GIVA Jewellery

GIVA is a fine jewellery brand of 925 sterling silver. We have grown to be the largest D2C jewellery brand in India that has gained people’s trust as a go-to choice for gifting. 

Core Value Proposition ​

Providing affordable yet trendy silver fine jewellery to our customer base through a wide array of online and offline channels, delivering a seamless omni-channel experience making it an ideal brand for gifting

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Values of Giva

• Affordability - Giva positions itself as offering jewelry at more accessible price points compared to many traditional jewelry brands.
• Accessibility - Giva products are widely available through various retail and online channels, making their jewelry more accessible to a broad consumer base.
• Variety - Giva offers a diverse selection of jewelry styles and designs to cater to different customer preferences and tastes.
• Quality - While positioned as an affordable brand, Giva still aims to provide quality craftsmanship and materials in their jewelry pieces.
• Trend-forward - Giva seems to focus on incorporating current fashion trends and styles into their jewelry offerings.

How do customer experience the value proposition

• Customers experience the value proposition through multiple convenient channels and exceptional service guarantees. They can explore a wide variety of silver jewelry options on the website and through trusted online partners such as Amazon, Nykaa, and Tata Cliq.

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• For those who prefer an in-person shopping experience, the extensive network of offline stores across many markets in India allows customers to try the products firsthand, fostering trust in the brand's quality.

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• The commitment to a hassle-free experience is evident in the 30-day return policy, 6-month product warranty, and lifetime plating warranty, ensuring customer satisfaction and long-term peace of mind.

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Natural frequency current users of Giva

• Casual Users - Once in 6 months
• Core Users - Every 3-4 Months
• Power Users - Every 2-3 Months

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Sub- Products

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​Engagement Framework for the product ​

Framework chosen: Depth of Engagement

Frequency x money/time

Reasoning:

• Giva offers a diverse range of jewelry products, from earrings and necklaces to rings and anklets, designed to appeal to a wide audience. As customers continue using our products, they experience our core value proposition: high-quality items at affordable prices, which encourages them to shop with us more frequently.
• The brand has positioned itself effectively by providing a low-cost entry point with popular items like earrings and rings starting at just ₹799 allowing customer try on more products.
• As customers experience the excellent quality of these lower-priced items, they are more likely to invest in higher-priced product from various categories , more intricate designs, confident that they will receive the same high level of craftsmanship allowing them to experience the core value proposition of the brand.

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Frequency of Engagement is also a suitable framework for the brand.

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Reasoning :

• Number of purchase x Number of months
• Number of purchases- This tracks how often customers buy different products. Increased purchases indicate higher engagement and a stronger relationship with the brand.
• Number of months - This measures the duration over which customers remain actively engaged with the brand. Sustained engagement over longer periods indicates customer loyalty and satisfaction.

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E&R Metrics​

Active User

Customers who purchases a minimum of 1 or more jewellery through online or offline channels in a span of 6 months.

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Natural Frequency

• Casual Users : Once in 6 months
• • Typical user who has explored the depth of the offering from Giva
  • E.g. New user who got to know about Giva from the her friend and buy a low price point offerings like ring or earrings.

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• Core Users : Every 3-4 months
• • Typical users are loyal to the brand, preferring specific categories of products for everyday wear or special occasions
  • E.g. User who buy earrings for their everyday use and buy second pair of earrings which are more traditional in design for festivities and weddings use.

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• Power Users : Every 2-3 months
• • Typical users whose go-to silver jewelry brand is Giva have purchased extensively across categories and regularly visit the website to explore new collections.
  • E.g. Users who love to buy jewelry for its quality and change their jewelry daily based on their outfit, constantly seeking new designs.

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Segmentation ​

Persona based Segmentation

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Usage Based Segmentation

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Engagement Campaigns

Campaign for Casual Users -Money Conscious

These consumers prefer products that fit within their budget and prioritize purchases during sales, seeking items that offer long-term use. They tend to spend minimally on clothing and accessories and are attentive to fashion trends.

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What will Work

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Engaging them with discounts is crucial for encouraging more shopping. Showcasing videos or images demonstrating different ways to wear products can further capture their interest and enhance their shopping experience. Highlighting how a particular earring can complement a variety of clothing styles will also appeal to their desire for versatility and value. Moreover, emphasizing the high quality of our products ensures they see the investment potential in their purchases, reinforcing their confidence in choosing our brand.

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Campaign for Casual Users -Casual Spenders

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These consumers prioritize budget-friendly purchases, especially during sales, focusing on trending designs and styles while also valuing quality. They are savvy shoppers who eagerly seize opportunities for discounts and occasionally indulge in more extravagant purchases. They also enjoy showcasing their stylish finds, making them influencers among their peers."

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What will Work

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Engaging them with discounts is crucial for encouraging more shopping. Showcasing videos or images demonstrating different ways to wear products can further capture their interest and enhance their shopping experience. Highlighting how a particular earring can complement a variety of clothing styles will also appeal to their desire for versatility and value. Moreover, emphasizing the high quality of our products ensures they see the investment potential in their purchases, reinforcing their confidence in choosing our brand.

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Campaign for Casual Users -Shopaholic

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These consumers are highly fashion-savvy, regularly following both national and international fashion bloggers for the latest trends. They have substantial disposable income and a strong passion for shopping, enjoying the thrill of discovering and purchasing new, stylish pieces. Their exposure to diverse fashion influences makes them discerning shoppers who appreciate quality and uniqueness in their fashion choices.

