The marketplace operates under a no-inventory model where brands will take care of the delivery by themselves. The portal sells diamond, silver, gold, platinum and pearl items along with watches and related accessories. Currently it has tied-up with close to 40 brands and lists around 10,000 products across various categories and brands as per the company. The website offers convenient browsing and selection across brands and category and payments can be done electronically.
Speaking with iamwire, Rajiv Joshi, VP, E – Commerce, Gitanjali Group said, “There was a strong need for a dedicated market place both by brands and customers that caters to serious jewelry buyers online, as we can see people are buying jewelry from as far as 120 km near Mizoram, the order we received the first day we went online under beta.”
The portal has already started some gradual marketing with Google Adwords, SocialMedia, and Print advertising. According to Rajiv it took around INR 10-15 Lakh for the whole project to go live apart from marketing. When asked about how much effort it took to convince the management to go online, Rajiv added, “Gitanjali Group has always understood the power of what ecommerce offers, also the rise in demand was a motivating factor. We have a clear understanding of the ROI we expect from the marketplace and will not be spending randomly on marketing.”
Talking about the scenario in Jewelry and Lifestyle category, the Indian online jewelry and lifestyle category is witnessing increased traction. Jewelsouk.in will be competing with Caratlane.com, bluestone.com, and designer jewelry option available at Yebhi, Jabong, Juvalia.in and others.