Mumbai: Retail sales of jewelry companies are re-evaluating their store model and adopting a digital strategy to increase sales. This information is given in a report. The World Gold Council (WGC) said in a report titled ‘Online Gold Market in India’ that the constraints caused by Covid-19 allowed jewelry sellers to sell their existing business in India. The model is forced to reevaluate.
World Gold Council (WGC) Managing Director (India) Somasundaram PR said that although the online gold market in India is only 1-2 per cent, it has a lot to offer from both digital traders and big jewelers. Getting a boost Digital business people are considering this situation as an opportunity, while big jewelery vendors are accepting the essentials of their store model.
The report says that the online gold market in India, in terms of value, is only 1-2 percent of total gold sales. During the third quarter of calendar year 2019, only 17 per cent of urban gold jewelery purchases and 3 per cent of rural gold jewelery purchases were made online.
The report further states that 70-80 percent of online sales are consumers between 18 and 45 years of age, while consumers aged over 45 years of online sales are 20-30 percent. The average size for purchasing gold jewelry online is Rs 25,000-30,000. The report states that online sales of gold bars and coins are popular on the auspicious festival days like Akshay Tritiya and Dhanteras.
