How CaratLane is benefiting from a strong omnichannel strategy

CaratLane, a Tanishq Partnership and India's first omnichannel jewellery brand, was established in 2008 by Mithun Sacheti and Srinivasa Gopalan with the straightforward but brave goal of making beautiful jewellery available, affordable, and always wearable.

A strong historical legacy serves as the design inspiration for all CaratLane collections, which are then transformed into contemporary themes. CaratLane's design philosophy is to create jewellery that inspires the new-age woman as its muse and brings out her compelling individuality, inner confidence, and self-esteem.

Avnish Anand, COO & Co-Founder, CaratLane, talks with Sociapa about the growth of CaratLane, trends in online jewellery purchases, the advantages of having a solid omnichannel strategy, and other topics.

What kind of growth did CaratLane achieve over the 2022 holiday season?

Thanks to no Covid-19 restrictions, we saw double-digit growth in both our user base and revenue during the holiday season. Diamond jewellery for everyday wear was in high demand during the festive season from Navaratri to Diwali. About 50% of our orders were made specifically to be given as gifts to loved ones. We also saw a demand for jewellery made for children. With the wedding season came an increase in demand for solitaire engagement rings as well as jewellery for gifts.

What kinds of distribution techniques are you using to help CaratLane get to its target demographic?

As a brand that was born in the digital age, CaratLane is primarily focusing on creating demand through online portals. Customers research the brand online, look through the website, and select the styles they want to purchase and flaunt. We have a predetermined procedure to help them choose wisely whether they prefer to shop in stores, at home, or online with CaratLane Live. Most of the purchases are made in our stores.

Our primary market is people looking to purchase modern jewellery on a daily basis to treat themselves, remember special occasions, celebrate at work and with family, or even give gifts to loved ones on special occasions.

How are you increasing consumer engagement with your digital-first strategy?

We put a lot of emphasis on our omnichannel strategy to improve the shopping experience for customers. Using a digital-first strategy, we promote brand awareness and direct customers to the most practical channel for trial and purchase. By identifying customers in the stores' catchment areas and highlighting the best designs that are available to them, we employ a very targeted strategy. We have added features like 24-hour delivery, Buy Online Pick Up in Store (BOPIS), Find in Store, or Book a Try at Home appointment thanks to helpful insights from consumer buying journeys. This has made it possible for our customers to buy products with ease.

We employ a range of interventions and messaging throughout our customers' digital journeys to assist them in finding the ideal designs. As a result, high-intent customers influence 80% of the foot traffic in our stores online, which leads to a high conversion rate.

What are the main elements promoting CaratLane's expansion?

A solid omnichannel strategy has consistently been the key to our growth journey. We make sure that our customers have a seamless and flawless shopping experience, which helps us keep and gain a following of devoted customers. Additionally, the reasons listed below have also contributed to our expansion:

• ·         Creating distinctive designs for clients to provide affordable jewellery options
• ·         160+ store network
• ·         Concentrating on the tastes and preferences of our current clients