Amid the rise in online and digital consumption in the post-pandemic era, buying wedding jewelry in India continues in physical mode.
However India has seen a rapid change in online shopping during and after the pandemic – be it grocery or lifestyle.
Sunil Nayak, CEO of Reliance Jewels, a part of Reliance Retail, said while buying a strange ring, earring or pendant online is fine, Indian consumers largely turn to brick-and-mortar stores to shop for weddings.
Mr. Nayak made the remarks while speaking at the concluding session of the two-day MAPIC India 2022 conference – formerly IRF (India Retail Forum).
Nayak said, “Customers are demanding more as no one wants to buy me-to products (similar products available in the market). But it is important to manage inventory to churn out maximum return on investment.”
According to rough estimates, more than 10 million marriages are expected to take place annually in India, Asia’s major economy, making 60 million seekers out of the country’s 500 million unmarried people.
Speaking at the same event, Rajendra Kalkar, President (Malls) The Phoenix Mills, said: “The conflict between physical and digital consumption has evolved from an increasingly tech-savvy clientele across the world to buying disruption in retail and real estate. “
His company operates nine operational malls of over 640,000 square feet in India.
The two-day MAPIC India conference was attended by the stalwarts of the retail industry with lively deliberations on the outlook ahead in the post-pandemic era.
The conclave was complemented with an exhibition of leading retail, food and fashion brands that are on the verge of expanding their footprint in the country.
Established in 2004, MAPIC India is one of India’s premier annual events for the retail sector.
(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)