Packing batteries with more punch
Indian researchers are working on cells that can store more energy, last longer
Demand is being driven by the huge shift to online shopping and the onrush of first time buyers
After a sluggish start in mid-June when lockdown restrictions were lifted, online precious jewellery firms such as Caratlane, Bluestone and Melorra are witnessing sharp spikes in demand, up to 5X, in the run up to Diwali.
Demand is being driven by the huge shift to online shopping, the onrush of first time buyers/small town buyers and the vast selection of affordable, lightweight everyday-wear jewellery in 14, 18 and 22 carat gold.
CaratLane, a subsidiary of the Titan Company, saw online sales grow by 90 per cent YoY in Q2 ended September 2020 and same store growth in high street stores was 14 per cent YoY.
“Our retail stores recovered fully to pre-Covid levels in September, however, online sales were growing at 100 per cent from mid-June onwards and is better than pre-Covid levels now at 115 per cent. In September alone, our orders grew by 23 per cent YoY. In Q2, sales grew 25 per cent YoY and we expect to exceed this growth rate in October/November,” said Avnish Anand, co-founder and business head, Caratlane.
The omnichannel jewellery firm records 1.5 lakh daily average browsing sessions on its website. Caratlane exited FY 2020 with revenue of ₹622 crore and has a network of 104 stores.
Interestingly, this fiscal, Caratlane which offers over 6,000 designs, has witnessed a 70-80 per cent growth in sales from small towns such as Sholapur, Amritsar, Bokaro and Goa. While the company’s main selling price ranges between ₹10,000 and ₹40,000, a significant number of first time buyers shopped for sub-₹10,000 jewellery especially kids jewellery, which is selling very fast, said Anand.
Ratan Tata-backed BlueStone.com, which has a network of 30 franchise stores in 8 cities, is at 70 per cent recovery in stores but has seen a 2.5X boom in online sales because of Covid-related restrictions.
“The pandemic has been good for us, because although store sales were hit, the spike in online sales more than compensated for it. People are buying for special occasions like birthdays and anniversaries and everyday wear. From ₹300 crore revenue run rate pre-Covid, we will exit this fiscal at a ₹500 crore run rate,” said Gaurav Singh Kushwaha, founder and CEO, BlueStone.com.
Melorra, which recently raised $12.5 million, has seen its revenue grow 5X from July to November.
“We have seen amazing growth in the last three months and are back to our pre-Covid peak of February 2020. We are growing by 10-15 per cent over last Diwali and expect to exit FY21 with over ₹100 crore revenue. The combination of online shopping, our wide selection of lightweight jewellery and our first TV campaign launched in October with actress Shraddha Kapoor have all contributed to the demand spike,” said Saroja Yeramilli, founder and CEO, Melorra.
“We took a big bet on vernacular and put out print ads in regional languages which paid off big time as 50-55 per cent of our orders are coming from really small towns like Dibrugarh, Unnao, Domariyaganj, Mapusa, Adilabad, Sivakasi, Raichur, Satara, Tumkur, Kuppam, Moga etc. Average selling price has shot up to ₹34,000 from ₹25,000 in January,” added Saroja.
Indian researchers are working on cells that can store more energy, last longer
To fix a broken bone, doctors often harvest another bone from the patient’s body or from someone else. It ...
Superconductors from IIScScientists at IISc Bangalore have invented a device with a nanocrystal structure ...
Engineering and construction giant L&T has won a licence from the Council of Scientific & Industrial ...
Option price falls more than it rises for the same change in underlying
A long-term vacation here is worth a check-in
The fund delivered a return of 31.5% in 2020 compared with the category’s 15.5%
Care Health Insurance’s new rider offers no great benefit. We review its pros and cons
In these isolated times when people yearn for a slice of the familiar, amateur and professional chefs are ...
While good writing wars against the cliché, television gives it a natural home
India is ready with two vaccines to beat the deadliest virus of recent times. The immunisation drive, however, ...
The storming of the Capitol on January 6 could be the prelude to yet another chapter in the US’s long and ...
Digital is becoming dominant media, but are companies and their ad agencies transforming fast enough to make a ...
Slow Network, promoted by journalist-lyricist Neelesh Misra, pushes rural products and experiences
How marketers can use the traditional exchange of festive wishes meaningfully
For Fortune, a brand celebrating its 20th anniversary, it was a rude shock to become the butt of social media ...
Three years after its inception, compliance with GST procedures remains a headache for exporters, job workers ...
Corporate social responsibility (CSR) initiatives of companies are altering the prospects for wooden toys of ...
Aequs Aerospace to create space for large-scale manufacture of toys at Koppal
And it has every reason to smile. Covid-19 has triggered a consumer shift towards branded products as ...
Please Email the Editor