How GIVA made silver accessible for all?

GIVA's RFO spiked by 96.4%. Here's How.

Author

Shailja
March 06, 2024

A brand becomes a D2C success when it resonates with the audience in terms of its primary pain points. GIVA didn't have to dive deep to get hold of the two problems that young people faced in the jewelry industry-accessibility and affordability. This is StartupStoic, a newsletter that assists you in learning better and strategizing your startup ideas, just like GIVA. If you find it helpful, feel free to share it with others.

Gift is the purest expression of love. 

The smile that tugs the lips when she opens that pastel blue box. The sudden surprise moment for him when you gift him the bracelet for his birthday. It makes you smile too!

GIVA understood this assignment. 

When the Indian market was filled with high-end jewelry providers, GIVA stepped up as the face of silver adornments. They brought economical fine jewelry options to the market. Apart from being accessible, these jewelry pieces were hallmarked silver, a sign of purity and trust. 

The brand continued to target the age group of 18-45 years, primarily women. Men's audience found space in the gifting section and eventually, the brand began introducing men's jewelry too, on their website. 

The consolidated financial statements of FY23 rose by 96.4% from ₹ 84 crore (FY22) to ₹165 crore (FY23). What strategies helped GIVA mark up itself in the D2C industry?

Breakdown of GIVA's Domination:

1. Affordability & Accessibility:

  • Targeted audience: GIVA shifted the focus from traditional high-end jewelry to a broader audience by offering affordable, designer-inspired silver jewelry.

  • Market gap: This resonated with a new generation of jewelry consumers seeking trendy and stylish pieces at accessible price points, allowing them to experiment with their style without breaking the bank.

2. Omnichannel Presence:

  • Beyond physical stores: GIVA understood the changing consumer landscape and established a strong online presence through a user-friendly e-commerce platform.

  • Reaching a wider audience: This, coupled with strategic social media marketing, allowed them to reach customers wherever they were, online or offline, and cater to their preferred shopping channels.

3. Personalized Customer Experience:

  • Building loyalty: GIVA's experience centers offered more than just products. They provided personalized consultations, cleaning services, and lifetime plating, creating a memorable and personalized customer experience.

  • Building trust: This focus on customer service fostered loyalty and trust, encouraging repeat business and positive word-of-mouth recommendations.

4. Commitment to Sustainability:

  • Catering to a growing segment: GIVA recognized the growing importance of sustainability among consumers, particularly in the direct-to-consumer (D2C) space.

  • Ethical practices: By embracing sustainable practices in sourcing and manufacturing, they were able to appeal to environmentally conscious consumers, setting themselves apart from competitors who might not prioritize sustainability.

GIVA: Revolutionizing the Jewelry Industry

1. Normalizing Luxury:

  • Traditionally, luxury jewelry was associated with hefty price tags and exclusivity, often out of reach for many. GIVA shattered this notion by offering high-quality, design-driven pieces at accessible price points. They brought jewelry into the hands of the middle-class audience, making jewelry a normalized luxury. This made aspirational designs attainable for a wider audience, fostering inclusivity and empowering individuals to express themselves through their unique style.

2. Blended Online and Offline Presence:

  • GIVA understands that today's consumers seamlessly navigate between online and physical spaces. They have seamlessly integrated their online store and physical showrooms, creating a cohesive omnichannel experience. Being omnichannel helped them blend different approaches to offer maximum flexibility and convenience, catering to diverse shopping preferences. GIVA made itself available on all social marketplaces like Amazon India, Nykaa, Myntra, and Flipkart, before creating a physical presence in 20 cities. Customers can browse the latest collections online, get personalized recommendations from virtual assistants, and then visit a store to try on pieces and experience the jewelry firsthand. 

3. Prioritizing Customer Experience:

  • GIVA goes beyond simply selling jewelry; they prioritize building lasting relationships with their customers. They exceed expectations by:

    • Offering personalized service, where customers receive tailored recommendations and assistance from knowledgeable staff.

    • Providing value-added services such as gift-wrapping, free returns and exchanges, and loyalty programs, ensuring customer satisfaction and building brand loyalty.

Key Takeaways for D2C Leaders:

1. Deep Customer Understanding:

  • Unmet Needs & Aspirations: Go beyond demographics and delve into customer desires, motivations, and pain points. Conduct market research, analyze customer data, and engage with them directly to uncover hidden opportunities and create products that truly resonate.

  • Budget-Conscious Solutions: Offer products at various price points to cater to diverse customer segments. Consider offering subscription models, financing options, or tiered product bundles to meet different affordability needs.

2. Seamless Omnichannel Presence:

  • Unified Customer Experience: Ensure consistent brand messaging, product information, and customer service across all touchpoints, whether online (website, social media, marketplaces) or offline (physical stores, pop-up events).

  • Convenience & Flexibility: Provide multiple purchasing options (online, in-store pickup, home delivery) and cater to diverse communication preferences (email, chat, phone).

3. Prioritizing Customer Experience:

  • Exceeding Expectations: Go beyond basic customer service and surprise your customers with delightful experiences. Offer personalized recommendations, loyalty programs, exclusive events, or unexpected benefits.

  • Building Loyalty: Foster meaningful connections with your customers through active listening, addressing concerns promptly, and building a community around your brand.

4. Aligning with Values:

  • Sustainability & Ethics: Integrate sustainable practices into your operations (e.g., eco-friendly packaging, ethical sourcing). Be transparent about your values and commitment to social responsibility to build trust with conscious consumers.

  • Social Impact: Consider supporting causes that align with your brand values and enable customers to contribute through your platform. This creates a positive association and fosters a sense of shared purpose.

GIVA's success story is a testament to the power of innovation and customer-centricity in the D2C space. By focusing on affordability, experience, and sustainability, they've carved a unique niche and become a dominant force in the jewelry industry.