India is not just one of the largest consumers of jewelry, but a connoisseur, a creator and home to some of the most skilled jewelry craftsmen in the world.  Also, we are one of the biggest markets in the world – physically and in ecommerce as well. In spite of the jewelry industry size being more than 6 lakh crores, the ecommerce penetration of jewelry industry is less than 1% of the total industry.
When buying jewelry online, the consumer faces a lack of trust, inability to sell/ exchange her old jewelry, and hesitates in making large transactions online. Retailers on the other hand face problems in maintaining stock, given the investment and risk involved, and are able to cater to only a limited consumer base, with a limited inventory of designs and products. At the other extreme, the makers, wholesalers and suppliers are unable to serve more than a handful retailers, given the hurdles again in maintaining trust with retailers beyond a geographical limit, in managing deliveries, payments and invoices. All this boils down to the reality of jewelry ecommerce being utterly limited in India.
How does it work…?
Jhangad – a product of Shesh E-commerce Pvt. Ltd. our flagship product, is a platform that brings together all the players in the jewelry industry – the consumers, the retailers, and the suppliers. With carefully chosen suppliers dealing in unique products with high quality and committed TATs, the platform aims to host uniquely beautiful jewelry from the best of all the different jewelry making traditions of India. Retailers and consumers can browse these products at their leisure, but the consumer places the order through her choice of retailer. Retailer is able to showcase thousands of products without having to stock them, and take orders from consumers.
Consumer transacts only with the retailer, through any mutually convenient means and payment modes. Retailer makes online payments through the app to the supplier; supplier gets the product ready and ships through the logistics partner already in place. So, Jhangad essentially transforms the traditionally jewelry buying process into an online process, easy and convenient for each of the entities.
Product designs, variety, quality and chosen payment modes – consumer happiness sorted; showcasing and processing orders for thousands of quality products from suppliers excelling in different types of jewelry – retailer growth sorted; catering to retailers all over India, with pre-secured payments & hassle-free invoicing and delivery – supplier outreach sorted. This is how Jhangad benefits all the three players in the jewelry industry.
Vision and Goals
Vision:
To unify India through its jewelry-making traditions, and pioneer the present and future development of jewelry ecommerce industry
Short-term objectives:
- To create and operationalize an aggregator platform/ ecommerce space for jewelry industry (already achieved!)
- To provide the end-customers with unique designs and options from all over India and to widen the consumer domain for the suppliers, helping them cater the retailers and end-customers all over India
- To ensure and maintain quality, transparency, cost-competency, and commitment in the sphere of jewelry ecommerce
- To spread and strengthen awareness about the rich heritage of India – pertaining to jewelry and adornments – beyond the limitations of historical, geographical, and ethnic identities
- To promote and support the survival of diverse and unique jewelry-making traditions of India
Founders and their background
Yugal Oswal: A jeweler by family tradition, an enthusiast in coding, robotics, trekking, music, and literature. He preferred devoting his time to help students learn programming languages and build software applications, dropping out of engineering to avoid cramming for outdated yet compulsory subjects. He joined his family jewelry business in the year 2011 and was confronted by various problems the jewelry retailers faced and began contemplating a solution that would help solve these problems. Jhangad is his brain-child.
Kores Oswal: Young, dynamic, smart, yet rooted and humble – a rare combination in a businessman (and a human too these days)! Has been a part of jewelry industry for the last 15 years. He had already been experiencing the issues faced by jewelry businesses and found value in the proposed solution – Jhangad. He stands strong behind the Jhangad team, backing the idea and its execution with all the conviction.
The team
Yugal Oswal: CEO and Head – Marketing and Communications
Harshad Dagade: Head – IT
Makarand Pathak: COO
Tanha Pardeshi: Head – Design and social media
Also Read: 4 Proven Strategies To Improve And Grow Your eCommerce Apparel Business
