Most of us will eat into our reserves; we must not look at it as a loss, but an investment into the future
Chaitanya V Cotha, Executive Director at C. Krishniah Chetty Group Of Companies
Chaitanya believes that people have already adapted to the new normal; e-commerce will see a surge in the coming days and consumers will opt for affordable luxury where style and fashion play a role in purchase decisions.
1. What is the one thing that is most worrying for you as a businessman in these unprecedented times?
I see things as a challenge and not worry. Every few decades, there have been changes in the market. Businesses must plan their reserves to ensure that their outcome is positive. The worry is how do we build reserves as the industry has tight or low profits.
2. This pandemic will definitely change the retail industry in India. How are you preparing yourself for the same?
Yes, COVID19 is a unique situation, which has forced us to take a step back and go back to basics. As an industry, we must focus on high performance in every area. Moreover, it has enabled us to think out-of-the-box and see how online and virtual platforms could make shopping easier. Like our Paper Gold™️ program. Has seen a great success and beat our expectation.
3. People are talking about jewellery companies with an e-commerce portal having an edge over those that don’t. Do you believe this to be true?
Yes, I agree with that one hundred per cent. Today VR and AR will come into play. There has been a massive surge in AR games in the past month, which only shows that people have adapted to the New Normal.
4. How do you think consumers’ preferences in jewellery will change after COVID-19?
I feel that people will start buying more affordable luxury, as this will enable them to buy more over the year. There will be more focus on design, fashion and style. Customers will know what they want rather than window shop.
Today VR and AR will come into play. There has been a massive surge in AR games in the past month, which only shows that people have adapted to the New Normal.
5. What is the one leadership lesson this pandemic has taught you?
Here are a few leadership qualities I have reinforced:
1) Gratitude as our teams are working tirelessly from home.
2) Back to basics – health and hygiene are essential as we at C. Krishniah Chetty Group have always practiced this but now taking it to a better standard and level.
3) The ability of crisis management as many have been displaced from the usual way of life and work.
4) To be quick to take actions in the company and to be able to be agile to find solutions.
6. A lot of jewellers are worried about paying staff salaries without any income and even shutting down their businesses. What would you like to say to them?
This is where true leaders come to light. Most of us will eat into our reserves. We must not look at it as a loss, but an investment into the future.