How to start a Senco gold franchise in India 2024?

on Mar 07, 2024 | 8981 views

Written By: Yukta Palekar

With more than half a century of experience, Senco Gold and Diamonds is a franchise firm that was formed in Kolkata, West Bengal in 1994. The company posted revenues of INR 4077 crore in the financial year ended 2023 compared to INR 3534 crore for the preceding year. It has started giving franchising opportunities to eligible businessmen even as it faces stiff competition from its rivals. A franchise can be a worthwhile business venture, despite the intense competition.

Senco Gold and Diamonds Franchise Overview

  • Company Background: Owned by Senco Gold Limited, in operation for over five decades. Initially incorporated as Senco Gold Private Limited in Kolkata.
  • Founder's Experience: Founded by Shri Shankar Sen with over three decades of experience in the jewellery industry.
  • Leadership: Shri Suvankar Sen, a 39-year-old Whole Time Director and Managing Director, is the CEO. Holds a Bachelor of Science in Economics and a post-graduate diploma in business management.
  • Geographical Presence: Presence across numerous Indian states with 150+ showrooms.
  • Product Strengths: Specialization in heavy bridal and light-weight gold jewellery. Expertise in nakshi workmanship with etching and curving in gold.
  • Omni-Channel Approach: Focus on providing an omni-channel experience in showrooms and through websites. Adopts a "Phy-gital" model to reach geographies beyond physical showrooms.
  • Craftsmanship in West Bengal: West Bengal as a prominent jewellery manufacturing hub. Known for lightweight and handmade jewellery. Skilled Bengali Karigars contribute to the company's strengths.
  • Key Design Offerings: Wide variety of jewellery options: rings, earrings, pendants, bracelets, necklaces, chains, and bangles. Craftsmanship includes filigree, meenakari, polki, jadau, temple jewellery, and more.
  • Kolkata Craftsmanship: Karigars known for intricate filigree work and meticulous craftsmanship. Utilizes thin gold wires and small beads in jewellery pieces.
  • Variety in Craftsmanship: Expertise in filigree, meenakari, polki, jadau, temple jewellery, and more.
  • Phy-gital Model: Embraces a blend of physical showrooms and digital channels.
  • Target Market: Appeals to customers seeking both heavy bridal and light-weight gold jewellery. Showcases the rich craftsmanship of Bengal.
  • Price Segmentation: Offers a range of products catering to different budget segments. Accessibility for a diverse customer base.
  • Innovation and Recognition: Recognized for innovative designs and craftsmanship.
  • Quality Assurance: Commitment to delivering high-quality jewellery.
  • Karigars' Expertise: Skilled artisans contribute to the company's reputation.
  • Legacy and Tradition: Over five decades of operation. Upholds the legacy of Kolkata's rich jewellery craftsmanship.

Senco Gold Franchise Investment Requirement

  • Investment Range: Significant investment ranging from INR 1 crore to INR 5 crore. Higher capital required for establishing a gold and diamond business in a prime location.
  • Factors Affecting Investment: Area and space considerations impact the total investment. Tier 1 cities typically require a higher investment than tier 2 or tier 3 cities.
  • Infrastructure Requirements: Shop/unit area of 250-500 sq ft. Employee headcount: 2 to 5.
  • Essential amenities include computer/internet connectivity, billing counter, product display area, trial room, AC, CCTV, and delivery service.
  • Franchise Cost: Total franchise cost estimated between INR 1 crore to INR 5 crore. Varied costs based on location and city tier.
  • Franchise Fee Inquiry: Contact company management or personnel directly for information on the franchise fee. The official website may not provide detailed information, necessitating direct communication.
  • Direct Communication Essential: Official website may lack specific details about the franchise fee. Directly contacting the company personnel ensures accurate and up-to-date information.
  • In-Person Visit or Call: Visit the head office in Kolkata for inquiries. Mr. Subhendu Chatterjee can be reached directly for franchise-related queries.
  • Franchise Fee Clarification: Lack of detailed franchise fee information on the website emphasizes the need for direct communication. Contacting the company ensures clarity on investment details and fees.

Is Senco Gold Franchise Profitable?

  • Brand Reputation: Renowned jewellery brand known for exclusive ornaments.
  • Marketing and Advertising: Extensive television advertisements contribute to brand visibility. Proper marketing and advertising crucial for attracting customers to the franchise.
  • Location Importance: Profitability linked to the prime location of the franchise. A strategic location is crucial for attracting potential customers.
  • Footfall and Visibility: Success depends on footfall at the franchise outlet. Visibility in the local community is essential for customer awareness.
  • Immediate Marketing After Opening: Proper marketing and advertising efforts should commence immediately after the store opens. Ensures that customers are aware of the new franchise outlet in their vicinity.
  • Customer Convenience: Importance of ensuring customers know about the nearby franchise. Reduces the need for customers to travel to distant locations for gold purchases.
  • Profit Potential: Franchise profitability influenced by location, marketing, and footfall. Strategic focus on these factors can contribute to a good profit margin.
  • Annual Profit Demonstrations: Company's annual profits showcase trustworthiness. Recognized as a reliable source of gold, building customer confidence.
  • Customer Recognition: Extensive television advertisements contribute to brand recognition. Customers associate the brand with exclusive and reliable gold offerings.
  • Trustworthiness: Company's annual profits demonstrate the trust customers place in the brand. Consistency in trustworthiness enhances the brand's reputation.
  • Focus on Visibility: Visibility is crucial for attracting customers. Local marketing strategies enhance visibility in the community.
  • Brand as a Reliable Source: Brand recognized as a reliable source of gold. Builds customer confidence and loyalty.
  • Strategic Marketing: Importance of strategic marketing efforts for franchise success. Establishes the franchise as a go-to destination for gold jewellery.
  • Customer Awareness: Immediate marketing efforts ensure customer awareness. Encourages local customers to choose the franchise for their gold purchases.
  • Proximity Advantage: Reducing the need for customers to travel far for gold ornaments. Proximity advantage enhances customer convenience and attracts more footfall.

