Overview of Indian Gem and Jewellery Industry
India’s gems and jewellery sector is one of the largest in the world contributing 29 per cent to global jewellery consumption. The sector is comprised of than 300 000 gems and jewellery players. It contributes about 7% of India’s GDP and 16% of total merchandise exports. India is the second largest consumer of gold in the world. The gold jewellery industry is characterized by SME jewellers with limited regional presence. Tanishq is the only jeweller with pan India presence and is an exception to that rule.
There are a few jewellery like Bluestone, Caratlane, Melorra, etc. who are pure online jewellers with no showrooms. These are usually startups that are trying to disrupt the market with a different playbook than the traditional jewellers. Some of the well known brands are trying a mix of online and brick&mortar showrooms approach. But the majority of jewellers have no online presence at all.
What Indian Jewellers Want
The fact that major brands like Tanishq, Malabar Gold, Joyalukkas, PC Jewellery etc have started placing sponsored listing on Amazon and Flipkart is evidence to the fact that these jewellers want to use online sales channel. They are hoping to use the eCommerce channels to reach out to customers across the country without having to incur the expenses and the inventory cost of opening and running a shop in new locations.
Some jewellers like PC Jeweller, Senco, Joyalukkas etc are putting in serious effort by having a full fledged eCommerce site with all the bells and whistles. Some jewellers like Malabar Gold provide the option to the customer to create custom jewellery by uploading their desired design online. Malabar will make and delivery it to the customer. The whole transaction happens online.
All this effort from the jewellers haven’t made much head way in convincing the customer to do their jewellery purchase online. Providing an end to end user experience that is on par with the one provided by Amazon or Flipkart is task that is beyond the capabilities of most of these jewellers. Moreover the of the concerns of a person buying gold jewellery online is completely different from that of buying a book or a mobile phone. Addressing those concerns requires a very solution that may not look anything like the solutions that exists now.
Jewellers would be much better off if they used the power of the Internet to play to their strengths rather than play the loosing game of proprietary eCommerce implementations. This is where Finaura comes in.
How Finaura Helps
The strength of jewellers lie in variety of designs they have, the trust that they have gained with their customers, the network of showrooms they have, the knowledge of regional likes and dislikes, buying patterns, ticket sizes, etc. Often jewellers have a regional customer base and these customers have trust in the brand to provide pure 916 gold. Jewellers should use internet to amplify these advantages and reach out to their customers. The service should enable customers to make their purchase decision at home. For this jewellers should make their jewellery designs easily accessible to their customers. They should provide very high quality photos, 360 degree views of the ornaments. Provide customers with data such as purity or carat, exact weight of the ornament, available sizes, current price based on today’s gold prize, making charges, if stone is present the details of stone and their price, model number, if it has precious stones then the caret of the stones and its price should be provided. If the customer wants to by a piece at specific weight, say 2 gm simple finger ring, they should be able to find that.
Once the customer has made this decision, they should be able to find how they can make the purchase. If they prefer online purchase then they should be directed to the online purchase page of the jeweller or if they prefer offline purchase then they should be able to do that. In case offline purchase the customer should be able to ascertain the nearest show room where the piece they selected is available. Ideally they should be able to share the image of the ornament they select with the showroom executive to ensure it is available and the plane to go there to make the purchase.
Finaura is a solution that will provide all these services to the jeweller. It would enable the jeweller to show case their jewellery designs in with their customers. Present to the customer the complete set of data about the ornaments with prices that reflects the gold price of the day. Finaura would help them find that piece of jewellery that matches their requirements from the vast number of designs and type available. The service would also enable the customer to share the design with their friends and family to help them in purchase if required.
Once they have decided on the items they want to purchase Finaura would provide options for online purchase (if supported by the jeweller) or offline purchase. If the customer opts for online purchase the customer would be directed to the check out page of the eCommerce page of the jeweller. In the case offline purchase the customer would shown the nearest jewellery showroom where it is available. Customer would be able to chat with a customer service executive who can assist the customer in making the purchase.
In other words Finaura is a service that would combine the existing capabilities of the jewellers and combine it with the advantages provided by the Internet so that the jewellers can have a better return on their investment, provide better customer service and possibly reach out to new customers.
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