Name of company: CARATLANE.COM
Founder: Mithun Sacheti and Srinivasa Gopalan
Caratlane is regarded as the largest online jewellery store in India. In 2008, Mithun Sacheti and Srinivasa Gopalan founded Caratlane. Initially, they started their business online and as of- now have physicals stores in 20 cities including Chennai, Delhi/NCR, Bangalore, Hyderabad, Indore, Coimbatore, Chandigarh, Thane, Kolkata, Jamshedpur, Lucknow, Patna, Pune and so on.
How it all started:
After finishing his undergrad, Mithun flew to the USA to become a certified gemmologist from the G.I.A. His enthusiasm for gems and diamonds drove him to set up his first store (for Jaipur Gems), only a couple of days after his arrival! Subsequent to supervising Jaipur Gem’s venture into South India, including into Chennai and Coimbatore, Mithun headed towards web-based business. Understanding the tremendous capability of online retail in India and utilizing his experience/involvement in adornments and precious stones, Mithun laid the outline for CaratLane.com.
His vision of selling solitaires and precious stone adornments over the web was shared by a man whose aptitude lay in a supplementing zone. With Srinivasa Gopalan, Mithun began CaratLane.com in 2007, with the site going live in 2008.
Caratlane made their first online appearance in 2008 with a capital of $100,000 and before receiving any funding they had already spent almost $500,000. After months of struggle, they managed to sell their first solitaire.
Caratlane’s Business and Marketing Strategy
As CaratLane makes its own diamonds, it earns revenue by making deals, like an eCommerce show. Be that as it may, they don’t make it themselves; rather, they redistribute it to their seller accomplices over the globe. Because of this model, they can have low overheads and stock expenses, and spotlight more on the operational end, edges and in particular offer lower costs! Thus, CaratLane has racked their costs by practically 25% lower than different retailers, which again was conceivable in light of the fact that they didn’t need to acquire the assembling and different expenses when contrasted with physical stores.
Furthermore, amassing diamond providers in India alone was insufficient, and to have the capacity to endure they needed a considerably bigger base. Subsequently, they additionally tied up with sellers in greatest exchanging revolves the world over including – Hong Kong, Israel, New York, and Antwerp. What’s more, the good to beat all is that they have additionally added diamond specialists to direct the clients, making things considerably less difficult for the clients.
Caratlane’s price range starts from Rs. 5000 to 22 lacs varying from different products such as gold, diamond and platinum jewellery. Keeping their customers in mind they design and put price tags to their products.
Caratlane has 54 stores in 20 cities across India. Primarily they focus on online business.
What many don’t know is that aside from the B2C demonstrate, CaratLane additionally obliges the B2B section through its site which is devoted to dealers, which empowers them to pitch to retailers to increase the value of its providers also.
The company has also opted for various online marketing strategies to get more footfall on their website such as SEO and Social Media Marketing.
Probably the most well-known catchphrases for CaratLane are cocktail rings online, 24 carat gold ring price, engagement rings online, and bracelets for men, buy couple bands online and solitaire pendant designs. This implies at whatever point somebody looks for these terms on the web, CaratLane’s outcomes are the primary that spring up.
Regularly, brands offer on certain inquiry terms to guarantee that when clients look through these specific terms on the web, the specific brand’s page springs up as one of the primary outcomes. This might be valuable for CaratLane in reference to different words that it could truly profit by on the off chance that they had the capacity to be one of the top outcomes.
A portion of the recommended offer words for CaratLane are wedding bands for women, sterling silver earrings online, fashion jewellery stores, halo diamond ring, buy anniversary gifts online, women’s fashion jewellery online and custom pendants online. This guarantees when somebody scans for the said terms on the web, they will undoubtedly experience CaratLane’s site as one of the primary outcomes. This makes the site progressively available to the general population seeking for jewellery online, which is, at last, the gathering of individuals CaratLane needs most to connect with.
To address the clients’ concern of not having the capacity to perceive how an item looks on them while shopping on the web, On 20 August 2015 CaratLane presented the world’s first virtual 3D jewellery Try-on application. The application utilizes facial recognition and 3D imaging technology to give a real existence like a vivid attempt on involvement for clients to find a scope of jewellery structures, an attempt on hoops and purchase gems.
Once the application is downloaded, a client’s PC or Laptop transforms into a convenient mirror and demonstrates to you how those jewellery look when worn, from all sides.
Campaigns and Online Networking:
One of the key variables towards the achievement of any business nowadays, particularly web-based business organizations, is online networking. What’s more, CaratLane, over the course of more than 10 years, has officially taken in this. They have more than 2 million likes on Facebook, almost 190k followers on Instagram and 4.1k followers on Twitter.
Some online networking efforts they carry out so as to additionally build their following are #WomenOfMettle wherein the brand posted creatives and pictures of ladies they paid a tribute to. This was done to praise their seventh commemoration in 2015. This campaign slanted on Twitter in the #1 spot for a long time! CaratLane even made a different microsite for further elaboration of this campaign. This site included measurements and chunks of data about ladies in India and a Twitter module that prevailing with regards to showing all posts under the #WomenOfMettle tag on Twitter on the site too. CaratLane Digital Marketing Strategy was observed to be very successful.
Caratlane uses various campaigns for marketing and promotion of their brand. In 2016 they rolled out #Everydayiswomensday , a TV campaign to reinforce the thought that women deserve to pamper themselves. #EveryDayLove, another campaign they rolled out in the following year to celebrate Valentine’s Day. Two digital films were produced for this campaign. In 2015 they launched another #WomenofMettle campaign and induct women achievers as brand ambassadors. Dipika Pallikal, VJ Paloma Rao, Dr Priya Selvaraj, Rumaiza Fathima & Meera Ravi of The Dream Theme, teacher-turned-entrepreneur Sandhya Rajan, RJ Sanobar Sultana, fashion designer Shilpa Vummiti, Taj Hotels’ corporate director Sanjuktha Roy, and former product consultant Shakthi Vijaykumar were nominated as the brand ambassadors.
Around 60% of Caratlane’s business currently originated from the best 8 cities. They had not just turned into the principal enormous name in India, yet additionally had expanded their incomes to more than 100 crores yearly (2013), which further hopped to 140 crores in FY14.
All the more as of late, with almost 300 employees, despite the fact that the organization has been shying far from unveiling their financials for FY15, however, it is sure that they have seen a tremendous increment in the client base, which has come to a challenging 300,000. They are additionally in plans and arrangements to expand their incomes to 1500 crores by 2019 also. They have raised almost 318.31 crores of funding from Tiger Global.