Executive Summary
Rudransh Jewellers introduced a customer-first Jewellery SIP (Systematic Investment Plan) allowing customers to contribute monthly and redeem accumulated funds to purchase jewellery at year-end. The brand added a strategic benefit by covering the final SIP installment for participating customers, creating both trust and a clear value proposition. This model led to higher retention, broader market reach, and ultimately attracted a ₹1 Crore investment.
Challenge
Traditional jewellery retailers face price sensitivity, infrequent purchases, and difficulty in building long-term relationships with customers. Rudransh needed a mechanism to increase repeat engagement without heavy discounting.
Solution
- Jewellery SIP: Customers subscribe to monthly micro-payments (customizable plans) to build funds for jewellery purchases.
- Brand Incentive: Rudransh covers the last monthly installment for annual subscriptions, increasing perceived value and trust.
- Digital Tracking & Communication: SMS/email reminders, a web portal to track SIPs, and personalised offers tied to the plan.
- Flexible Redemption: Customers could redeem funds with small top-ups for specific designs, making the model practical and aspirational.
Implementation
- Built a lightweight SIP management module in the existing app and web portal to register subscribers and show progress.
- Launched a marketing campaign focusing on accessibility and trust—targeting first-time buyers and gift shoppers.
- Trained in-store staff to upsell and explain the plan benefits; integrated simple ledger printouts for offline customers.
Results & Impact
Customer Retention
Significant uplift in repeat purchase intent and active long-term customers.
Revenue Predictability
Monthly SIP inflows created predictable cash flows and improved inventory planning.
Investor Confidence
Model demonstrated unit economics and scale potential, leading to a ₹1 Crore investment.
Key Metrics
Lessons Learned
- Design financial products that reduce price shock and make aspirational purchases accessible.
- Small brand-funded incentives can dramatically increase enrollment and trust.
- Combine digital tracking with human touchpoints (in-store staff) for better adoption.
Next Steps
- Scale SIP plans with tiered benefits and referral bonuses.
- Integrate EMI and partner-bank options for larger purchases.
- Prepare investor-facing KPI dashboards to support future rounds.