Stratosphere played a crucial role in helping a renowned offline jeweller in India step into the online market. Stratosphere carefully planned a strategy for growth, focusing on expanding their reach through various channels. The first step was to thoroughly study the Online Jewellery Market. This involved looking at how big the market is, understanding who the competitors are, and observing how people behave when buying jewellery online. Through this study, we figured out how much opportunity there was and identified the specific market that the client could target.
We also learned about the trends and popular types of jewellery. We compared prices and selected the main types of jewellery to focus on. We also looked at the technology needed to run an online jewellery store successfully. In addition, we planned out how to market the jewellery, considering what customers prefer, whether it’s artificial or authentic pieces.
We created an effort vs impact chart to see which actions would have the most impact with the least amount of effort. This helped us prioritise what steps to take. These actions turned out to be crucial in the client’s successful entry into the online market. Alongside this, we developed a plan to continually improve different aspects of the business over time.