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MarketOrders News

MarketOrders at the International Jewellery London (IJL) 2019

The International Jewellery London (IJL) is the pre-eminent annual destination for the best of British fine jewellery, as well as leading brands from around the globe.

It is the global meeting place for the jewellery trade so it’s only natural that MarketOrders attended. Our COO & Co-Founder Sukhi Jutla was also asked to speak on a panel about The Future of Fine Jewellery.

In this blog post, she gives her personal take on the IFL and the key takeaways points and trends she learned as well as an overview of her panel talk.

About IJL No alt text provided for this image

The IFL is an annual event held in London over the course of 3 days. There were a number of seminars, talks and workshops talking about the new trends and technologies emerging in the jewellery industry.

The exhibition featured a catwalk show showing the latest jewellery designs, an inspiration theatre talking about how to embrace technologies to improve customer experiences and the knowledge Hub where I was speaking.

The key themes at IFL focused on: 

  • The future of lab-grown diamonds
  • The Future of Fine Jewellery
  • Jewellery trends for 2020
  • How to embrace systems and tech to deliver the ultimate shopping experience
  • Sustainability in the jewellery trade

 

MarketOrders point of viewKrystian Ozog also came along and he looks after our customers at MarketOrders as our Chief Customer Care Officer

Walking around the Olympia exhibition centre with the most beautiful and dazzling jewellery collections looking back at you made me think even deeper about how MarkterOrders can best serve the industry and more specifically, help our retailers.

Almost everyone I spoke to said their biggest issues were with not being able to communicate enough to the end consumer. 

With most of the products being created by designers, suppliers and manufacturers who are often removed from the consumer on the high street, it can be hard to see what products are selling and why some items don’t sell. 

Without some sort of communication with the end consumer, it can be difficult to truly provide what the consumer needs.

This is why MarketOrders exists; to bridge that gap. By only placing orders from retailers, suppliers will only produce items that are needed.

Retailers are best placed to place orders as they face off to the customer on a daily basis. They understand what sells and what won’t.

By placing personalised orders on-demand, retailers can be confident that they can sell their stock and not have to meltdown items that don’t sell or be stuck with inventory on shelves.

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The Future of Fine Jewellery Panel 

If you missed my panel talk here are the key highlights from my panel.

I was joined by Naomi Newton-Sherlock, the Creative Director at Domino and Daisy Grice, a jewellery designer. Chairing the panel was Asha Pitt from the Professional Jeweller.

Note: MarkeOrders has a profile feature in Septembers edition of the Professional Jewellery which you can check out here on page 78.

 

 

On Millenials and jewellery trends….No alt text provided for this image

  • Millennials shop in different ways. They are not looking to buy a product but an experience. So can retailers keep up with these changing consumer demands?
  • It’s no longer seen as fashionable to buy expensive jewellery if demi-stones look just as good and are half the price. Millennials are image-conscious and want to be able to keep up with changing fashion trends without the costs involved.
  • Consumers and Millenials, in particular, are looking for convenience and personalisation. They are not buying a product but experiences as they value experiences more highly.

 

What advancements should the jewellery industry be embracing?Our visionary CEO of MarketOrders was also in attendance at the IFL to look for new trends.

  • Retailers are no longer selling a product but an experience.
  • Consumers value individual attention, customization and personalisation as opposed to mass-market customer service.
  • Retailers and designers need to think about how best to reach their customers and listen to what they are asking for

When it comes to responsible jewellery manufacture, do consumers really care? 

  • If given the choice, most consumers would opt for the responsibly sourced jewellery but retailers say this is still a small proportion of their sales simply because not enough suppliers are providing this due to the extra costs involved.
  • Perhaps if consumers voted with the pounds in their pockets then things could potentially change.
  • However, responsibly sourced jewellery is still more expensive and not enough consumers feel they want to pay extra for this.

Demi-fine / semi-fine jewellery continues to grow as a market segment; should fine jewellers be concerned?

