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How Karatmeters a gold purity testing device gave a new life to Tanishq? In 1995, Titan Company, known for its success in the watch-making business, embarked on a new venture into the unexplored territory of gold and branded jewellery with the launch of Tanishq. The move was inspired by the Western model where watches and jewelry were sold together. However, the company faced significant challenges as it initially misjudged the Indian consumer's deep cultural connection to 22-karat gold, considering it a store of value and an integral part of various rituals. Despite facing cumulative losses of over ₹150 crores in its jewellery vertical and pressure to reconsider its venture, Titan persevered. In 2002, after five years of experimentation, the company acknowledged the need to understand the Indian consumer psyche. It introduced 22-karat jewellery tailored to Indian tastes and a game-changing innovation called the Karatmeter. Most of the Indians preferred to buy gold jewellery from their trusted and known local jewellers. They didn’t trust other players because of the fear of getting impure gold. To tackle this, Titan introduced a major innovation that changed its fortunes forever. They introduced a device called Karatmeter in all the stores. The introduction of the Karatmeter led to a remarkable turnaround. Urban women, eager to test the purity of their family jewellery, flocked to Tanishq stores, exposing them to the brand's experience and service. This simple process innovation shattered the trust in traditional family jewellers but increased confidence in Titan's scientific assurance. Under the leadership of Managing Director Bhaskar Bhat, Titan continued its success journey with lower prices, Indian designs, superior craftsmanship, and proactive customer engagement. The key learning from Tanishq's journey is the ability to transform a crisis into an opportunity through innovation and a deep understanding of the local market. #tanishq #corporatestorytelling #business #linkedinforcreators
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Shivani Goyal thank you for sharing, informative Utsav DAR