Jaipur based Voylla.com retails in exclusive jewellery and accessories since 2012. With an existence of only a year and a half, Voylla has come a long way, and presently offers more than 10,000 designs in fashion and imitation jewellery. In an exclusive conversation, Vishwas Shringi, CEO and Founder, Voylla.com highlights the in-depth view of his company's operations and journey so far:
Highlight your brand and rationale behind opting online platform instead of offline retail store?
We started with aim to bring designer creation within everybody's reach, backed with core teams that come with decades of experience in retail, finance, technology, and marketing.
The prospect of serving a pan-India audience was the main motivation behind starting online. This coupled with an opportunity to leverage a highly fragmented and un-organized sector using our expertise and experience in big retail firms sealed the decision for us.
What type of response you have received so far?
So far the response has been amazing. Our collection is trendy, stylish and affordable. We add 500 plus new styles every week to our collection, providing our customers a plethora of choices.
Lately, many e-commerce companies have received a lot of funding from Angel investors? How do you see this this current trend going in future?
Ecommerce is an interesting landscape currently. There is definitely a lot of opportunity in Indian ecommerce as what we have seen now is just the tip of the ice-berg.
The mobile browsing, English speaking population will continue to increase and so will the online transaction. VCs and Angels investors have their hand on the pulse and they are definitely not going to let the opportunity pass by.
Are you looking or already in process to raise fund from any venture capital firm?
We are adequately funded but continue to look for right investors who can understand and support the vision of organizing highly fragmented fashion jewellery market to create a brand that resonates with mass in India.
Throw light upon your retail categories, and your operational team.
Our portfolio includes a range of products right from precious gem stone set in pure sterling silver, to chunky jewellery for youth. Everything is priced on Voylla to pass the maximum benefit to customers. We have managed to keep our prices while never compromising on quality. Our sourcing team with decades of experience in the industry, our data analytics and experienced Ops team comprising optimizes processes and keeps a very tight control on Operation expenses and pass maximum value to the end user.
How you manage to source your ornaments for your e-portal?
Voylla is a curated platform. Our team decides on styles and type of the jewellery after a very careful study of the market. We have a highly optimized engine in the backend that gives directive to our merchandising team after analyzing data of a particular trend. This unique combination of team with fashion and jewellery as their forte and an analytics is one of the keys of Voylla’s huge success. We have backend manufacturing tie-ups to get the curated design manufactured. Some designs are directly sourced from Designers if the design qualifies our curation criteria.
Online players are betting big on discounting, as jewellery is high ticket item so what is your strategy on offering rebate to your customers?
Indian market is deal sensitive. Looking out for deal, trying to get the best value is in our DNA. Deal and deep discounting are here to stay in India.
Having said that, in life style category there is a growing segment which is “style- sensitive” and not “price-sensitive”. This segment is willing to pay premium for an exclusive piece of jewllery that will help them stand out in a crowd. This segment will help Fashion and Lifestyle industry immensely in deal sensitive landscape of India
Kindly highlight your strategy on price control and promotion?
We try to keep a right mix prices to cater to every segment. We keep a tight control on all process, with an aim to pass every single penny to customer. This is the reason our prices are so competitive and we have been able to create a loyal customer base. We mainly deal in fashion and imitation jewellery which is affordable luxury.
Who do you consider your competition? What are your strategies to stay ahead?
Instead of playing against big players we are making strategic alliances. With products as our core strength , we are able to build a synergy which is a win-win for everyone involved, Be it customer , market place or own platform. That said, we consider anyone trying to sell designer jewellery at lower price than us as our competition. We closely watch the trends and pattern, and continue to find ways to reduce costs to offer best prices to our customers.
Kindly highlight your growth plan?
Voylla is planning to venture into precious jewllery space and coming up with a very unique concept in jewelry. This will take the market by storm. We are also expanding in International market.