We, at Nek, bring you ✨luxury that fits your lifestyle✨ —so you can embrace elegance every day without breaking the bank. Our exquisite gold and silver jewellery blends timeless designs with modern affordability.

Don’t have the budget to buy your favorite piece right now? No problem! Start saving as little as ₹10 daily in your Digital Gullak (Jar), and watch your small savings turn into your everyday statement jewelry.

With Nek, luxury is affordable, achievable, and uniquely yours! 💍

Product

Core Value Proposition

Nek makes gold, silver, and diamond jewelry affordable and accessible to all for everyday wear, allowing everyone to embrace luxury without compromise. By seamlessly integrating digital gold savings, Nek bridges the gap between saving and ownership, enabling users to convert their micro-savings into beautiful jewelry effortlessly.

Its unique value prop is tech-enabled inclusivity and cultural resonance, offering products like gold and silver rakhis that blend modern financial tools with traditional celebrations.

Feature Highlights for Jar and Nek

1. The app has a low barrier to entry where people can start investing from as low as Rs. 1, making it easy and accessible for even first-time investors.
2. The setup is simple with minimal paperwork, and no complex KYC for onboarding.
3. There is a lot of Gamification and animation in the app from start to end, such as quick save using a slider, spin the wheel for awards, dropping Gold in the Gullak, etc. keeping users hooked to the platform and nudging them to save more.
4. Nek is integrated within the app itself for easy discovery and catalog with great designs for every occasion and user, and seamless conversion of gold savings to buy jewelry.

Product Offerings

• Gold/Silver coins
• Everyday jewelry
• Birthstones
• Gold and silver rakhi (occasion dependent)
• God's idols and frames
• USP - conversion of Jar gold savings into jewelry

Current Acquisition Channels

Users

Initial User Research

Jar App

This user research aimed to understand how the Jar app's current users perceive the product. Since the acquisition strategy aims to bring new users to Nek, who will, in turn, convert to users of the Jar app, it is important to understand if the user is well integrated into the app ecosystem since Nek exists within the app itself.

Jewellery Brand (Nek)

This user research aimed at understanding how the brand value of Nek is perceived among consumers, which will help us fill gaps in converting new users to buy from Nek. Since it is a new brand, I was not able to find consumers of Nek, so I conducted research around general perception towards jewelry (gold/silver/diamond) brands.

ICPs

ICP Prioritization

Looking at the ICP prioritization table above, the top 2 ICPs would be Salaried Women and College-going women. The acquisition strategy will be designed with them in mind.

Market Analysis

Nek's Right to Win

Nek stands out by offering transparent, affordable, and stylish jewelry tailored for today’s salaried and college-going women. With a tech-enabled platform that simplifies buying by allowing users to convert digital gold savings to jewelry, Nek makes everyday jewelry accessible, focusing on education and ease of use. This customer-centric approach builds trust and loyalty, making Nek the go-to choice for quality jewelry that fits both style and budget.

What can we learn from our competitors?

Nek can draw valuable insights from competitors by focusing on a few strategic areas.

• CaratLane's omnichannel approach with both online and offline stores helps build trust and accessibility which is a major issue for Nek right now. Nek could benefit from partnerships or pop-ups to enhance its physical presence.
• From Giva’s emphasis on personalized and ethical offerings, Nek can consider adding customization options and highlighting sourcing practices to appeal to conscious consumers.
• Additionally, competitors’ strong social media engagement and influencer partnerships emphasize the importance of using relatable storytelling and visuals to create an emotional connection with users.

Total Addressable Market

• The Indian jewelry market is valued at ~ 86-90 Billion USD, with an increasing trend towards affordable, daily-wear pieces among younger, urban consumers.
• The total wearable jewelry market across all consumers (women, men, kids) accounts for ~70-80%

So, total addressable market can be -
= $90 Bn * 0.8
= ~$72 Billion

Total Obtainable Market

• Nek specifically targets college-going women and salaried women in urban areas who prefer affordable jewelry, accounting for ~30% of the total market.
• It also has men's and kid's jewelry for everyday use, making up ~5-10% of the total market.

