Numr recently conducted a survey about online jewelry websites (like CaratLane and Blue Stone) and offline jewelry stores (such as Tanishq, Kalyan Jewellers etc). Suffice to say, the survey revealed some interesting insights about the jewelry buying habits of affluent Indian urbanites. The Indian jewelry industry contributes to about 7% of the country’s GDF and is a mix of unorganized jewelers and brand retailers. Currently, the $135 million online jewelry sector accounts for less than 1% of the total fine jewelry segment. However, it is growing rapidly.
ONLINE JEWELLERY MARKET
Have you ever bought fine (gold, diamond, platinum etc) jewelry online?
PART 1- ONLINE JEWELLERY MARKET SHARE
- Blue Stone occupies the majority, 26% share.
- However, CaratLane follows closely with 22%.
- Also, Malabar Gold and Diamonds has 20% share
- While, Joyalukkas occupies 17%.
- Additionally, GRT Jewellers also covers 12% of the market share of the online fine jewelry segment.
PART 2- NPS® (ONLINE JEWELRY)
- Carat lane had the highest NPS measuring 82.26.
- However, Joyalukkas and GRT Jewellers followed with an NPS of 70.83 and 64.71 respectively.
- Also, Blue Stone reportedly had an NPS measuring 64
- And, Malabar Gold and Diamonds’ NPS came out to be 54.39
OFFLINE JEWELRY STORES
E-retail has massively transformed the market landscape for many sectors such electronics, clothing and food. However, the story for the jewelry sector is quite different. After all, physical stores undisputedly rule.
PART 1- NPS® OF JEWELRY STORES
PART 2- JEWELRY STORES MARKET SHARE
Out of the organised jewelry stores,
- Kalyan Jewellers emerged at the top with 25% respondents reporting it to be the store they usually go to. Also, it had an NPS of 55.28.
- However, Tanishq followed at the second place with 16% respondents and an NPS measuring 61.54.
- Also, 10% and 9% of those surveyed claimed that they usually go to PC Jewellers (NPS 54.17) and PC Chandra (NPS 55.56) respectively.
- Additionally, 9% reported Malabar Jewels, which had an NPS of 56.82 as their customary Jewelry store.
- While 8% chose Bhima Jewellers (NPS measuring 56.76).
In the online space Caratlane has been killing it! With an over 82% NPS score, it is definitely a market leader. In the offline retails space, Tanishq holds the pole position at 62% NPS. The rest of the market is pretty crowded with an average NPS score of 54%.
-Amitayu Basu, CEO, Numr Research
How often to you buy gold, diamond and/or platinum (fine) jewelry?
Listen to Amitayu Basu, CEO, Numr Research speak about the importance of Net Promoter Score for Jewelry Sellers
Online Panel SEC A1 The survey was conducted among the inhabitants of Delhi NCR, Mumbai, Bangalore, Chennai, Kolkata, and Ahmedabad. At the time of the survey, all the respondents were between 25 to 60 years of age. Also, the survey respondents were affluent vehicle owners. Additionally, they were also avid moviegoers and extremely aware of the changing technological trends. For further information, please contact Sales Team| email@example.com| +91 1244274780
*NPS® or Net Promoter Score is a metric for calculating customer satisfaction and loyalty. Moreover, it is a proven indicator of Growth. It is based off a single question, that is, “On a scale of 0-10, how likely are you to recommend (a company or a service) to you friends, family or colleagues?” Customers who give a score of 6 or less are called Detractors. Those who give 7 or 8 are Passives where as those who give 9 or 10 are Promoters. Then, the NPS is calculated by subtracting the percentage of Detractors from the Promoters.
*Net promoter Score® and NPS® are registered trademarks of Bain & Company, Satmetrix and Fred Reichheld