Designer Jewelry for EveryOne

ORGANISATION:

A luxury product designer and an experienced jewelry salesperson came together to start a jewelry business in India and the USA.

CHALLENGES:

The jewelry industry is a multi-billion dollar industry and continues to grow every year. In recent years, the industry has seen a surge in innovation and creativity, as more entrepreneurs are looking to capitalize on the industry’s potential. The team at Catalyst conducted an in-depth market analysis and found that personalization and differentiations are
keys to success.

SOLUTIONS OFFERED:

After detailed discussions and in-depth studies, The team Catalyst suggested the company to make high quality with high ticket value designer jewelry more accessible to HNIs and high-quality but low-ticket-value pieces affordable for everyone. The GTM for both segments was planned entirely differently. It was suggested to sell high-ticket products only in select cities of India through small events. The client was advised to display most of the designs using a rendering software tool keeping a minimum amount of physical inventory. And low ticket value pieces are to be sold through E-Commerce Platforms in the USA and India. Though these are low-ticket items, it was ensured that each piece gets a luxury designer touch. The above strategy helped the company to start generating revenue in a short time with minimum possible inventory and logistic costs. We also helped in preparing a business plan and providing support in negotiations with possible investors and signing the deals.

CONCLUSION:

Firstly, the company was able to identify the needs of their target market and develop a Go-To-Market strategy to meet those needs. They also implemented an effective marketing strategy, which included both online and offline channels. The client was able to get good traction in a short period of time. Additionally, the team was able to secure capital from investors, which helped them to carry out the business operations smoothly. The company could create a good buzz in the market.

In conclusion, a well-thought-out business strategy, combined with effective marketing and customer service, was the key in setting up a successful jewelry business.