India’s gems and jewellery sector has been contributing in a big way to the country’s foreign exchange earnings and the government has viewed this sector as a thrust area for export promotion.
Which means, this industry occupies an important position in the Indian economy. The two major segments of the sector in India are gold jewellery and diamonds.
Gold jewellery forms around 80 per cent of the Indian jewellery market, with the balance comprising fabricated studded jewellery that includes diamond and gemstone studded jewellery. Besides, India is world’s largest cutting and polishing Industry for diamonds, well supported by government policies and the banking sector with around 50 banks providing nearly $3 billion of credit to the Indian diamond industry.
Why Indians Are Drawn Towards Jewellery
1 Indians love for Gold: Be it weddings or otherwise, Indians love to purchase gold. A majority of Indian housewives primarily keep their savings in gold. India has the highest gold consumption in the world.
2 The Big Fat Indian Wedding: Indian weddings are an extremely extravagant affair, which leads to a high demand in Diamond and Gold jewellery.
3.Indian Traditions and Festivals: Gold tends to play a large part in a number of Indian Traditions and Festivals.
How To Market
1.Firstly, jewellery eCommerce and marketing is not only about self-explanatory channels, like marketplaces (eBay, Etsy, Amazon )or building a website.
2.It’s also about social networks, closing deals by phone or physical store (mainly Facebook, Pinterest, Instagram and Twitter), email marketing for staying engaged with your clients, local forums, in some cases deals websites (Groupon, Wish), comparison shopping engines (such as Google Merchant, Zap), selling through 1–to-1-to-Many jewellery websites and much more.
3.Remember that effective marketing can combine B2B and B2C, offline and online channels whenever relevant. If you have your online catalogue ready, why not try selling to some jewellery stores in your area or abroad? Or if you have a brick-and-mortar store, why not to invite your online clients to visit it and hold the jewellery in their hands?
Step 1 -(Push) are the external channels (major marketplaces matching your business). These are cheaper to set up and faster to bring new clients into your business. On the downside, marketplaces are no-good for branding, custom sales flow for your jewellery, and of course do well at your long-term strategy.
Step 2 -(Connect) are the social channels and the email marketing techniques. This is the “glue” between your short-term and long-term strategy. They support your community and grow your online presence with the most trusted source of traffic – word of mouth.
Step 3 -(Pull) is your own website. This is harder to establish but is the best place to sell and work for the long-term. It allows customized sales flow, works as your bran centre, has no competitors and is your main online commodity.
Step 4-(Business Profile) To get your jewellery to relevant channels, it is important to create the profile of your business. Doing this will allow you to match the correct marketplace / sales channel / short-term and long-term strategy for your jewellery.
Etsy is great for artisan, home-made and unusual jewellery
Amazon does not work with treated diamonds
eBay is best for “classic” jewellery
Leading Astro-Strategist, Business Astrologer™, Thought Guru & Adviser, Hirav Shah Opines-
“In any business, sooner or later, just about every solopreneur is going to feel stuck. After all, complacency is the first step on the road to mediocrity. For freelancers and solopreneurs, that’s a pathway that will eventually lead them to going out of business” .
While there are some problems that they can figure out on your own, there are numerous situations where an expert consultant, strategist, adviser & guide is the “only one” , who can turn things around for them.
Finally , for a roadmap to success & prosperity in business, they must have known by now, as to
“Who To Approach” !!