The Indian online jewellery market is set to boom. It is expected to grow to around $3.6 billion in the next three years, and will make up a whopping 20 per cent of the entire online global jewellery market. And many entrepreneurs have already riding the wave.
Saroja Yeramilli, founder of Melorra.in, an online jewellery brand, is capitalising on the Indian consumer’s changing tastes. According to her, as women’s dressing sense and lifestyles change, they are no longer buying only traditional, wedding-oriented jewellery like their parents and grandmothers did, but are instead buying jewellery in almost the same way they buy their apparel. They want to buy many pieces that are in line with new trends, and update their pieces as and when trends change.
Talking to SheThePeople.TV, Yeramilli said that digital is the next wave, and that one of the big trends is that most women prefer shopping online, especially for fashion and accessories.
“I’m really fundamentally betting as an entrepreneur on the trends that are going on in India, whether it’s technology or fashion or online shopping behaviours. The other factor is …the Trickle Down Effect. Already most e-commerce players will tell you that most business comes from small towns,” she tells SheThePeople.TV.
Shuchi Pandya, founder of online fashion jewellery site Pipa+Bella, tells SheThePeople.TV that jewellery has great potential online.
“With more women going out, both socially and professionally, they want to look fashionable and unique without spending too much money. Fashion jewellery is a fast growing industry and being an impulse purchase, it is an easy product to sell online given that it is one size fits all.”
She also tells us that what the company has learnt is that consumers seem to want to know about how to style their outfits, using jewellery. To this end, one of Pipa+Bella’s goals is to build a community where loyalists can create their own content and styles using hashtags. These hashtags are not only available to view on the website but are also shoppable.
Personalisation is another big trend that Pandya is betting on.
“We believe the success to building a strong brand is by making it more human, and connecting with the people who engage with it. By offering personalized jewellery, charms, 18K gold-plated festive jewellery, we aim to create a personalized shopping experience for each user based on their requirements,” she tells us.
Companies, which are betting big on the online jewellery space, are even finding new ways to tackle the ‘how will this look on me’ problem that users often face while shopping online. CaratLane, an online vendor for gold and diamond jewellery, has even come up with an app that allows customers to virtually try on jewellery, using an innovative 3D mirror.
“Customers don’t have to actually wear and remove a hundred earrings. They can now try on a thousand earrings without actually having to go through the tedium of wearing and removing each piece, and they get to see it perfectly well on their own face,” the company’s co-founder, Mithun Sacheti told The Economic Times.
Investors realise the potential of the business. Online jewellery seller, BlueStone, raised Rs 200 crore in Series-D funding from IvyCap Ventures, Kalaari and others.
Even well established offline brands are now starting e-commerce stores. The latest addition to the e-tailing space is none other than designer Tarun Tahiliani, who has recently made available his jewellery designs on Amazon.in.
So what are you waiting for? A shopping paradise is right at your fingertips.