While the market is flooded with apps for clothing or shoes, there is a void for an exclusive platform that can offer the customer a wide array of imitation/affordable jewelry items to select from. While some clothing brands do include jewelry segment, it can often be confusing for the customer. Moreover, jewelry brands suffer a setback as most of the traffic is diverted towards the clothing or shoe section. Jewelry tech startup Bejewel has launched a jewelry market for the millennium generation with data-based brands AMONDZ and MAMA CASAR.
Through its O2O service Bejewel aims to connect the buyers and sellers through easy access to production lists and price quotes for the customers. It also offers personalized customer service and consultation for the sellers. The user is benefitted greatly by accessing a network of trustworthy sellers and updated information on the latest fashion trends. For the seller, the increased customer number through the platform widens the options for sales and marketing.
Changing market scenario
In the last few years, the market for affordable jewelry has grown manifold. The market is estimated to be $200 trillion worldwide and $6 trillion in Korea itself. On a global scale, the digital jewelry market has grown by 22% in North America as compared to 4% in Korea. This leaves a huge scope for data-driven IT companies to expand and maximize.
Plans on expansion
Bejewel plans to generate market revenue through online and offline distribution channels such as malls, duty-free shops, etc. It aims to make profits via PBs and reinvest the revenue for the platform growth. It hopes to enter the European market soon.