Indian E-Commerce is disrupting the traditional jewelry sector – with offline buyers shifting online attracted by the various benefits the online channel offers.
Following are the innovations that are helping us battle through the challenges.
Reliability of the product: With the market being very traditional and stringent, winning the customer’s trust is a huge challenge. Packaging and offering of new and unique designs have been a USP against traditional channels. However, impending frauds still fuel the resistance. This is being addressed by providing certifications from leading bodies such as BIS Hallmark, IGI, SGL, HKD, and GIA.
Shopping experience: It is difficult for customers to pay without even feeling the product. It is one of the greatest roadblocks in shopping online. We have tried by offering a ‘Home Try-On’ service to enable customers to touch and experience our jewelry in the comfort of their homes with no obligation to buy. Also, a 30-day return policy along with a lifetime buy-back option has been provided to customers. This has enabled the customers to overcome their inhibitions around shopping for fine jewelry online.
Customization and personalization: Jewelry customization and personalization are hard because they cannot be stocked. This poses a painful process for the retailer. While people love the personalization, it is difficult to scale the business because of the inherent issues in the manufacturing process. This could be solved by automating a bunch of backend manufacturing processes. With the growing Internet penetration and the advancement in technologies like 3D printing, the manufacturing process can be made a lot faster.
Overall, despite the tough market, we have been strengthening our offerings and doubling our customer base year-on-year. This has been made possible due to the investments we have made towards design, marketing, technology, and logistics.
With the jewelry market expected to double to $110 billion over the next four to five years, we believe the contribution from online channels would reach the 1 – 2% mark. This is clearly the beginning of an important phase in the evolution of the age-old jewelry sector, with offline buyers exploring online platforms attracted by its convenience, efficiency, and experience.