Imagine a scenario where you can browse through tons of exquisite jewelry items, all from your comfort of home. Sounds exciting, right? BlueStone has made this scenario possible in real time! However, the thing to notice is that how does this online jewelry store Bluestone make money, also will get into the details of its exquisite BlueStone Business Model.
Let’s Start !
A Brief Overview of BlueStone
BlueStone has emerged as a prominent player in the world of online jewelry retail. The brand has launched its 100th store at City Centre, Siliguri, West Bengal. The omnichannel brand experienced a massive expansion with the opening of more than 10 stores in different cities.
BlueStone offers various features and services to its customers, and ensures utmost customer satisfaction. Before getting into its working, it’s important to know about the company. Let’s have a look at its company profile.
|Name of the Company||BlueStone|
|Founder||Gaurav Singh Kushwaha (CEO)|
|Headquarter||Bengaluru, Karnataka, India|
|Type of Company||Omnichannel Fine Jewelry|
|Operating Space||B2C (Business-to-Consumer)|
|Valuation (2023)||$410 million|
|Funding (2022)||$30 million|
|Revenue (2022)||Rs.461.4 crores|
How Does BlueStone Work?
BlueStone primarily operates on an e-commerce business model, specifically in the area of online jewelry retail business. The business model of BlueStone involves various strategies and features that have helped it to become a major player in the online jewelry business.
The strategy involves the combination of technology, customization, skilled craftsmanship, transparency factor, and blend of its other features too.
Let’s look at how BlueStone works
Online Retail – BlueStone primarily conducts its business through its online website. Providing customers to choose, browse, customize, select, and purchase jewelry items from the comfort of their homes. Making all this possible with just a few clicks.
Operating Space – BlueStone operates on a B2C model, resulting in eliminating the need for middlemen. This approach often helps them in cost efficiencies and provides a more personalized shopping experience.
- BlueStone accounts for over 8000 unique designs to choose from. The jewelries range from rings, bracelets, necklace, to everyday accessories, catering to wider customer preferences and different occasions.
- Also offers a money return guarantee within a period of 30 days.
- BlueStone offers customization options for many of its jewelry items, offering customers to choose their preferred jewelry piece. This results in enhancing customer engagement and adds a bonus point to their offerings.
- Provides quality assurance, ensuring that each piece of their jewelry item meets the highest standards.
- Surety of authentication is provided.
- Provides their jewelry pieces in physical retail stores too.
- Comes with quick delivery options, the next day delivery option.
Transparency & Quality Assurance – This online jewelry retail platform places a strong emphasis on quality control of their jewelry items, ensuring that they reach high quality standards. Provide all this with 100% transparency, meaning what you see, order, or customize, you will receive the same at your doorstep.
Additional Services – By providing, Blue Cash, Blue Credit, Free gifts discounts, subscription plans for payments, special discount plans. Gift card vouchers, BlueStone accounts, helps them to thrive in the competitive world of online jewelry shopping and to expand their user base.
Pricing Strategy – BlueStone provides a complete bifurcate list of its prices. Explaining all the prices that go into the making of the particular jewelry item, including, which material used, VAT, and making charges.
Try-at-Home Service – This feature helps BlueStone to attract a more customer base as they can try and choose their jewelry item from the convenience of their home. They need not to go out and try a jewelry piece and can avoid the crowded environment of a physical store.
How Does BlueStone Make Money?
BlueStone generates revenue through a combination of strategies within its online jewelry retail business model. Their commitment to quality, customer service, with a good user interface contributes to their revenue stream earnings.
Here’s how BlueStone make money –
Product Sales – As the jewelry brand, the primary source of earning comes from the sale of its jewelry items through its platform as well as from the stores it operates from. The sale of jewelry items include the purchase of rings, necklace, bands, earnings, and other jewelry items included.
Customization – BlueStone offers the customers to choose for themselves how they want their jewelry item to be. Customization comes with additional charges, as per the gem or metal chosen for their jewelry piece.
Subscription Plans – BlueStone also offers its customers a subscription plan like Gold Mine 10+1 Plan, through which they can avail special discounts, offers. Customers will only need to pay for the subscription plan, and after it they will be eligible to buy any jewelry piece from their plan and avail special offers from time-to-time.
BlueStone offers a range of features for their customer satisfaction, but how this online jewelry giant plans their marketing strategy, to reach the masses. BlueStone makes the use of both the digital as well as the social media marketing strategies for their business.
Let’s see how –
BlueStone follows a 4Ps concept marketing strategy for their business as discussed by mba skool –
The Product Strategy
BlueStone has provided its customers with over 4000 choices from the above product list, with 100% transparency and quality assurance, certified by hallmarks. Products included – rings, bracelets, neck pieces, bangles, solitaries, nosepins, etc. this attracts a wide customer base for the brand.
The next in the list of 4Ps is the pricing strategy of BlueStone. With its customization facility, BlueStone provides clear transparency with certified hallmarks. The final bill of the customer carries a complete bifurcate list of charges that have gone into the making of their jewelry piece. This bill can be available by clicking on the ‘View Price Breakup’ option that is available on the product pages.
Apart from this BlueStone also provides the service of return guarantee of 30 days money back. They provide a refund of 100% of the payment.
BlueStone does not only want to operate as an online jewelry platform, but also wants to provide their customers with the utmost satisfaction of affordable prices of jewelry. This can be achieved by doing in-house manufacturing of their products, which can help them to reduce their inventory management costs. The in-house manufacturing of items is done with proper operating procedures.
After this for the distribution of jewelry pieces, it is given to the trusted courier company and follows a strict procedure for transactions and is carefully packed and ensured until it reaches your doorsteps.
This strategy makes use of both the tools i.e., the digital and the social media marketing. BlueStone launches strategic campaigns with actresses, celebrities and influencers, to target the required customer base. Maintains a good followers base on their social media pages. Has launched ads featuring Indian celebrities like Alia Bhatt. BlueStone became the talk of the town when the famous and one of the major businessmen Ratan Tata invested in it.
This online jewelry platform is celebrated for its diverse and unique range of jewelry. BlueStone business model has helped them to stand out in the competitive world of online jewelry retail. By combining their technology, services, customization aspect, transparency, and their amazing services, BlueStone has not only crafted a brand that provides utmost facilities to their customers but also redefined the online jewelry shopping concept.