Global ecommerce sales are expected to reach $1.22 trillion by end of 2013. This growth will surge up to $1.85 trillion by 2016 and Asia-Pacific region would emerge as the biggest ecommerce market worth $707 billion. China and India, two largest countries on Internet by users, are expected to be the main driving forces behind APAC’s ecommerce growth. In 2012, consumer interest in ecommerce went by 128%, apparel and consumer electronics category fascinated online shoppers the most.
The trend in Indian ecommerce is doomed to continue as many offline promising industries have up the ante to grab a significant share of this growth; and, traditional jewellery business is one such industry.
The jewellery business in India is primarily tagged with ‘no-tech-affairs’. However, the emergence and enormous potential in online model have influenced many prominent players of the industry, likes of Gitanjali Group, to explore the model to take advantage of early adoption.
We spoke to Mr. Nishant Nayak, Vice President, eCommerce – Gitanjali Gems Limited, on his group’s initiative to inherit a separate, rather focused, approach on indian ecommerce market.
Online Jewellery Industry in India is still in its nascent stage. We have to invest a significant amount of resources towards content building. This helps online customers to be educated about how to buy, product differentiation and measuring the quality of a product online”, says Nishant.
Nishant Nayak, who earlier founded Natural Mantra – a lifestyle ecom venture, left the startup in July this year to join Gitanjali Group to incubate group’s vision in online space. With over 10 years of work experience in many e-ventures including ebay.com and futurebazaar.com, Nishant inherits in-depth understanding and experience of ecommerce industry.
According to Nishant the mantra of success in online space is how intelligently you are merchandising your product. “You have to select your top quest and probably ensure to have inventory for those and do that really well. Ultimately its all about improving customer experience to ensure the repeat business in online space”, said by Nishant.
We had a detailed 25 mints interaction with Mr. Nayak that allowed him to outline his business model, challenges, growth, marketing strategies and – most important – few crucial business practices that ensure the success and ROI for any online business venture.
The complete full-length video after this break;