So, the total obtainable market becomes:
= $72 Bn * 0.4
= $28.8 Bn
= ~$30 Billlion

Serviceable Obtainable Market

Given Nek's digital-first model and the highly competitive market, a conservative share of around 5-10% of the TOM could be feasible.
So, the total serviceable market becomes:
=$30 Bn * 0.05
=$1.5 Billion

Channel Prioritization

Goals

• Since Nek is a new jewelry brand, the two most important things to accomplish are brand awareness and trust.
• Basis the user interview, the most important factor that guides the user's buying decision is trust in the brand because jewelry is a high-ticket purchase, and if people have not heard enough of the brand, they simply won't have trust.

The key acquisition channels are compared in the table below based on various parameters such as Cost, Flexibility, Effort, Impact, and Reach. \In line with Nek's aim to build brand awareness and trust, each channel is assessed to identify the most efficient path for growth in the early scaling stage.

Based on the above Prioritization table, Content Loops and Product Integrations stand out the most with their low cost and flexibility to connect with the customers authentically while also maximizing reach and impact.

Why Content Loops?

• Cost: The cost of setting up a content loop does not involve heavy up-front costs making it a sustainable choice for a new brand.
• Flexibility: Nek can tailor content across different platforms, on different topics to engage with users ranging from blogs about fashion to social media content around accessories.
• Effort: By outsourcing the content creation to the influencers and customers themselves, the effort can be very low since the audience both creates and consumes it.
• Impact: If the brand is endorsed and worn by trusted influencers and their friends, the impact on trust and brand awareness can be quite high serving as online WOM.
• Reach: The reach can be high due to wide shareability across social media platforms increasing the brand's presence.

Why Product Integrations?

• Cost: If there is synergy between the products, the integration cost could be minimal considering only technical requirements.
• Flexibility: There can be a variety of ideas and contexts in which the integration can take place for example pairing with other investment options, luxury items, and the integration can be short-term (for example only for the occasion of Dhanteras/Diwali) or long-term.
• Effort: The effort required can be low-medium depending upon the product we are integrating with.
• Impact: By associating with reputable and known brands/products, the trust in Nek can be inherently increased and introduced to new audiences leading to a high impact.
• Reach: The reach will be medium but the new customers will be targeted ones which will enhance our conversion.

Another important channel to acquire and retain new users is to have an offline store opening, to raise brand awareness and trust.

Content Loops

Our ICPs spend a lot of time on social media platforms and they serve as the best places to initiate a content loop. Digging deeper, 3 different places to create these loops are identified along with the hook, generation, and distribution of the content.

Content Loop Prioritization - Who's the winner?

We analyzed the identified channels based on parameters such as the effort required and its impact, their engagement rate, and content suitability.

Based on the above prioritization metrics, Instagram was deemed the most suitable.

Why Instagram? 📸

• Since Nek is a jewelry brand, it is crucial to be visually driven and have suitable content with high engagement around fashion and lifestyle topics to build a brand image. Instagram is the ideal place where visually appealing posts and content float around because it has created a culture where users are eager to share and learn about fashion and styling.
• Moreover, Instagram's reach can be faster and more organic because of the Explore tab, timelines, and easy shareability, unlike YouTube and Blogs, which users only discover via a search and take a long time to reach a large user base.
• Both the other channels require high effort as compared to their reach from Nek or Jar's content team to curate and create content that is also suitable and optimized for SEO, making them less preferable in the short term. They could be beneficial to build a loyal user base over the long term.

Content loop flow

The idea is to create a self-sustaining content loop where the generator and the distributor are the consumers themselves, minimizing Nek's effort while also building layers of trust for the brand which is important for a high-ticket item like jewelry.

