of Joy,” its marketing strategies speak to the heritage of the city and change depending on the occasion, season, and customer needs. These strategies are tailored to fit occasions like weddings, anniversaries, birthdays, Valentine’s Day, and others when people typically purchase jewellery.
Two of the most popular holidays for purchasing jewellery are “Diwali” and “Dhanteras,” when sales are often strong. In order to increase sales, it also takes advantage of the “Akshay Tritiya” or new years celebrated in states like West Bengal, Odisha, and Maharashtra.
In addition, it offers promotional deals for regional and local holidays like “Rath Yatra,” “Ganesh Chaturthi,” “Teej,” “Bihu,” and “Durga Puja,” among others, to boost sales above average. Its marketing strategies are envisioned with its lightweight gold jewellery throughout the wedding season. Because of its Everlite and, Gossip collections strives to serve India’s “Middleclass” and younger generation. To increase brand awareness and promote its products, the company has chosen Prince of Calcutta Sourav Ganguly and renowned Bollywood diva Vidya Balan as brand ambassadors.
NAVIGATION IN PANDEMIC
Numerous difficulties faced the jewellery business during the shutdown. On the other hand, the product was not a desired purchase in the beginning stages since it was a choice purchase rather than a need. The growing price of gold as a commodity, however, after the unlock phase, resulted in a great deal of confidence and a good attitude towards the category. In order to engage with its clients, it embraced a variety of technology-driven initiatives and developed an innovative and human-first strategy as part of the new normal.
For a smoother client experience, jewellery purchasing was managed using video conferencing and e-commerce platforms. The introduction of E-catalogues and Virtual trial rooms were some of the advancements brought in. It made an effort to uphold corporate social responsibility, look out for the neighbourhood, and assist the company’s human resources. The business pushed on with a fully optimistic outlook, relying on the team’s human efforts and the power of God.
A LEAGUE OF “KARIGARS” AND POLISHED LEADERS
Custom jewellery requires skilled hands and minds, and Senco Gold has 1700 team members and 250 of the top karigars. This comprises prominent business figures like Mr. Surendra Gupta, Adherence Officer, and Company Secretary, Mr. Sanjay Banerjee, Chief Operating Officer, and Mr. D. Baral (CTO), The company’s personnel is divided between its corporate headquarters and its manufacturing facility by Ms. Shubashri Sengupta (CHRO), Mrs. Joita Sen, Director of Design and Marketing, and several other senior executives with extensive production expertise.
As CEO, Suvankar Sen is in charge. His presence has enabled Senco Gold and Diamonds to incorporate technology into the workplace, let customers speak for the business, and inspired the team to go forward with optimism. The business bases its expansion on five pillars: “Trust and Transparency,” “Design,” “Handcrafted Karigari and Support to Karigars,” “Delight and Service to Customers,” and “Blend Tradition with Technology.” The relationship between the leaders and karigars is open and comprehensive, which brings forth the desired quality. “India’s 2nd Most Trusted Jewellery Brand” Brand Trust Report has recognised it for its heirloom-quality (India Study) Senco Gold.
A CONSTANT OBSERVATION OF CUSTOMER PLEASURES
The brand’s goal is to continue to delight its customers and stakeholders by offering accessories and a way of life that meet both regional demands and global fashion trends. It has endured for 80 years, and the brand is preparing for the next 100 by embracing technology and jewellery trends in order to connect with people all across the nation and the globe. It seeks to promote a smooth flow of commodities across the physical and virtual worlds and participate in the metaverse through its tech inclusivity.
FROM THE COOPERATIVE DESK
I’ll tell everyone I know who is an entrepreneur that vision and execution must go hand in hand. Entrepreneurs must have faith in their ideas and assemble the right team to execute them. Trials will arise, but just as fire purifies and refines gold, so will challenges and your ability to overcome them shape who you become.