Find out how this startup betting on online fashion jewellery market and creating a dent.
28th, September 2017 - Startup
Every piece of jewellery tells a story. And this story today is about a 23 year old chartered accountant Vikalp Bothara. Founder of a Maharashtra based startup Jewellerkaka.com founded in 2015. He aims big to make the Indian brand known worldwide for its Indian Jewellery.
India’s appetite for jewellery is considerable. This $50bn market consumes 1000 tonnes of gold each year – around a third of the world’s supply. But forces are presently at work that could have a major impact on the way Indians shop.
Fashion Jewellery has had a long history of over 15 years in the Bothara family. "My uncle has been running this business since 2002 and has 2 local set ups in Aurangabad" says Vikalp. He has been going to his uncle's shops and observing things with him since his childhood. He has been with his uncle for procurement and many other aspects of fashion jewellery world. With this background, he was able to get an insight on how deep the fashion jewellery market is and how much there is to explore. Once he grew up and completed his Chartered accountancy, his vision broadened. Also, the exposure to internet at an early age made him see the potential of doing online business.
The main motto was to expose the world to the amazing work Indian artisans do, and show them another amazing and mesmerizing thing about India.
Jewellerkaka.com is an e-commerce portal and one stop to shop for best designed fashion jewellery for all occasions. At Jewellerkaka they have the finest of jewels which do not come with the heftiest of price tags. Designed by brilliant artists and crafted by master craftsmen, Jewellerkaka is all about affordable luxury, exclusive designs, and traditional pieces that lead you to have a lavish and smooth shopping experience.
"We deal with exclusive imitation jewellery. It is the ideal concoction of the modern designs with an ethnic touch" says the founder. It is a mixture of crafty designs, well concluded finesse with an artistic feel to it.
Ladies, you name it and they have it!
From earrings, bajuband, clutches, potli, bangles to rings, necklaces, pendants and what not!
The usp of jewellerkaka is that one is not only a buyer but can become a seller too. It gives a platform where one can sell their fashion jewellery and can make money.
In online world, trust is one of the main issues faced by the customers, since one cannot physically see and check the product. On being asked about the coining of the name jewellerkaka, the young entrepreneur said "I wanted to name the brand something that one can relate to in day to day life and also trusts." In the traditional jewellery shops, there is always a person who we trust for giving us the right product at the right price and he is generally called as "kaka". That is how the name jewellerkaka came into being.
Another problem faced in online business is that of logistics. Many times we find frauds in delivery of items to the customers. At jewellerkaka frauds in delivery of item to final buyers are not taken lightly at all. The account manager is contacted immediately and is alerted about the concern. Moreover, logistics can't been seen as a problem anymore, because the market is flooded with players who provide better, faster and safer delivery of products. This has forced other long time players to become better and better each day. "We have tied up with very professional & experienced service providers like Ecomexpress, Delhivery etc. who are expertise in online business logistics." says Mr. Bothara.
In this era the online jewellery market is shining bright in India. The growth of jewellerkaka too has been phenomenal. Just 2 years in business line it's growing faster than a child's hair. From just 2 orders in the first six months of launch to more than 2000 orders per month, it is sure to say that the brand is growing at a very fantastic rate.
On being asked "What's on your mind about the brand's future?" Mr. Vikalp Bothara says "I want to create such a place for fashion jewellery shoppers where they can order products blindfoldedly. I also want to develop such trust amongst online shoppers that when they hear the name jewellerkaka there should be contentment and satisfaction instead of fear & doubts. And this not only being limited to India, but spearding such trust globally without causing unnecessary harm and use the same to inspire people to love themselves for who they are. And offer designer jewellery at revolutinary prices, are our current plans".
The gems and jewellery market in India is home to more than 500,000 players, with the majority being small players.
India is one of the largest exporters of gems and jewellery and the industry is considered to play a vital role in the Indian economy as it contributes a major chunk to the total foreign reserves of the country. UAE, US, Russia, Singapore, Hong Kong, Latin America and China are the biggest importers of Indian jewellery. The demand for gold in India rose by 15 per cent year-on-year to reach 123.5 tonnes during January-March 2017, according to the World Gold Council (WGC). The Goods and Services Tax (GST) and monsoon will steer India’s gold demand going forward.
The overall net exports of Gems & Jewellery during April 2017 stood at US$ 3.2 billion, whereas exports of cut and polished diamonds stood at US$ 1.75 billion. Exports of gold coins and medallions stood at US$ 553.59 million and silver jewellery export stood at US$ 768.92 million during April 2017. India has become the second largest exporter of diamonds, gems and stones to China, as total exports grew by 28.48 per cent year-on-year to touch US$ 2.48 billion in 2016, as stated by Mr Prakash Gupta, Consul General of India in Shanghai.
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