The advantages of Senco Gold franchise

  • Legacy and Reputation: Over five decades of experience in the jewellery industry. Recognized as the second most trusted brand in the jewellery category.
  • Awards and Accolades: Winner of several awards, highlighting excellence in ethical business practices.
  • Karigari Excellence: Meticulously crafted jewellery using traditional skills of Bengal artistry. World-class karigari known for its precision and artistry.
  • Quality Assurance: Jewellery made of BIS hallmarked gold, ensuring the highest standard. Commitment to maintaining the highest quality in craftsmanship.
  • Customer Trust: Millions of connoisseur’s trust Senco's guarantee of right pricing. Free lifetime maintenance, exchange, and buyback guarantees.
  • Diamond Assurance: Certified genuine diamonds in Senco's jewellery. Free insurance on diamond jewellery for stress-free shopping.
  • Customer Benefits: Loyalty points earned with every purchase. Additional benefits, cashback, and easy EMI facility starting from Rs 5000/month.
  • Ethical Practices: Upholds the highest standards of ethics and code of conduct. Environment-friendly practices from material sourcing to caring for artisans and employees.
  • Omni-Channel Services: Purchase items through a variety of mediums, including the MySenco mobile app, the company's website, in-store video chats, and customer service. Provides a streamlined purchasing experience across several points of contact..
  • Swarna Yojana Saving Scheme: Convenient way to buy dream jewellery through small monthly instalments. Provides an opportunity to earn more than bank interest.
  • Convenience and Accessibility: MySenco mobile app for easy browsing and transactions. Multiple options for customers to interact and purchase.
  • Commitment to Sustainability: Focus on environment-friendly practices. Care for artisans and employees, ensuring a holistic approach to sustainability.
  • Stress-Free Shopping: Free insurance on diamond jewellery ensures a stress-free shopping experience. Transparent pricing and customer guarantees build trust.
  • Swarna Yojana Benefits: Savings scheme that aligns with customers' financial planning. Enables customers to accumulate savings for their desired jewellery purchases.
  • Lifetime Guarantees: Free lifetime maintenance, exchange, and buyback guarantees showcase commitment to customer satisfaction. Certified genuine diamonds reinforce the quality assurance.
  • Customer Loyalty Program: Loyalty points system encourages repeat business. Additional benefits and cashback enhance customer satisfaction.

How to Open a Senco Gold Franchise in 2024?

  • Television Advertisements: Extensive TV advertisements contribute to brand popularity. Creates widespread awareness and recognition.
  • Exclusive Jewellery Reputation: Known for offering exclusive and distinctive jewellery. Establishes a unique brand positioning.
  • Franchise Profit Determinants: Profitability hinges on location, marketing, advertising, and footfall. A holistic approach to these factors is crucial.
  • Prime Location Importance: The success of the franchise is linked to a prime location. Attracts potential customers and enhances accessibility.
  • Immediate Marketing Strategy: Marketing and advertising efforts should commence promptly after store opening. Builds initial momentum and customer awareness.
  • Local Customer Awareness: Ensuring customers are informed about the nearby franchise outlet. Reduces the need for customers to travel far for gold purchases.
  • Customer Convenience Focus: Proximity advantage for customers. Avoids inconvenience of traveling to distant locations.
  • Visibility Strategies: Focusing on visibility in the local community. Local marketing efforts contribute to heightened visibility.
  • Franchise Profit Potential: Strategic consideration of location, marketing, and footfall enhances profit potential. A well-balanced approach contributes to sustained profitability.
  • Annual Profit Demonstrations: Company's annual profits showcase trustworthiness. Reflects the brand as a reliable and consistent source of gold.
  • Brand Recognition: Recognition as a reputable and reliable brand.
  • Holistic Marketing Approach: Comprehensive marketing approach encompassing various channels. Targets a diverse audience and maximizes reach.
  • Immediate Customer Engagement: immediate efforts to engage with customers. Establishes a connection and encourages repeat business.
  • Brand Trustworthiness: Consistent profitability builds trust among customers. Brand recognized for reliability and integrity in gold offerings.
  • Customer Loyalty Building: Trustworthiness contributes to customer loyalty. Positive experiences lead to repeated patronage and referrals.

Conclusion:

FranchiseBazar offers a variety of jewellery franchise opportunities in India, including imitation and fashion jewellery. With a budget of over 5 lakhs, you can start a jewellery business.

FAQs

Q.1. Is Senco Gold a trustworthy company?

Yes, Senco Gold has established confidence with clients all throughout India. The brand has always been committed to maintaining the highest level of product quality. Customers trust it for several reasons, including its workmanship and creative ideas.

Q.2. How many Senco Gold locations exist?

Senco Gold has over 130 outlets spread across 13 Indian states. The brand ambassador for the firm is Bollywood actress Vidya Balan.

Disclaimer: The brands mentioned in this blog are the recommendations provided by the author. FranchiseBAZAR does not claim to work with these brands / represent them / or are associated with them in any manner. Investors and prospective franchisees are to do their own due diligence before investing in any franchise business at their own risk and discretion. FranchiseBAZAR or its Directors disclaim any liability or risks arising out of any transactions that may take place due to the information provided in this blog.

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