Global Online Jewelry Market–Focus on the U.S., China and India: (2013-2018) - Daedal Research

For a company to be successful in the online jewelry business, they need to be reliable, have an excellent reputation, be trustworthy, have product selection, superior quality, along with support for its customers and products. A website that is easy to navigate, user friendly, web features that only that company provides and how quickly they can get the product to the consumer. Why Blue Nile diamonds is so successful is that is understands its customers. Blue Nile recognizes the diverse needs of its customers and strives to address these different jewelry needs by offering a wide variety of choices. Having a user friendly

Overall, the market is moderately unattractive. The competitive forces create an environment in which companies can make a good profit, but doing so can be difficult. Companies in the online jewelry industry must pursue very smart strategies to be competitive.

Tiffany & Co. is one of the oldest luxury jewelry brands, which was established in the U.S. by Charles Lewis Tiffany. The company when started was a stationery shop at New York’s Broadway Street, however because of the dedication and risk taking ability of its founder it today become a leading luxury jewelry and high-end specialty goods retailer. Tiffany’s offers a wide range of products to its customers including jewelry, watches, home pieces, stationery, crystal and chinaware, fragrances and silver ware. This report focuses on launching this luxury jewelry brand in New Delhi, India. The relation between Tiffany’s and India wouldn’t be new, it would rather be connecting old ties and making a strong foundation for its future in the country. In the initial years of launching the Brand the founder ventured into India in search of rare and ancient Indian Bronze. So now the company can come back in order to rejuvenate its old relationship with India. Apart from heritage reasons, it would also be highly profitable for them to venture out to India as they have been facing losses in their home country. Also, the brand value of Tiffany’s product would be very high, it would become a status symbol to own a Tiffany’s Product in India, which is not only good for the goodwill of the company but also its profit.

The continuous development of Internet leads to the growth of e-commerce. The electronic commerce is growing constantly due to the continuously increasing number of mobile and online users in the market, primarily the emerging markets. Besides that, the development of the Information Technology (IT), such as the advance of paying processes and the improvements of shipping method also the main reason to cause the growth of electronic commerce (John Ingham, 2015). Most consumers accept e-commerce as their feasible alternative in the purchase of goods and

We decided that it was first best to determine the frequency with which respondents wear jewellery, which gave us an insight into the frequency of jewellery use in the target market (respondents were all females aged 18-50). After discovering that of 38 respondents, 32 wore jewellery every day we were able to determine that the management issue was certainly not with the demographic of MoiMoi’s target market. (Q1, Appendix

Based on its potential for growth and value addition, the Government of India has declared the Gems and Jewellery sector as a focus area for export promotion. The Government has recently undertaken various measures to promote investments and to upgrade technology and skills to promote ‘Brand India’ in the international market.

In India, the domestic jewelry market is worth US$ 16.1 billion and is expected at grow at an annual growth rate of 16%[1]. Out of the overall market share, organized jewelry market is approximately 2-3%. Tanishq, a division of Titan Industries Ltd. is a leading manufacturer and retailer of branded jewelry. Known for its superior craftsmanship, exclusive designs and a guaranteed product quality, it offers a gamut of gold as well as gem and diamond jewelry. The manufacturing is undertaken in a well-equipped, state-of-the-art manufacturing plant. It is sold through an exclusive retail chain that is managed by the company itself as well as through franchisees. Tanishq has 166 exclusive boutiques in 90 cities across India[2]. In such large format

2.1 Market Trends . . . . . . . . . . . . . . . . . . . . . . . . . . 3

Has there been recent market growth or have there been other changes in the market create an opportunity?

India’s Business to Business (B2B) e-commerce market is expected to reach US$ 700 billion by 2020. Online retail is expected to be at par with the physical stores in the next five years.

With the rapid development of PRC, China becomes one of the largest jewellery purchasing power. Furthermore, professionals of jewellery industry are familiar with the appetite for jewellery, which provides opportunities for TSL to capture the market share of jewellery.

During late 90’s with the expansion of the internet, dot com bubble started to grow. Along with this, there was considerable increase in the online retailing. Internet is used by online retail companies to perform some basic commercial actions such as advertising themselves, gathering customer’s taste, providing

An online marketing platform for women, to trade there self made products across India by selling the products to different buyers of the country.

Fashion Accessory business is boosted by a high percentage of impulse buys. Online accessory and costume jewellery retailers need to face a lot of challenges in this regard as the prospective buyers have instant access to comparative prices and multiple options. Smaller retailers need to also consider how they can innovate to maximize their sales by targeting the impulsiveness of the buyers and the transparency of the internet.

The Indian economy has transformed into a vibrant, rapidly growing consumer market, comprising over 300 million strong middle class with increasing purchasing power. India provides a large market for consumer goods on the one hand and imports capital goods and technology to modernize its manufacturing base on the other.