Back in 2009, when e-commerce was picking up pace in the Indian market, Sambhav Karnawat decided to go online with his family jewellery business. “I was in my second year at IIT Kanpur when the idea struck me. As a tech enthusiast, I was aware that the future is digital and now is the best time to venture into the e-commerce segment. With four generations of my family in the jewellery business, I took the plunge by taking it online,” recalls Sambhav.
Jewelove is an online store for platinum jewellery specialising in platinum love bands, bracelets, chains etc. While platinum is generally considered an expensive jewellery option, Jewelove is selling it in a reasonable price range.
Affordable and authentic
Jewelove is making affordable platinum jewellery a reality, as Sambhav explains, “I think a lot of additional costs are involved in the physical retail part of the business. Expenses like inventory, store maintenance are unnecessarily added on to the customer. A huge part of it is saved in the online business and we believe in giving that cost advantage to our customers.”
In a market that is still obsessed with gold, Jewelove aims to reach out to a segment that perceives wearing jewellery as a fashion statement rather than an investment opportunity. “The jewellery buying market is divided into two segments. Gold buyers are mostly looking at it as an investment opportunity. However, the segment that we reach out to is the one that wants to adorn fashionable jewellery on a day-by-day basis,” adds Sambhav.
Jewelove clocked a revenue of Rs 3.21 crore in 2020 which was 60 percent higher than the previous year. Sambhav believes the numbers to be encouraging in India where consumers still doubt the authenticity of the products sold online. He says, “ Our platinum jewellery is hallmarked as Pt 950, in accordance with the guidelines set by the Platinum Guild International (PGI) and comes with a Certificate of Authenticity by Platinum Guild International. As an e-commerce jewellery platform, we think it is our responsibility to assure customers of the authenticity and quality of our products.”
Website for business growth
Customer testimonials on the website have helped Jewelove build trust with the potential buyers. Adding to the advantages of a website, Sambhav says, “Selling on the website is our primary business. Almost 100 percent of our sales come from the website. The conversion rate is high as people who visit an online platinum store are well informed about the product and are looking for designs of their choice.”
“A .in domain has helped us reach the local audience better. Trust building with customers becomes easier when they know that the business is based and selling in India. Even when talking to aspiring startups, I advise them on availing a .in domain for its far-reaching benefits,” he says.
The National Internet Exchange of India (NIXI) is a platform for upcoming online businesses to get their website registered with a .in or .bharat domain. Along with the name of your choice, NIXI helps you get the website at an affordable cost. Moreover, for businesses across the country, the domain name can be availed in 22 languages through Nixi.
Jewelove acknowledges that one of the main concerns with expensive jewellery is delivery. To ensure security, they have three-layer packaging for all products. “Inside packaging is bubble wrap to ensure that there is no damage to the jewellery. The upper layer covering ensures security of the internal package. There is another layer of bubble wrap to it. Additionally, there is a layer of tamper-proof packaging so that there is no tampering during the transit,” explains Sambhav.
He says, “In fact, shipping is only through jewellery-specialised logistics services. It is as safe as a bank delivery van. To date, we haven’t had a single delivery mishap. However, we have insurance processes in place to deal with any such uncertain events.”
Jewelove aims to be the go-to brand for platinum jewellery in India and globally.
The ‘Shaping India Inc’s Online Growth’ series chronicles the journeys of startups and SMEs in India and how creating an online presence on the .in or .Bharat domain powered their success stories.