Bangalore-based JewelClick Online Pvt. Ltd., the company which operates precious jewellery e-commerce marketplace platform Johari Shop, has announced the launch of an omni-channel in-store product ‘Johari Shop- Physital’, in its bid to connect online and offline retail jewellery seamlessly. They raised an amount of Rs. 62.5 lakhs from 3 different investors including a diamond exporter.
Jewellery market is the same as it used to be 50 years back with not much innovation done in the way jewellery is sold in stores. Having realized that direct e-commerce is a big leap for customers from offline stores for a purchase like jewellery, Johari Shop has decided to go omni-channel where customers gets the same in-store experience which they are used to along with collections of multiple brands in a single store. The ratio of physical and digital inventory would be 20%-80%. Brands typically keep only 30% of available stock in a normal sized store due to the huge inventory cost involved in this segment. If the customer doesn’t like anything in the physical inventory, he/she can browse virtually the collections of multiple branded jewellers with alluring UI and gesture controls.The selected designs will be bought to the store within 3-4 working days and post trying the product customers can decide weather to buy it or not.
“Johari Shop Physital will be an important move in bridging the gap between the offline stores and the e-commerce market for precious jewellery. Since not many Indian customers are comfortable in the purchase of gold and diamond jewellery online, these digital+physical stores will be a key move in comforting the customers with all the benefits of offline stores with the vast scale of e-commerce. Also, the top regional brands are getting a chance to have their brand presence in some other region at a very low cost. We would not be having any difficulty in expansion as the complete model is asset light and need very low investment for expansion” said Ankit Banthia, co-founder, Johari Shop, in a statement.
As a pilot launch, the first Johari Shop ‘Physital’ store will be opened in Bangalore by April end and a total of 7 stores are planned in the coming one year.
Johari Shop was founded in 2015 by Ankit Banthia and Vivek Sinha both IIT Kharagpur Alumnis. Currently Johari Shop is an e-commerce marketplace with over 55+ brands including premium brands like Nakshatra, Gili, Maya, Sangini, Thangamayil e.t.c. and 60,000+ unique designs.