Innovation And Adaptability

Venturing into the jewellery industry has always been a challenging task for entrepreneurs, given its resource-intensive and offline-oriented nature. Nikita Prasad, Co-founder of GIVA, highlights the importance of offline presence, explaining how it helps build customer trust beyond a certain number of online shoppers. However, with accessible internet and changing customer behaviour in India, opportunities have expanded for companies like GIVA, a startup that leverages digital adoption and a shift in mindset regarding jewellery investment. 

Traditionally, gold jewellery has been the preferred option in India, but GIVA identified a gap in the market for fine, affordable, and accessible silver jewellery collections. Prasad points out that buying a piece of gold jewellery involves a significant investment, and women nowadays are more interested in fast fashion and everyday accessories that boost their confidence and appearance. 

Offering Affordability  
To address this demand, GIVA focuses on offering reasonably priced silver jewellery between Rs 1000 to Rs 10,000, aiming to cater to every woman in the country. By providing accessible and trendy alternatives, the brand has successfully positioned itself in the dynamic jewellery space.

 Affordability and accessibility are crucial for the success of a jewellery brand, particularly if it does not focus on luxury products. 

Despite facing a funding winter and cost-cutting measures in the ecosystem, GIVA's strong fundamentals and commitment to core values helped them secure funding of around Rs 270 crore in July 2023. Buoyed by this investment, the company is optimistic about achieving a revenue of Rs 300 crore in the current fiscal year. 

Brick-and-mortar  
Understanding the significance of offline presence in the jewellery business, where customers often seek tangible products and a touch-and-feel experience, GIVA plans to open more brick-and-mortar stores in the near future. Moreover, they are exploring new verticals, such as launching 14 and 18 carat gold collections that are pocket-friendly and accessible to the working class women of the country. 

GIVA's success story demonstrates how a well-thought-out strategy of offering affordable and accessible jewellery, supported by a strong offline presence and customer trust, can lead to remarkable growth in a competitive market. By tapping into the changing preferences and spending habits of consumers, GIVA has become a game-changer in the jewellery industry, proving that innovation and adaptability are key factors for entrepreneurial success.