The online jewellery market has emerged as one of the fastest growing industries in Asia. This industry has been majorly driven by factors such as growing base of internet users, rising awareness among the users and lucrative prices of online jewellery. It has been observed that now majority of the Asian population is quite familiar with the internet and its widespread uses. Due to the convenience provided by online jewellery, customers can compare the jewellery offered by different companies easily. Asia online jewellery market has displayed a CAGR of 62.2% during the period 2011-2014.
In India, the market has evolved over the years, with metropolitan cities such as Delhi/NCR, Mumbai, Chennai, Pune and Bangalore driving growth in the Indian market. Customers are intrigued by lucrative prices of online jewellery. Additionally, major players are offering certificates of authenticity in the Indian market in order to build customer confidence. Young Indians falling in the age group 24-35 years are driving demand for online jewellery in the country. The competition in India online jewellery market has remained concentrated among few major players though there are more than 20 e-commerce companies operating in this domain. Owing to the nascent size of the market, the players have been hesitant to make an entry into the market but several offline vendors have started selling their inventory through marketplace business model. The market for Indian online jewellery market is dominated by Carat Lane.
The scenario is slightly different in China as demand for online jewellery is increasing rapidly in lower tier cities in China. However, security concerns with respect to purchasing goods online continue to deter consumers from purchasing jewellery online. The average ticket size for online jewellery is significantly lower online relative to offline sales. Additionally, major players are operating online shops through marketplaces such as Tmall and Tencent.
The online jewellery market in Singapore, Japan and Indonesia is at a nascent stage as very few players are offering jewellery online. The market size of online jewellery in the aforementioned countries is significantly lower relative to India and China. The Asian Online jewellery market will continue to be dominated by China due to its large internet population and rising personal disposable income of the population. China would be followed by India as extensive advertising by major players will drive the demand for online jewellery in the country.
Singapore is an ideal location for online jewellery due to its robust e-commerce market. Additionally, cross border sales in the country provide enormous opportunities for online retailers operating in the country. Online jewellery in Japan has not gained popularity as yet despite a large e-commerce market. The Japanese prefer to purchase jewellery at offline stores. Thus, the Japanese market offers fewer opportunities as compared to contemporaries. The Indonesian online jewellery market is extremely small as very few players are operating in the market. However, the country has immense potential as the average ticket size of online jewellery is significantly higher relative to established markets such as India and China.
Key Topics Covered:
1. Asia Online Jewellery Market
2. India Online Jewellery Market
3. China Online Jewellery Market
4. Japan Online Jewellery Introduction and Market Size, 2014
5. Indonesia Online Jewellery Introduction and Market Size, 2014
6. Singapore Online Jewellery Introduction and Market Size
- Chow Sang Sang
- Chow Tai Fook
- Hanna Lee
- Kela Diamond
- Luk Food
- Michael Trio
- Orori and Silverberry
- Tsutsumi Jewellery