Back in 2008 when CaratLane was started, a new jewellry shopping experience age had commenced. People had just been introduced to online shopping per se, books were replaced by e-readers and young people started earning more than their older counter parts. Somewhere these changes were a blow to the earlier practices, but then the world doesn’t stop does it ?
CEO Mithun Sacheti says that, before CaratLane, the thought of doing business online had come from his previous jewellery store Jaipur Gems.. where the women used to ask for only the specific details of the item, and correct information, rather than seeing a finished product.
At that time the idea first sparked in his mind. CaratLane was aimed at the newer generation. The target audience included youthful, decision making, individual women, who break the ice of social taboos.
He conducted a research on many women by dividing them into different age groups, lifestyles,
their tastes and discovered something true but unusual. Women like to wear jewelry, but not at the cost of it being stolen. There is more jewellery in bank lockers than the shops and the necks of women.
Mithun Sacheti commenced CaratLane with the aim to make best jewellery available to everyone and anywhere, and also to wear without fear. A shop without its physical presence, that can increase trust among the people, an online shop. A revolutionary goal, back then. His partner, Srinivasa Gopalan was not very sure of the actual application of such an idea. But when Gopalan experienced on his own, that one customer purchased an expensive jewel of a value of $30,000 without even inspecting it, only on the details provided. Gopalan understood the changing behavior of customers, who only on the details provided can splurge so much, the idea can truly be implemented.
Sacheti has understood a lot from his buyers, he says “an old woman told us about the jewel she aimed to buy. We produced a picture of the jewel she aimed to buy, along with the details of the same. She was already well aquainted with other shops and finally bought it from our shop as our price was reasonable and also we provided exact details about the jewel.” This incident made him realize that the buyers needed a clear idea and exact details about what they buy. Following that day, CaratLane has gone ahead with the same spirit. Their buyers are spread all over India and are not under any specific category. Women who follow this kind of thinking don’t always live in a specific area.
“Even the men appeal to such online shops, as physically going into a jewellery shop would make them feel uncomfortable, online shops make them more comfortable in buying jewellery for the opposite sex” adds Sacheti.
CaratLane the segment leader of online jewellery shops has grown to 12 offline shops and looking forward to atleast 20 shops before the end of this year. Due to the app revolution in the market, CaratLane developed an app which is free download for Android and iOS . More than 100 thousand people downloaded it. Being the market leader in online shops, they also developed a virtual reality app, which is the future now-a-days, a segment first where you can virtually experience the jewel, before finalizing. Sachet says “20-25 percent of our buyers buy from the app itself . We aim at more and more app based buyers.” The freedom of the app has been carried over to their offline shops.
Sacheti thinks of growing his brand to the less developed cities, although they are still reaching their full potential in developed cities.
CaratLane has sustained their journey and soon will be a decade old, Sacheti says, “For the next three years we would sustain the same journey and work more on building good relations with the buyers. We aim to open over half-a-century shops in India. We update our products every three weeks.” He says, “We need to be self-sufficient over the next few years, with no external help. We would raise 30 times more capital in the next 14 years, than the first $51 million. That’s the aim, I m very frank about it.”
The past decade has brought many changes. E-commerce is on the rise in India, it has taken efforts to popularize online jewellery shopping. Using electronic media like websites and apps and the best buying experience. CaratLane has redefined jewellery shopping in India.
it keeps on making valuable jewellery for the youthful, decision taker, individual women, making it available, reasonable, trustworthy and which will accentuate her persona.
CaratLane’s delivery network and excellence have redefined and shattered the mind-walls to sustain faith, and in its existence, a strong consumer base.