  • Not necessarily. Most retailers are now stocking an array of different types of jewellery so that they can cater to all consumers.
  • In order to stay ahead it is vital retailers notice and adapts to consumers changing demands otherwise they risk being left behind.

Q) How can technology improve the consumer experience and industry margins?

 

  • Without a doubt, it is imperative the industry embraces technology to better serve their consumers.Our Chief Customer Care Officer, Krystian Ozog relaxes on a chair after a busy conference!
  • Retailers need to have omni-channels, different ways to reach their consumers and give them different options to see and buy their products.
  • Make the purchase an experience and not just a transaction.
  • The jewellery industry is no longer competing with other jewellery but with other products. Jewellery used to be a popular gifting idea but now it’s competing with the latest iPhone, tech gadget or luxury holiday!

I hope you enjoyed this roundup summary of IFL, looking forward to next year!

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Press Coverage

MarketOrders COO Sukhi Jutla in Her Balanced Business Podcast

Our Co-Founder Sukhi Jutla shares her honest account of leaving the City to create more balance in the 3rd episode of the fantastic Her Balanced Business podcast, hosted by Kim Sprague.
Listen to it now on:
? Apple: https://apple.co/2ORUwKf
? Spotify: https://spoti.fi/2N0UGg4
Kim Sprague is a business, Executive & Lifestyle Coach. She is passionate about helping female founders and busy working women to create more balance in their life and business so that they thrive as leaders, entrepreneurs, mothers and more.
Thank you so much Kim Spraque for having us on your show!
Get more information on Kim’s website and follow her on social media.

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Press Coverage

petacrunch.com in conversation with MarketOrders Founder and CEO, Ram Krishnna Rao

Here is the recent conversation of petacrunch.com with our CEO and Founder Dr Ram Krishnna Rao

“MARKETORDERS, ONLINE MARKETPLACE FOR INDEPENDENT RETAIL JEWELLERS”  

PetaCrunch: How would you describe MarketOrders in a single tweet?
Ram Krishnna Rao: MarketOrders is an online marketplace helping independent retail jewellers to source products they need faster, cheaper and direct from suppliers using our innovative digital platform. …
Click HERE to read the article

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Press Coverage

MarketOrders COO opinion about the Luxury Goods sector insulation from online economy revolution quoted by europeanceo.com

In this article: “Keeping watch: Piaget CEO Chabi Nouri eyes e-commerce growth” europeanceo.com writes about Piaget’s e-commerce revolution.

Our COO Sukhi Jutla gives her opinion on Luxury Goods sector digitisation improvements.
Sukhi says:
“[Brick-and-mortar] retail is undoubtedly in the doldrums as more people shop online and because of growing economic uncertainty,” 
“But the luxury goods sector, and the jewellery market in particular, has largely been insulated from the downturn.” 
Click HERE to read the article

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Press Coverage

Sukhi Jutla quoted in Global Franchise Magazine

Our COO and Co-Founder Sukhi Jutla has been quoted in this recent article titled “From Libra to Flexa: is it time the franchise world got more on board with cryptocurrency?” written by GlobalFranchiseMagazine.com 
Sukhi says for Global Franchise Magazine:
Although banks and governments have reacted to Libra with scepticism, this project has legs. “Most firms need to see other well-known brands using cryptocurrencies before they take that leap of faith,” 
“In this case, the fact that Visa, Mastercard, and PayPal have confirmed they will be accepting Libra payments is a giant vote of confidence for mainstream adoption.”

Click HERE to read the article

 

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MarketOrders News

MEET THE MARKETORDERS TEAM – GOPI GOVIND, Chief Technology Officer

Have you ever wondered who is behind MarketOrders’ success?

At MarketOrders, we believe that the team is critical to a company’s success, which is why we’ve decided to highlight our fantastic talents in this series of blog articles. 

Today, you’ll find out more about Gopi Govind, MarketOrders Chief Technology Officer. 

