Inside CaratLane: We Think Millennial
So, who is the millennial buyer? They are confident and independent, capable of making all their decisions. They are a ‘me customer’ who look for anchors other than price — in fact, money isn’t a factor, as EMIs are a new reality, and most youngsters spend 10 times their salary. Millennials need new things and a hook to hold on to the brand — it could be design (like us), a social cause, or something else.” They are early adopters of trends, too, he says. They are a product of a different generation and strongly believe that their tastes and preferences reflect that. Keen observations like these by founder and CEO Mithun Sacheti makes CaratLane the leaders in the online jewellery market.
Technology goes a long way in building this millennial brand. Forty per cent of CaratLane’s business comes from its 3D app — they are still the only one in the world that lets people virtually try on jewellery.
Impulse buying is another factor for their success, says Sacheti, especially since millennials do not believe jewellery is an investment. It is the everyday-quality that draws their attention. And this is where CaratLane helps push sales with predictive analysis. “The buying peak is at the beginning of the month, so if we time salary, an occasion and sale, we help them ‘pre-pone’ gratification,” says Sacheti.