How a strong omnichannel strategy is paying rich dividends to CaratLane
Adgully has been turning the spotlight on the entrepreneurs who fought against all odds to bring their dreams to fruition in our special series – START-UP STARS. We at Adgully wholeheartedly support the ‘Vocal for Local’ movement and have been featuring numerous local/ homegrown businesses, brands, and Apps in the country launched in the last few years.
CaratLane, a Tanishq Partnership and India’s first omnichannel jewellery brand, was founded in 2008 by Mithun Sacheti and Srinivasa Gopalan, with a simple but courageous objective – to make beautiful jewellery accessible, affordable and forever wearable.
All CaratLane collections draw design inspiration from a strong historical legacy and interpret them in a modern theme. With the new-age woman as a muse, the design philosophy at CaratLane is to make jewellery which makes the wearer ‘feel’ beautiful, and draws out her compelling individuality, inner confidence and self-esteem.
In conversation with Adgully, Avnish Anand, COO & Co-founder, CaratLane, speaks about jewellery buying trends in the online space, the benefits of following a strong omnichannel strategy, factors driving CaratLane’s growth, and more.
What kind of growth did CaratLane garner during the festive season of 2022?
We achieved double-digit growth in our user base and revenue figures during the festive season, thanks to no Covid-19 restrictions. The festive season from Navaratri to Diwali saw great demand among customers for everyday diamond jewellery. Approximately, 50% of our orders were specifically for gifting to family and friends. Additionally, we also had a demand for kids’ jewellery. With the wedding season, there has also been demand for jewellery for gifting as well as Solitaires for engagement rings.
What sort of distribution strategies are you applying for CaratLane to reach its TG?
CaratLane is a digitally native brand and we are focussing on building demand mainly through online portals. Customers discover the brand online, browse the website and find the designs they would like to buy and flaunt. We have a set process to guide them to make a sound purchase decision via their preferred medium – Stores, Try at Home, or CaratLane Live. The majority of the purchase happens in our stores.
Our main target is consumers who are looking to buy everyday modern jewellery to pamper themselves to commemorate milestone moments or for various celebrations at work and for family functions, or even for gifting family and friends on special days.
How are you driving up consumers with your digital-first approach?
We strongly focus on our omnichannel strategy to enhance customer shopping experience. With a digital-first approach, we drive the discovery of the brand and guide our customers to the most convenient channel for trial and purchase. We use a very targeted approach by identifying customers in the catchment area of our stores and highlighting the best designs available to them. Valuable insights from consumer buying journeys have helped us to add features like 24-hour delivery, Buy Online Pick Up in Store (BOPIS), Find in Store, or Book a Try at Home appointment. This has enabled our customers to make seamless purchases.
During the digital journey of our customers, we use a variety of interventions and messaging to help them find the perfect designs. Thus, 80% of footfall in our stores is digitally influenced by high-intent customers, resulting in a high conversion rate.
What are the key factors that are helping CaratLane grow?
Our growth journey has been consistently owing to a strong omnichannel strategy. We ensure a seamless and an impeccable shopping experience for our customers that help us retain and create a loyal base. Additionally, the following reasons have also been driving factors for our growth:
- Crafting unique designs for customers to provide everyday jewellery solutions
- 160+ network of stores
- Focussing on the likes and preferences of our existing customers