According to the reports of the World Gold Council titled ‘online gold market’ the pandemic has compelled the jewellery retailers to reassess their business model and start adopting digital means to boost sale in various categories.
Though relatively slim at 1-2 per cent, the online gold market in India is seeing a great thrust from both digital players who see this as an opportunity and large jewellers who see this as a necessary supplement to their brick and mortar model,” WGC Managing Director, India, Somasundaram PR said.
Retailers also taking it alacrity through integrating offline and online channels which will be critical to attract more consumers and differentiate between online gold buying and buying a gold ETF (electronic traded fund).
The report further mentioned that consumers between 18 to 45 years account for 70-80 per cent of online sales, while those over 45 years account for 20-30 per cent. The absence of tangibility in gold ornaments has long been the impediment in online retail of Gold.