Background & Education

Gopi comes from the south of India and started his career in Bangalore. 

Technical Consultant & Solution Architect in the IT industry, Gopi graduated in Computer Science from Bharathidasan University. 

He is also involved in charities and is on the board of the London Tamil Sangam, one of the oldest Tamil organisations in UK. This registered charity, established since 1960, is a voluntary and community organisation based in Manor Park in the London Borough of Newham.

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Press Coverage

InsideBitcoin.com Quotes MarketOrders COO about the impact of brexit on Pound and Demand for Bitcoin

Gary McFarlane, cryptocurrency expert at UK investment platform Interactive Investor, provides his thoughts on Brexit and bitcoin while canvassing the views of other experts.
In this great InsideBitcoin.com article “How Will Brexit Impact the Pound and Demand for Bitcoin?”
Our COO and Co-founder Sukhi Jutla is amongst great experts sharing their thoughts on the subject. Sukhi says: 
“A digital currency still in its infancy, Bitcoin has defied critics to become a well-respected store of value, not dissimilar from commodities such as gold. Historically, in times of uncertainty, many people will rush to the safety of commodities. This is why it is hardly surprising, as Brexit looms, that the price of gold has been inching up daily. Gold is often thought of as a safe haven, and a way to minimise risk. It’s real, liquid, and a store of value. Bitcoin is on a similar trajectory; although there is still a lot of contention between governments about whether Bitcoin can be viewed as a real currency, they have relented and agreed that it can be seen as a store of value.
So, with the value of the pound likely to plummet when we leave the EU, I anticipate the price of Bitcoin will only surge. It is seen as a store of value, which can be traded quickly. Though there is an increasing number of businesses that are now accepting Bitcoin as payment (think Brewdog Beer or digital books from Publica), it is still seen as a stable and reliable medium of exchange.
In the coming months, we will continue to see erratic behaviour across the money markets, most notably the value of the pound. With this in mind, I predict there will be a flurry of activity in the gold and Bitcoin markets, driving both of these assets market prices upwards, and providing a flight to safety in the event of Brexit.”
Click HERE to read the article

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MarketOrders News

More impressive Awards for MarketOrders

Acquisition International has awarded both MarketOrders and its COO Sukhi Jutla respectively as UK Best Online B2B Platform Development 2019 – UK Female Entrepreneur of the Year 2019.

MarketOrders – Sukhi Jutla

Female Entrepreneur of the Year 2019 – UK & Best Online B2B Platform Development 2019 – UK

2019

Sukhi Jutla is a multi-award-winning entrepreneur and author. An experienced technology leader she is pioneering the use of new technologies such as blockchain and was the first author in the world to publish a book using blockchain technology. She is regularly asked for expert opinion in the media and is a regular commentator for many publications about the impact of technology and digital disruption. Sukhi is also an advocate for championing more women into tech careers through her volunteer and ambassadorial work with Women of The Future programme amongst others.

Click HERE to read the article on acq-intl.com

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Press Coverage

Ealing news extra writes: "How training helped Sukhi strike gold"

Ealingnewsextra.co.uk writes about MarketOrders: “A package of free training and mentoring offered by the council has helped small, local companies to grow and flourish – including the ‘Uber of the gold and diamond industry’.”
Sukhi said: “We have built the platform and showed businesses that it can work, and have built trust, and now we are moving to the next stage. The support we received from the council and Branduin is helping us to do that.
Click HERE to read the article
 

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Press Coverage

Sukhi Jutla, MarketOrders CEO, featured in computing.co.uk

In this great article “You don’t need to know how to code to be successful in tech” our Co-founder and CEO Sukhi Jutla talks about her journey as a woman in tech and how she re-trained herself to enter the challenging world of technology.

The UK’s tech sector has long suffered from a lack of diversity: only 15 per cent of the workforce are from BAME backgrounds and gender diversity stands at a mere 19 per cent, compared to 49 per cent for all other industries.

