Are prices getting more competitive? A key point that deserves conversation is the price points involved in online sales. One is aware of the benefits of an e-commerce marketplace when it comes to cutting costs as opposed to a retail store. So, does that mean prices ought to be more competitive? “I don’t believe that an emerging brand should resort to aggressive pricing just because the e-commerce space is crowded. It’s crucial to set reasonable prices for your products. Nowadays, customers are knowledgeable and have access to numerous alternatives. In order to attract and maintain customers, it’s essential to establish trust, and fair pricing plays a crucial role in achieving this goal,” believes Rajpal. Adding further Harshad R Ajoomal, Creative Director and Founder of House of Ajoomal said, “I feel one can still compete in the market if they don’t deteriorate the quality of their product for which the client is ready to pay a slightly higher price if they feel your design and quality standards are better than the competition. Therefore, one must continuously upgrade their styles to ensure they are relevant for today’s modern women.” On the contrary, Sharma is of the opinion that given the price difference between online and in-person rates, it is inevitable that some customers will inquire about the web price when they visit a store. Hence, given the emergence of internet businesses, there is a demand for competitive prices. Pawan Gupta, Director, PP Jewellers by Pawan Gupta says, “There is certainly pressure for competitive prices in the retail industry, particularly in light of the rise in online stores. Online retailers often have lower overhead costs compared to brick-andmortar stores, which can allow them to offer lower prices and discounts to consumers.” Gupta also points out that online stores have made it easier for consumers to compare prices across different retailers, which can further drive competition and pressure retailers to offer competitive pricing. “However, it’s worth noting that not all consumers prioritize price above all else when making purchasing decisions. Many consumers are willing to pay a premium for high-quality, unique, or personalized products, even if they could find similar items at lower prices elsewhere.” While the online industry is booming and seems to have its perks, it’s still a territory majority are not completely comfortable with. Despite the convenience and seamless buying experience, there are certain categories of people who hesitate to buy online. Precious for online purchases as well. He highlights that many a time, customers can view a digital 3D model before purchasing the piece. That brings them context, and an experience closer to an offline purchase experience But he also believes that “When it comes to buying jewellery, a product that is precious by nature and typically has intricate design features, the online influence on offline retail becomes even more substantial and decisive. Becauseofthis,individualscontinuetopurchasejewellery from their preferred jewellery retail store relying on the touch-and-feel factor.” E-catalogues, 360-degree views of products and virtual try-on have made a huge impact on the Indian online jewellery market because it is very important for the brand with online presence to create the trust factor. While adequate knowledge about jewellery and certification has help consumers, Sharma shares an insightful perspective, “ “Online jewellers are aware of the value of clarity. You can learn more about craftsmanship, metal purity, carat weight, gem quality, and other topics. Genuine grading certifications from reputable gemmology labs like GIA, AGL, and others are readily available from online vendors. In order to aid their clients in selecting the ideal product, sellers offer a wealth of information.” Amaris High Jewellery Collection Necklace by Kohinoor Jewellers, Agra RK Jewellers 34|LUXEBOOK|MARCH 2023 MARCH 2023 |LUXEBOOK|35
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