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What will Work

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Engaging them with discounts is crucial for encouraging more shopping. Showcasing videos or images demonstrating different ways to wear products can further capture their interest and enhance their shopping experience. Highlighting how a particular earring can complement a variety of clothing styles will also appeal to their desire for versatility and value. Moreover, emphasizing the high quality of our products ensures they see the investment potential in their purchases, reinforcing their confidence in choosing our brand.

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Retention

Birds Eye View

What is your current retention rate in terms of users ?

• Based on secondary data, GIVA has demonstrated year-on-year growth of over 100%, showcasing strong market potential and a growing demand for jewelry products. This impressive growth highlights the brand's effective strategies in catering to fashion-savvy consumers and its ability to capture a significant share of the jewelry market

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• GIVA crossed the INR 100 Cr mark in terms of operating revenue in the financial year ended March 31, 2023. The startup’s operating revenue surged 97% to INR 165 Cr in FY23 from INR 84 Cr in the previous fiscal year. Showing an year on year growth in the brand

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• GIVA spent INR 77 Cr on selling and marketing expenses, a 64% increase from INR 47 Cr it spent in the previous year. This expense included advertising, brand promotion, and brand photoshoot expenses – everything that a brand needs to raise brand awareness.Source

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• However brand has made a made reported loss of 45 Cr in FY23 compared to FY22 of 19 Cr which is due to the following two reason

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• Marketing Costs The Biggest Expense: GIVA spent INR 77 Cr on selling and marketing expenses, a 64% increase from INR 47 Cr it spent in the previous year. This expense included advertising, brand promotion, and brand photoshoot expenses – everything that a brand needs to raise brand awareness.Source

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• Procurement Cost Surges: The startup’s procurement cost zoomed 114% to INR 74.3 Cr in FY23 from INR 34.7 Cr in FY22. The increase in procurement cost also indicates higher demand for the brand’s jewellery. Source​
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• Based on the revenue of the business (Rs 165 crore for FY 23), of which Rs 77 crore was spent on selling and marketing expenses including store expansion in tier 1, 2, and 3 cities, it appears that the brand's retention rate may have been impacted. This significant investment in marketing and expansion suggests a focus on acquiring new customers, which can sometimes come at the expense of retention efforts.

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• While direct mathematical data on Giva's retention rate is difficult to find through secondary searches, it is useful to consider industry benchmarks. Direct-to-consumer (D2C) brands in the apparel and accessories sector, which includes jewelry, typically have an average retention rate of around 26%【125†source】【116†source】. Given that jewelry falls within this category, it is reasonable to assume that Giva's retention rate aligns with this industry standard.

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• Hence, based on the above points, we can estimate that Giva's retention rate is likely around 25-30% across all platforms in FY 2023. This assumption is grounded in industry benchmarks and the significant marketing expenditure observed in their financials.

At what time period does your retention curve flatten? Draw the retention curve

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a. Based on secondary data research, most of Giva's jewelry is sold through its own website and offline stores. It is safe to assume that the retention rate sits at approximately 40% based on revenue

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b.The industry average for retail is 32.7%

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c. In contrast, the industry average for D2C brands in the apparel and accessories sector, which includes jewellery, is around 26%.

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d.Assuming this retention rate over a period of one year, we can plot the following graph. This data suggests that the retention rate flattens over a period of 8 months, indicating variability in customer loyalty and repeat purchases.

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Microscopic View

Which ICPs drive the best retention ?​

Core and Power users drive maximum retention. The reasons are explained in the following table.

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What Channels drive the best retention ?

• Basis of user calls and surveys 70% of user bought it from their own website and store and this drive the best retention for the brand
• The perception of the brand is mostly positive, and customers are willing to buy more products from the brand. While many consumers first explored the brand through advertisements, running ad campaigns is likely a great way to attract new consumers to the brand.

What sub-features or sub-products drive the best retention?

Earring

• Most of buyers prefer buying Earring due low cost of entry and, it's something staple in every woman's wardrobe and is something women like to wear all the time, regardless of any other jewelry. This is why they are always looking for something that can be worn every day. This preference also explains why men often prefer to buy earrings as gifts for their partners.

Rings

• Based on insights from secondary research and surveys, after earrings, women most frequently purchase items that are low-cost yet high-quality, as these are worn frequently and required in various styles. This is why Giva Jewelry, with its affordable entry prices, makes a lot of sense.

Anklets

• Giva excels in this niche category as it stands unchallenged by branded alternatives, enabling them to establish a strong presence in the market.

Reasons for Churn

Top reasons for churn

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Negative Actions

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• Negative review on social media - Users are dissatisfied with the product quality, especially based on survey pointed out issues like the EDM coating fading away, and they feel unheard. As a result, multiple support tickets are being raised.

• Low NPS or CSAT score - Low Net Promoter Scores (NPS) signify that users are dissatisfied with the brand's products, impacting both customer satisfaction scores and business growth.

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• Reduced frequency of purchase - The user is dissatisfied with the overall pricing , product quality, delivery, and packaging experience, prompting them to switch to competitors like Shaya and Melorra.

• Reduced AOV - The user is dissatisfied with the overall product quality, delivery, and packaging experience, prompting them to switch to competitors like Shaya and Melorra.

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• Unsubscribing from email/ sms- User consider the communication to be spam as there to many emails everyday.Hence unsubscribed

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• Unsubscribing from Watsapp Channel - User is no longer interested in the brand's offerings and has likely shifted to an alternative brand.

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• Unsubscribing from pushed notification - User consider the communication to be spam as there to many notifications. Hence, unsubscribed

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Resurrection Campaigns

For Voluntary reason of churn below are the listed Campaigns:

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