In a recent announcement made by country’s leading online marketplace Flipkart has joined forces with the jewellery retailer, Kalyan Jewellers to sell its selected product on their online platform. The jewellery brand has selected certain segments of gold and diamond products, starting from Rs 5,000 to 3 lakhs to be sold online. These products will be exclusively designed for Flipkart.
The Bengaluru-based online retailer jumped into the jewellery space back in 2013 and since then the company has experienced a multi-fold growth in the segment. The online firm has inked partnership deals with many other jewellery retailers such as TBZ, Malabar Gold and PC Jewellers.
Flipkart offers both artificial and precious jewellery lines. “In the next one year, we expect this category to grow at more than double the rate of the fashion and lifestyle category,” said Rishi Vasudev, Vice President, Fashion at Flipkart.
Flipkart has also roped in various online jewelery merchants such as Bluestone and Caratlane and has more than 300,000 listings of products on its platform.
Commenting on the trends in the jewellery space, "The gifting segment is largely untapped and we are expecting huge revenue from this segment. In the next three to four years, we intend to get at least 5 %of revenues from online sales," said Ramesh Kalyanaraman, Executive Director, Kalyan Jewellers.
“Jewellery is becoming more of an impulse buy as compared to earlier times when it used to be a special family event. That, combined with the trust online players are commanding is triggering online purchases,” said Vasudev.