• How? This can be done by launching a social media challenge with a hashtag that is memorable and includes the brand name, coupled with some hashtags that are broader to have a wider reach. We can use some tools like Hashtagify and Display Purposes to find relevant hashtags and assess their reach, popularity, and trends.
• Who? Some current and previous customers of Nek and popular fashion influencers can be handpicked and invited for the challenge with incentives.
• What? They should be asked to create a visually appealing reel highlighting Nek's design and reliability, and inviting their followers to hop on the challenge and unlock some discount on their first purchase from Nek. The discount can be decided based on the campaign budget. The discount can be kept limited to create urgency and hype among users.
• Additional ideas to boost engagement:
• • Tiered Rewards System for milestones: can include mini rewards for reaching milestones like 100 likes, comments/shares on the post.
  • Add a fan-favorite option: The followers can be allowed to vote for their favorite #NekYourStyle reel or photo and post with most likes can be offered a grand prize (free jewelry or large discount) incentivizing participants to promote their posts, increasing reach.
  • Create a Nek Lookbook: Handpick the best entries and create a Nek lookbook or post it on Nek's website, attracting new customers to the brand as they get confident seeing real people (and not models) using and styling the jewelry. Can also encourage users to create compelling posts.

Details of the flow

1. Hook
   - The user receives the jewelry she ordered from Nek, with attractive packaging
   - The package has a challenge prompt to post a reel/picture with the #NekYourStyle sharing how they would style this jewelry, with the promise of winning exciting rewards or the platform currency (for example, getting some discount on their next purchase, Nek wallet credits, etc.)
   - We can also pick select influencers and ask them to participate in this challenge by becoming a brand ambassador for increased reach and trust.
   
2. Generator
   - The user/influencer creates the post/reel and posts it on her timeline.
   
3. Distributor
   - The reel appears on their followers' timelines and explore tabs, and more people discover about the brand and check out their products.
   - Since their friends and influencers talk about the brand, it helps to add a personal level of trust.
   - More people order from Nek and hop on the challenge completing the loop.
   

Product Integrations

Product Selection

ICPs: Working professionals (women)

Age: 25-40

Location: Tier 1-2 cities

Marital Status: Single/Married

Our ICPs spend a lot of time on social media, shopping, and financial apps (being inclined towards investments). Based on user and market research, the following few products were identified where most users spend time and some synergy for integration is possible.

An additional important factor for PhonePe: PhonePe Jar partnership
'PhonePe partners with Jar to launch Daily Savings in Digital Gold'

While the frequency and importance of the interaction of our users with Nykaa/Myntra are significant, our product can't add much value to them, it will end up being listed as another brand on these apps, facing competition from other reputed ones.

The recent Jar and PhonePe partnership combined with somewhat significant reach and importance makes it a good choice as Nek's integration aligns with the intent to build trust and can seem like a natural extension of the partnership. The users can discover the option to buy Jewelry from Nek using the daily savings that they make in Gold on PhonePe.

PhonePe and Nek Integration

How is this valuable?

• PhonePe has users who are keen investors. It leverages the gold-saving feature from Jar and can differentiate itself from other apps by providing added functionality to directly convert gold savings into jewelry from the app itself.
• Nek gets access to a wider targeted audience and gets to build trust in their brand through PhonePe.

1. Integration Points

• Many users on PhonePe are already engaged in daily gold savings, familiarizing them with the concept of investing in precious metals. Nek can position its jewelry as the next step in this journey, allowing users to convert their virtual gold savings into tangible, wearable gold or jewelry items.
• Under the Purchases section of the PhonePe app, besides the new Daily savings feature
• Although not a product integration, Nek can also give reward coupons in PhonePe which can also be used for user discovery.

2. User Flow

• While scrolling in the PhonePe home screen app to discover the Gold saving options, the user will also discover the jewelry purchase option using their savings
• Users will click on the button which will then redirect them to Nek's website (if they don't have the app), or the Nek tab inside the Jar app directly if they have the app, minimizing steps and allowing seamless integration for purchase.
• The integration can be made more seamless by detecting and using the same PhonePe number to log in to the Jar app, if not logged in already.

3. Functionality

• If the user is doing a guest login, can add a touchpoint in the flow to let them know about making an account on Jar to save daily and use those savings/credits to buy jewelry.

User Journey Flow

Nek Flow from PhonePe - Creatives

Point of Discovery:

Access Link to the mockup flow - Here