Akshay Tritiya, which is one of the highly auspicious and important festivals for Hindus and Jains, will be celebrated tomorrow, i.e. April 26. On this pious day, people conduct special pujas, offer homage to ancestors, donate goods to the needy. Buying gold on Akha Teej is believed to bring endless fortune and blessings of Goddess Laxmi. However, due to the lockdown, the celebrations will be confined to our homes and sales of gold jewellery will also be massively low in comparison to previous years. Mr. Arun Narayan, AVP- Retail & Marketing, Tanishq, Titan Company Limited and Mr. Ketan Chokshi, Co-Owner, Narayan Jewellers by Ketan and Jatin Chokshi, in an exclusive interview with Pinkvilla, revealed how this year Akshay Tritiya will be totally different.
When asked how this year Akshay Tritiya is different as people cannot buy gold for shops are shut, Mr.Arun Narayan, AVP- Retail & Marketing, Tanishq, Titan Company Limited stated, "Akshay Tritiya is symbolic of good luck, prosperity & fortune gains. This year we see it as a harbinger of a better tomorrow whilst paying tribute to people’s strength & resilience in the face of adversity. From a business standpoint, it is unique in that it is a contactless Akshay Tritiya as all our physical stores remain shuttered. Our customers who buy gold every Akshaya Tritiya look forward to usher in the auspiciousness of this day and we have taken the online route to serve them. To this end, we have launched innovative technology-led services like live assisted chat, remote war room to resolve queries real-time and purchase plans like coins that you can exchange for jewellery in stores later and a deferred jewellery exchange option till June 30th. Once the situation returns to normalcy and services resume, we will get it delivered to their doorstep."
He further added, "This is indeed an opportunity and a responsibility to provide a high-quality contact less jewellery purchase experience and we are reworking our Omni channel program whilst launching many innovative technology-led services like video shopping, live assisted chat on our website plus a remote war room to resolve customer queries in real-time. These services will be extended to stores once they open and we promise a safer and technology-enhanced shopping experience post lockdown in all our stores."
Mr. Ketan Chokshi, Co-Owner, Narayan Jewellers by Ketan and Jatin Chokshi revealed how during lockdown online sales are being explored by masses. He said, "Akshay Tritiya is a very auspicious occasion, where people buy gold and gold jewellery as gold is symbolic of good fortune and wealth, and it's considered pious to buy gold on this day. But this year, Akshay Tritiya has also come during the lockdown period like Gudi Padwa. Consumers will look for means to buy gold even if it's in small quantities. Online sales opportunities are being explored, but delivery is the challenge and it's important to ensure everyone's safety. However, in India people celebrate festivals with full faith. We will be celebrating at home with our family and loved ones by worshipping the deity and donating to the needy."
Poor sales on Akshay Tritiya 2020
When asked about how the sales will be hampered this year on Akshay Tritiya and how will it impact the market, Mr. Ketan said, "Both Gudi Padwa and Akshay Tritiya are important and auspicious occasions for the purchase of gold, in any form. There was no sale of gold during Gudi Padwa and on Akshay Tritiya, it will be same and thus impacting the sales. However, as a brand that has been in the market for the past 80 years, it is important for us to make sure that our customers are safe and sound."
He added, "We are looking at a drop of 15 - 20% in annual sales depending on the duration of lockdown. It will take time for the entire situation to get back to normal. Even post the lockdown situation, people will still maintain social distance and will avoid going to crowded places unnecessary. It's time for all of us to stay home and assist our government in controlling this pandemic and pray for everyone's well being. We are hoping for things to be better soon."
Adding more about fewer sales, Mr. Arun shared, "The times we are in currently, are certainly unprecedented. While uncertainty looms, we believe there will be both emotional and rational intent to purchase Gold. Whilst gold continues to be a safe haven for investments as its value has seen appreciation over time, gold jewellery has an eternal, emotional and traditional connection with women & families in our country. This makes gold an important asset class for savings during such times whilst also being relevant for traditional/personal occasions. On these counts, there is already some pent up demand and also some demand that will get deferred owing to weddings getting postponed from Q1 to Q3 or Q4."
He added, "Whilst we expect lower sales due to non-operation of our physical stores during Akshay Tritiya, we believe the special plans and offers that we have brought out for customers for this Akshay Tritiya should be helpful. These include a special Gold Protection scheme. Customers can purchase gold coins and exchange the same at any Tanishq store across India for jewellery at the prevailing gold rate until 30th November 2020, for a full refund of the making charges paid on the coins."
