BlueStone is leaving no stone unturned to capitialise on the maximum market. The Ratan Tata backed firm has decided to infuse Rs 40 crore in its marketing strategies this year as it looks to spread its wings in online jewellery market in India.
The company said in a statement that it is on track to quadruple revenue to Rs 1,000 crore by 2018. BluStone has already introduced some additional features such as home trials and chat options for prospective buyers and these are proving to be a lucrative step for the company.
Speaking about the move, Arvind Singhal, CEO, BlueStone said that company is seeing a strong growth momentum as there is a clear shift in consumer mindset. The purchase is now towards more trendy jewellery and the firm is focused on introducing new designs and collections for our customers. The average cart size ranges between Rs 25,000 and Rs 40,000 and has less than 5 per cent return rate.
Over the next 12 months, BlueStone will invest Rs 40 crore towards marketing. Investments are being made on educating customers about online jewellery buying as this segment is still in its nascent stages, adds Singhal.
BlueStone, which raised Rs 100 crore funding in last July, has investors such as Accel Partners, IVY Capital, Dragoneer, Kalaari Capital and Saama Capital along with Tata, who invested in his personal capacity.
The company works on a business model which manufactures once it receives the order online. Once the customer places his order online, the manufacturing process gets completed in around three days at company’s manufacturing unit located in Mumbai and then the order is shipped to the customer. The entire cycle requires around five to six working days to be completed.