Mumbai: Fast evolving online gems and jewellery retail is likely to capture 25 percent of overall USD 16 billion business in the country in another 6-7 years, according to experts. (Agencies)
"We started our jewellery portal last year and have witnessed tremendous trends since. We are doing an average of 50-53 transactions daily with ticket size from Rs 20,000-75-000.
With this trend, we expect online portals to handle about 25 percent of the overall USD 16 billion gems and jewellery business in the country in another 6-7 years," jewelsnext.com CEO Gaurav S Issar told.
This concept is also catching up as most people, especially NRIs, find it convenient and hassle-free, he said.
"Our portal offers a very large choice in every category from branded as well as unbranded segment," he said.
The certification with jewellery that guarantees its quality is also helping in building the consumer confidence to buy jewellery online, Issar said.
Echoing Issar's views, Bluestone.com's Chief Merchandising Officer Shipra Jain said, "We have all our plain gold jewellery with BIS hallmarking certificate. Every piece of jewellery that we make is certified for authenticity by renowned names like the International Gemological Institute (IGI) and HKD Diamond Laboratories".
These portals also offer reselling options to boost their business.
"Reselling is similar to what offline retailers are offering. We offer a Lifetime Exchange Policy. If the product are intact, the piece may be exchanged for any other item at 80 percent of the prevalent value," Jain said.
However, she said, even as the portal offer collections ranging from Rs 2,000 to 4,00,000, usually items below Rs 10,000 range are fast moving ones especially for the gifting purchases.
Founder and CEO of jewelskart.com, Peyush Bansal, said the demand is growing for marriage purposes engagement rings, gold coins and mangalsutras.
"At JewelsKart, we are not selling very extensively high-end jewellery, only focusing on a decent range say Rs 5,000-20,000. But slowly people are shifting towards buying high-end jewellery. We will be launching high-end range, too, over a period," he added.
To get more customers onboard, e-commerce is offering best possible deals that include options like cash-on-delivery, home delivery, while the biggest advantage of online shopping is convenience followed by (providing) ability for prospective buyers to research the brand or product before buying, said Juvalia & You India (Juvalia.in) founder and CEO Chaitanya Aggarwal.
"Online retail expect the medium to fulfil the gap that exists between awareness and purchase - essentially areas like product comparison, pricing research, product feedback, etc," he added.
Also unique business model, offered by Juvalia.in, wherein a woman can buy the latest international designs online and becomes a stylist and start her own jewellery business makes reselling both convenient and possible, Aggarwal said.
Mumbai: Fast evolving online gems and jewellery retail is likely to capture 25 percent of overall USD 16 billion business in the country in another 6-7 years, according to experts.