Growth Of E-commerce Jewelry Market In Tier 2-3 Cities
In Tier 2 and Tier 3 cities, E-commerce jewelry stores are growing larger as the ladies find it very comfortable to shop online as they get a lot of mesmerizing designs for purchasing the jewelry.
The e-commerce industry in India is growing rapidly and the jewelry industry is one of the fastest contributors to it. Jewelry industry in India is largely labor intensive and export oriented. E-commerce jewelry market is vastly growing in Tier 1 and Tier 2 cities due to increase in purchasing power parity of the people, demand for varied jewelry designs, lack of time to visit the local market etc. Duplication of jewelry designs and the burgeoning growth of offline jewelers at the equidistant interval is a huge challenge for this industry. From marketing the product to its sales and shipping, e-commerce jewelry stores play a major role. There are ladies in Tier 2 and Tier 3 cities who love to wear jewelry but it is neither affordable nor do they get too much variety. So, online jewelry shopping helps them to customize their jewelry according to their choice and is also affordable.
Current Market Scenario
Indian e-commerce market is expected to grow to $200 billion by 2026 from $38.5 billion as of 2017. India's jewelry market will be worth $50 billion, by 2018. The global growing jewelry market is expected to reach a total of $272 billion in sales by 2020. Due to the increased purchase in Tier 2 and Tier 3 cities, jewelry portals have seen a growth of 25% to 30% in cities like Agra, Coimbatore as well as the cities of North-east. These online jewelry portals are amongst the most trustworthy ways for purchasing jewelry at an affordable price. They offer contemporary designs which give the women a luxurious and unique look and also offer various designs, which they do not keep in the physical stock at their stores.
E-commerce jewelry market is growing in Tier 2 and Tier3 cities because of their increasing demand and the changing trend. Reaching out to a larger target audience in the competitive jewelry marketplace, has a lot of significance because the brick and mortar stores are incapable of reaching out to the customers on a global scale, unless they have an E-commerce Jewelry store. There are also e-commerce stores, who have made it very convenient for ladies to take jewelry on rent, these give them a wide variety to choose from without creating too big a hole in their pocket.
In Tier 2 and Tier 3 cities, E-commerce jewelry stores are growing larger as the ladies find it very comfortable to shop online as they get a lot of mesmerizing designs for purchasing the jewelry. The major factor for the growth in the e-commerce jewelry industry is the changing consumer behavior, as nowadays ladies are exposed to the changing global trends and they increasingly shop online. Ladies also have the option to take a trial of the jewelry free of cost, if they are purchasing it online. Easier accessibility, home delivery, easier payment option and finance schemes along with a wide range of designs, have propagated the growth of online stores for people living in Tier 2 and Tier 3 cities.
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