"We Target the Revenue Of 10 Crore By End of 2018": Garima Singh
In an exclusive conversation with Garima Singh, Co-founder and CEO, BlingVine sheds light on the growth strategy of the brand.BY Shipra Srivastava | March 20, 2018 | comments ( 0 ) |
How do you see the growth of online jewellery market in India? Also shed light on your journey so far?
Online jewellery market is growing rapidly and will continue to do so, because of the increasing demand and the changing trends in the field of imitation jewellery. This growth can largely be credited to the fact that women these days are empowered and have a disposable income that they don’t mind in spending on Fashion jewellery that suits their personality and style. Also, e-commerce fashion jewellery portals are leveraging the lack of availability of good quality fashion jewellery stores in tier II and III cities. Whereas maintaining a physical fashion jewellery stores in these cities might not be very lucrative, nothing stops an online fashion jewellery website to cater to this customer segment. COD facility, quick shipping and Easy Return policies are the major tools that e-commerce players in this segment are using to address the trust issues of the people who are comparatively new to the world of online shopping.
My journey as an entrepreneur has been amazing till now. I have celebrated every little goal that we have achieved and have learnt from the mistakes I’ve made in this venture. I also feel that being a woman gives me an edge in this field of e-commerce since there are so many women in decision making positions, from vendors to influencers that I feel I understand and can deal with them better. Having said that, the only place where I needed to be a little more aggressive to be taken seriously was while dealing with some vendors.
According to you, what are the challenges of online jewellery retailing?
The main challenges are to build trust and to showcase the jewellery properly on digital platforms which lack physical touch and feel. To get buyers to trust a new brand is especially hard when customers have felt cheated by other online stores in the past. This makes everyone suffer because people start to lose trust on online shopping as a whole. Also without physical touch and feel, photos become extremely important. So we take a lot of care in getting our jewellery photographed in-house and make sure it's the true representation of the actual product in colour, shine & textures.
How do you gain the trust of your consumers since you operate online and jewellery is a high ticket item product where touch and feel is a very important element?
Gaining trust in this market is not an easy thing to do. Firstly we maintain absolutely impeccable quality standard. We want to make sure that anyone who purchases from us is very happy with their decision. For the first time buyers, we try to include the detailed specs for each product. We give sizes & build material in full details. The photos are very realistic and without a lot of editing, so people can actually see how it looks in real.
What are the home delivery challenges since precious jewellery is delicate and expensive? Also, how do you manage your returns, if any?
We offer free delivery all over India. Or return rates are very low because anyone who looks at the actual products not only wants to keep them but they immediately want to come back for more.
How do you compete with leading brands such as Voylla?
The first major differentiator is the design of our jewellery. Our main focus is on luxurious contemporary designs. While we don't have a big catalogue because of the amount of work we put into each piece, but if someone is looking for statement jewellery pieces with modern designs, they come to BlingVine.
Our second differentiator is the product quality. We take pride in our product quality and we put in a lot of effort to ensure that it stays top notch. By keeping a tight control on our overheads, we are able to offer such impeccable quality at such reasonable prices.
How many pin codes do you cover? Also, shed light on your warehouse and your logistics provider?
We cover more than 18000 pin codes, most of these support COD as well. We've a warehouse in Chandigarh. For logistic provider, we use a combination of various shipping companies and aggregators.
What is your average selling price? Which are the best selling categories on your website?
Average selling price is Rs. 2500 and the best selling category is definitely our necklace sets.
At last, kindly share your growth plans for this year?
We plan to get into the traditional jewellery segment soon. This will be a big step for us to get the same quality standard in traditional designs.We are hopeful that this will help us to very quickly expand and become a mainstream jewellery brand in India.
We target to continue to increase at the same rate to hit the target revenue of 10 crore by end of 2018. We are working on streamlining our operations and supply chain to that end goal. At the same time, we also plan to increase our marketing spend in strategic areas to keep acquiring customers. Being an online jewellery portal, increasing our online visibility will be one of the top priorities heading into 2018.