Per the latest reports, India’s online jewelry market is projected to grow to $3.7 Billion by 2025 at a CAGR of 28% (source: IIGIndia). That’s not a surprise given how in today’s fast-paced world, nobody wants to spend hours buying jewelry from a brick-and-mortar store when they can buy directly from a D2C store.
Jewelry D2C brands in India offer customers the luxury of buying precious stones/gems from the comfort of their homes. Also, most local retailers can’t match the vast collection of jewels that an online direct-to-consumer store can put on display.
With that in mind, and given the recent advancements being made in the eCommerce industry, owning a D2C store has become an excellent sales channel for pan-India jewelers. However, if your D2C jewelry store struggles to get off the ground and cannot reach the desired audience, then the “ONDC network” might just be the game-changer you’ve been looking for.
In this article, we’ll tell you about the five main reasons to sell on ONDC network and how jewelers with an active D2C store can multiply their growth on the open network using the Mystore seller app. Happy reading!
Table of Contents
ONDC Network: A Blessing For India’s D2C Marketplaces
ONDC network is a novel initiative incubated by the Indian government to promote eCommerce at the grassroots level (i.e. local retailers, mom-and-pop shops, and small startups). The idea is to drive innovation, inclusion and interoperability by onboarding millions of buyers, sellers, and logistics firms on a decentralized network.
By 2025, the ONDC network wagon is expected to roll out in all major cities and towns across India, with an estimated 900 million buyers and 1.2 million merchants connected digitally on a neutral network.
For the emerging D2C brands in India, ONDC network will prove to be a blessing through its facilitator-driven framework. As a jeweler, being able to sell on ONDC network through a fully-compliant Mystore seller app means standardized operations, nationwide visibility, improved logistics and an A-grade customer experience.
Grow With ONDC network - 5 Reasons To Join The Open Network
The ONDC network, in many ways, has been introduced at the perfect time as the direct-to-consumer industry pivots into the next phase of innovation. However, not everyone is sold on the idea of leaving their current marketplaces to join a relatively unknown platform, especially eCommerce players embarking on a new journey.
Need a reason to join the democratic network? We’ll give you five!
All eCommerce businesses can enlist on the open network
The biggest and most talked-about feature of ONDC network is that it welcomes all eCommerce players to sell their products and services without being hassled by intermediaries or disruptive aggregators. Sellers, SMBs, and D2C brands have a seamless and inclusive onboarding experience.
All D2C brands in India can sell to millions of digital buyers without registering with multiple platforms. Plus, registered vendors keep most of their profits by avoiding exorbitant commission rates or monthly subscription costs. The open network is hence the perfect launching pad for newbie jewelry merchants/firms.
Multiple payment gateways equals faster checkouts:
In today's digital age, buyers are increasingly comfortable making purchases online, but they want to know that their payments are secure if expensive jewelry is involved. By offering multiple channels for processing and receiving payments quickly and securely, D2C brands can boost customer confidence and elevate their brand image. Multiple payment gateway options offered by the Mystore seller app help your online jewelry store stand out from the competition.
Complete trust portability for pan-India D2C businesses
ONDC network offers reputation portability as one of its key selling points to all merchants. Merchants can import their brand reputation (i.e. reviews, ratings, testimonials, and other positive feedback) from one platform (say Amazon) to a different platform (Mystore seller app). These credentials are visible to buyers throughout the network, assuring them that the online jeweler is trustworthy.
Leverage hyperlocal commerce
Not every jeweler has the resources or would want to sell to a nationwide audience. ONDC network is the perfect solution for them as it allows them to sell hyper-locally. The model facilitates quick and effortless delivery without establishing a nationwide supply chain network. What’s more? Once you start growing, you can ship jewelry to more pin codes using the platform’s on-network logistics.
Leverage Mystore to experiment with products:
Monolithic marketplaces don’t give room for innovation and flexibility. D2C brands in India looking to grow by experimenting with new products and marketing schemes can’t afford to do so by selling on Amazon or Flipkart due to their non-flexible and non-negotiable selling policies.
Contrastingly, ONDC network adopts a highly flexible, facilitator-driven infrastructure. Through a powerful seller app like Mystore, online jewelers can leverage key customer insights and experiment with new product launches based on feedback, hence offering a fully-personalized shopping experience.
Conclusion
Customers in 2023 hold high expectations, especially if they’re buying expensive, precious stones and ornaments. They want to have maximum options, compare prices, and then choose their preferred D2C jewelry store. With better discoverability amongst pan-India buyers, an optimized value chain, and reduced operating costs, no wonder ONDC network is penciled in to usher in a new era of eCommerce excellence!
Time to make a move! Level up your eCommerce game with future-proof solutions from Mystore.