With the major online jewellers witnessing sales in lakhs, we can now say that Indians have accepted the trend of online purchase. And looking at the ever increasing popularity of online sales, even the jewellers have jumped in into the trend and looks like they are benefitting from it as well.
As Indian Consumer has started finding online jewellery shopping reliable, the sellers are now trying their best to grow their business by making sure they capture the majority of market by offering their customers everything they can – from discounts to cash back offers.
Funds Coming In…
Considering the rise in the sales of online jewellery, ‘fund-raising’ has become an easier task for the retailers today – a few examples of which are Caratlane.com, BlueStone.com and Voylla.com. Caratlane recently raised $58 million from Tiger Global whereas BlueStone has managed to raise $15 million from Accel Partners, Saama Capital and Kalaari Capital and Voylla.com has raised Rs. 12.5 crore until now.
Online Shopping and Festive Season
According to a FICCI-AT Kearney study, online purchases saw a whopping rise of 350% after Diwali last year. This rise in sales during the festive season has made the sellers more alert as they now come with special sales strategies for festive season. Valentine’s Day, as considered to be another major event in India where people shop more than usual, online jewellers are now offering discounts ranging from 15% to 70% to attract customers.
Hearing from the Retailers themselves
Gaurav Singh Kushwaha, CEO and founder of BlueStone says, “We have introduced a new range specifically for the occasion and people are mostly buying diamond or semi-precious gemstone jewellery this year, as opposed to gold, last year. Jewellery for men contributes to 10%-15% of our sales, which goes up by 5% during Valentine’s Day. Also, the average ticket size for men’s jewellery is higher”.
Vishwas Shringi, founder and CEO of Voylla, the company that has recently launched precious as well as semi-precious jewellery on the website says, “These occasion-based discounts help in a 15% to 25% spike for the particular occasion. It is also a way to attract new segments of customers,”
Suvankar Sen, executive director of Senco Gold and Diamonds feels that customers rely mainly on comparison and discounts, especially during Valentine’s Day. And hence, they are already set to offer their customers a good discount on diamond, platinum and lifestyle jewellery segments.
As the Indian Customer is getting comfortable with the idea of ‘no touch, no feel’ purchase, even the traditional jewellers have slowly started moving into the industry. The future of the market can easily be predicted as personalities like Ratan Tata have started making personal investments in the industry.