Jewellery market has seen significant growth in recent years since the emergence of online services.
E-tailing will emerge as a key retail channel, which will drive the growth of corporatized retail. The size of e-tailing is estimated to grow from the current USD 1 billion at 0.2% of the retail market to USD 56 billion (in real terms) at 6.5% of the total market by 2023, driven by an ecosystem favouring the e-tailing market.
The consumer demand for diamond jewellery saw a marginal growth in 2016, driven by strong performance in the US, where the demand exceeded USD 40 billion for the first time, while the strength of the US dollar weighed on the performance in some of the other key global markets, according to De Beers’ ‘Diamond Insight Report: 2017’.
Here are some of the reasons why online fashion jewellery is flourishing in Indian market:
1. Hassle free service:
Unlike offline market, where the customer has to make time to visit the store followed by travelling all the way to the store, then wait for the salesperson to make space and display the desired designs. The process is time-consuming as well as it is difficult for the customers to decide immediately while keeping the details in mind.
Whereas in case of online shopping, the customer can look at the designs whenever he/she has free time, it also helps to go through as many designs at one go, without wasting or making time in the busy schedule.
2. 3D Trial Technology:
The 3D trial technology helps the customer to try the piece of jewellery before placing the order, to see if it looks good and fits the budget as well, which makes the customer feel more comfortable than coming to the store and trying.
Moreover, multiple customers can use this feature at the same time, from different location adding organic clicks to the feature, which in result will benefit the company.
3. Affordable:
Gone are the days when gold, silver and diamonds were the only jewellery pieces available for women, but for millennial, the jewellery piece has to match their mood, occasion and attire.
Not just gold or silver, but the oxidized and chunk jewellery has also successfully established its own market, the best part is the material is easily available and affordable for the customer, which is why its demand is flouring.
4. Safety:
One tends to become conscious of the heavy jewellery when displayed for the customer, but on online, the product is safe to display on screen as well as it is delivered safely at the customer’s doorstep.
For business, it is easier to pay a huge amount for online than carrying such a huge amount to the store bearing all the safety measures.
5. Customisation as per demand:
There are very few companies, which have accepted to customize jewellery as per the choice of the customer, and those companies are mainly based out of abroad, which was difficult to reach earlier but now the online world has brought the customer and the brand closer together.
There are customers from abroad as well who have shown interest in Indian style of jewellery which the online world has made success possible.
