Mithun Sacheti, CEO of CaratLane, shares insights into the challenges and triumphs of bringing the traditional jewelry business online in a ‘low-trust’ society like India.
His experience in the industry, combined with a tech-enabled approach, has set CaratLane apart in the digital marketplace (it was one of the largest M&A story in Indian startup ecosystem).
Challenges and Triumphs in Online Jewelry
Launching CaratLane came with its set of challenges – from payment gateway issues to fraud concerns.
However, the unique combination of manufacturing expertise and tech-enabled solutions has set CaratLane apart, providing a trustworthy platform for jewelry purchases online.
Understanding the Cultural Significance of Jewelry
Jewelry in India is more than just an accessory – it’s an emotion, an investment, and a symbol of heritage.
This cultural significance, underlined by the Indian average of jewelry to GDP being 2.1, plays a crucial role in the industry’s dynamics.
Tackling Trust Issues
A major challenge faced was the initial lack of trust in the online jewelry category in India, leading to low conversion rates.
By targeting a new, younger audience and creating a distinct brand identity, CaratLane was able to overcome this hurdle.
