products before making a purchase,” feels Rajpal. It is safe to say then that brands needs to come up with a mechanism -blending technology in the procedure to allow people to interact with the product in a better way through online mediums. Online fine jewellery industry in India With the pace of digital transformation, there is no way we can avoid jewellery e-commerce. The Indian jewellery industry has witnessed immense growth in the online retail jewellery business. Many big players in the industry introduced their online business models during the pandemic and onwards. They adopted digitalization through a multi-channel approach. According to a recent report by My Wisdom Lane, the Indian online jewellery market is projected to grow to $3.7 Billion by 2025, at a CAGR of 28%. The report also said the Indian online Jewellery market has the potential to reach up to 10% of the overall Indian Jewellery market. According to Rajpal, there is a growing trend of consumers embracing online purchases of high-end jewellery, especially internationally, which has been accelerated by the COVID-19 pandemic. She says, “People appreciate the ease and comfort of shopping from home, and they are becoming more confident in buying luxury items online from trusted brands. For instance, our website has enabled us to establish a loyal customer base across various regions, including the US, Canada, UK, UAE, and Australia.” Augmented and virtual reality With the digital word gaining prominence, jewellers are also ready to take on the new challenge. Sharma believes online platforms can provide a wider range of products and it also utilises time in an efficient manner. “The internet has completely transformed how we shop and reduced everything to a simple search-and-click. When purchasing jewellery online, you have access to a wealth of expertise, professional insight, consumer testimonials, store ratings, and more. You no longer have to rely on salespeople and attention-grabbing billboards that merchants post in-store.” Few Indian startups and many big retail players have started using new-age technologies such as augmented reality and virtual reality to create the best user experience. Milind Mathur Creative Director & Partner, Kohinoor Jewellers points out the use of 3D models fine jewellery online is less than one per cent in the country and the advantages of purchasing jewellery from physical stores continues to lure customers. Traditionally, people buy jewellery items from offline stores where they can touch, feel and try the jewellery before making any purchasing decisions. Seeing the design, touching the material, and feeling the item on your skin are inseparable components of jewellery shopping and people cherish these experiences associated with offline jewellery shopping. Agreeing with this, Rohan Sharma Manging Director at RK Jewellers, in Delhi highlighted the importance of tactile senses in encouraging sale. “ People typically purchase jewellery from offline stores where they can touch, feel, and try the jewellery on before deciding on a sale. People treasure the experiences connected with offline jewellery purchases since they involve seeing the design, feeling the material, and experiencing the piece on their skin. A jeweller gives their customers the opportunity to try on the jewellery in person, giving them the confidence to buy from them or from anyone else they may choose from.” A tactile sensation However, websites and platforms don’t allow for such interaction with the product before purchase. The user is unable to try the product to see how it looks or feel it to assess the quality and hence the customer may feel unsafe and unsure about what they are buying. Even though modern online jewellery sellers are trying to bridge this gap through virtual routes, it isn’t the same. The touch of reality is still at a distance from online jewellery shopping. Of all items, jewellery is perhaps the most emotionally charged. It is also loaded with meaning and linked to relationships – through engagement and wedding jewellery, or heirloom pieces passed over generations, jewellery is purchased as a custom during significant moments in one’s life. It is a marker of financial independence, such as investing in gold, or a woman buying her first serious diamond, and is more likely to be handed down as a family heirloom, compared to clothing or bags. The crux remains that buying ornaments offline involves a prolonged customer engagement, which online platforms don’t allow. “In our industry, customers who have the option to visit a physical store still prefer to do so, as they value the opportunity to personally examine and experience the Milind Mathur, Partner, Kohinoor Jewellers, Agra Prerna Rajpal, Founder, Amaris Jewels Rohan Sharma, Managing Director of RK Jewellers, South Extension Pawan Gupta, Director, PP Jewellers 32|LUXEBOOK|MARCH 2023 MARCH 2023 |LUXEBOOK|33
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