Role models and mentors are particularly valuable to the women and people from minority backgrounds who do manage to find a place in technology; an idea that Sukhi Jutla, co-founder and COO of gold, diamond and bullion buying platform MarketOrders, considers extremely important.

Having spent 10 years in banking before moving to jewellery, Jutla – who will moderate a panel discussion at Computing and CRN‘s upcoming Women in Tech Festival – has extensive experience with legacy industries. Like tech, banking as a sector has taken a long time to fully open up to women.

“When I went into my first graduate banking job…there were 20 recruits and there were only two women. So I was one of two women who joined that first graduate batch. Then when I was in banking…if there was a team of eight or 10 people, usually I was the only woman. So I got used to this environment really quickly, and it kind of didn’t faze me; I just expected it. If I did ever join a bank with more than two or three women in my team, I used to think, ‘Oh, my God, there are so many women here’.”

At the time, there were even fewer women in leading corporate positions than there are today. Jutla says that she found the few female CEOs who made it into the FTSE 100 or FTSE 500 “hugely inspirational.” However, she adds, “[T]here isn’t any one in particular [who inspired me], because I also feel that there are a whole bunch of male role models that I also have that I find inspiring. And for me, I don’t know, it doesn’t really bother me much. It isn’t men or women. I tend to look at what they do and the challenges that they’ve overcome, and I think those principles relate more to any human being regardless of gender.”

When people used to call me a technology entrepreneur I used to think they were wrong, because I don’t code, I don’t know any programming.

Today Jutla acts as a mentor herself, taking part in accelerator programmes across London and talking to other female entrepreneurs. She says that one of the questions she often hears is, ‘How can I do what you’ve done? I don’t know anything about technology.’

Jutla, however, doesn’t consider herself a technology entrepreneur – in fact, she is largely self-taught. “I think perhaps the reason why so many women don’t join the tech world…is because there’s a perception that to work in tech, you have to be a coder, or you have to be a programmer,” she says. “And that is something I always thought. So when people used to call me a technology entrepreneur I used to think they were wrong, because I don’t code, I don’t know any programming. But what I realised was that the technology industry has so many different types of roles, and it’s so creative, and that there’s so many different ways of entering this industry.

“So for example, I didn’t know anything about blockchain, so I went and I did an IBM course and I became a certified foundation-level developer. I had to do that on my own time, at my own costs and my own expenses, and I kind of just stumbled across across the course when I was Googling stuff.”

Even if women don’t want to pursue that route, there are other ways into tech besides coding; business analysts, project managers and UX designers are examples of highly valued non-technical roles.

Promoting this idea is the main reason Jutla wanted to be involved with the Women in Tech Festival: “It will encourage women to come to this centre, this epicentre, in a safe environment, and basically learn what they need to learn. By me being there and talking about my experience, I hope I can be a role model – or even if not a role model, I could just inspire someone who thinks, ‘Oh, look, Sukhi came from a completely non-technical background. She’s not a techie herself, but she runs a technology company, so maybe I can do the same as well.'”

Any attempt at changing careers or founding a business inherently carries risk, and Jutla says that while women tend to be very creative and good at problem-solving, they are often more risk-averse than men: another barrier to bringing them into technology.

Jutla confronted her fears when she left banking, when her family insisted she would need to take a huge pay cut. “What they didn’t realise was, we can reinvent ourselves, because times have changed,” she says. “It’s okay to change, and more importantly it’s okay to fail. MarketOrders is my fifth business, which means there were four failures before this.”

When asked about the main message she wants attendees who hear her speak at the Women in Tech Festival to take away, Jutla says: “You can reinvent yourself. Have the courage and confidence to do it – even if it means you stumble a bit, it’s so worth it rather than doing something that you don’t enjoy. The journey is just as important as the end outcome.”

Sukhi Jutla will moderate a panel discussion at the Women in Tech Festival titled ‘Ready, set, start-up!’. Get your ticket today!
Click HERE to read the article on computing.co.uk