After launch of IMRG Capgemini e-Retail Sales Index launched 15 years ago, online sales in November 2015 witnessed the largest monthly increase of 40% and online jewelry sales is gradually taking the center stage.
Numerous online jewelry start-ups are mushrooming globally and it’s not the established markets but also the developing economies including India where consumers are buying jewelry online with gusto.
VelvetCase, India-based online fine jewellery marketplace recently executed an order for bridal jewelry of INR 1.4 crores (USD 200,000 +).
VelvetCase has in-house jewelry designers, offers customization features and provides a platform for jewelers, retailers, designers and private labels. The team at VelvetCase engages with customers through email and Whatsapp messages and uses CAD tool for creating jewelry designs.
Jaipur-based Amrapali Jewels launched its website 2 years ago and ships its jewelry across 200 countries. Though currently only 5% of its jewelry is sold online, the company sees fast growth in online jewelry sales. Luxury jewelry label Nirav Modi is also contemplating the option of selling jewelry online.
Though it is true that many of the online jewelry retail companies are also opening physical brick-and-mortar outlets, called Concept Stores to give customers a touch-and-feel experience, at the same time many established jewelry retail chains are venturing online. Christie’s recently launched its Online Jewelry Boutique for fixed price fine jewelry pieces. Its online boutique sales will run till 21st December.
Global online players are increasing their marketing spend and tweaking their strategies to move fast in the jewelry e-tail segment. According to CaratLane, online platform for jewelry purchases enable customers to compare product designs, gemstone and diamond quality and also save up to 25% over retail prices.
For the festival holiday season ahead, True Facet shares tips for customers to find the right size and style of jewelry. Apart from some established players like BlueStone, several smaller start-ups like Vastradi Jewels are creating an Online Jewelry Sales Rush.