How fifth generation entrepreneur is redefining his family business
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Hardik Kapoor is a fifth generation entrepreneur, who is taking forward the legacy of his family business named Zaveri jewellers. However, Kapoor who believes in making a difference in the society with ideas, innovations and hard work, gave a new shape to his family business and turned it into Jewelsify.com. Under the guidance of Kapoor, Jewelsify.com aims at giving its customers the products, which stand beyond conventional designs and standards.
Presently, he also holds the post of the founder and director in Imperium International Private Limited. He is an alumnus of the University of Delhi, the Indian Institute of Foreign Trade, Delhi and the Fore School of Management, Delhi. Kapoor has professionally served some leading corporate organisations- Randstad India, Karytron India and Imperium International Private Limited.
In an interaction with Entrepreneur India, Hardik Kapoor, Founder and Director, Jewelsify.com, discussed how he has turned his family business Zaveri jewellers into an e-commerce website named Jewelsify.com:
How does it make difference between being an entrepreneur and managing family business?
Being an Entrepreneur and managing family business are both very different. As an entrepreneur, one faces a lot of challenges, struggle and hard work to attain success. Whereas, conducting and regulating a family owned business is comparatively easier. Despite being a part of the family business, I always wanted to start something new on my own.
Jewelsify.com is my brain child, but I started my entrepreneurial journey with Imperium in 2011 with a 100 sq ft space. Today, Imperium has a diversified client portfolio, be it in Retail, E-commerce, Power, Media, Entertainment, Automobile or FMCG. In 2014, I founded Jewelsify.com and within a short span of time, we were one of the fastest growing companies in the industry.
What motivated you to take forward the legacy of family business?
The company, Bholanath Zaveri Jewellers popularly known as Zaveri jewellers was established by father-son duo Jai Chand Kapoor and Girdhari Lal Kapoor more than 200 years back in Lahore. Taking the legacy ahead, after my grandfather Late BN Kapoor, my father Raj Kapoor took it forward.
Jewelsify.com is an e-commerce platform. I grew up in this fraternity. I have always seen my late grandfather – BN Kapoor, play a pivotal role in creating an interest and imparting knowledge of the jewellery sector since my childhood. My father encouraged me to do what I wanted to do. He is the one, who helped me imbibe the thought process that a person can achieve anything if he is driven to do it. He is my guide and I always seek his advice whenever required.
What kind of transformational growth Jewelsify.com has witnessed since inception?
Since the inception of Jewelsify.com, we have grown not only in terms of customer acquisition, but also in product development. We keep on introducing new designs in our portfolio. New products are being continuously added and that effort has made us one of the fastest growing companies in the industry.
Today, India has many jewellery e-commerce websites, how do you strategise your marketing policies to gain competitive edge over others?
India does not have several core jewellery e-commerce websites. Though the marketplace model exists, but it may not necessarily specialise in jewellery. We believe, quality speaks for itself, what differentiates us and gives us an edge over others is – We have a legacy of 5 generations, and that helps us to master the art of casting stones into ornaments. Quality is the benchmark of the industry and our bare minimum standard is our BIS Hallmarked jewellery from Labs like IGI, GIA, HRD, EGL.
In terms of product differentiation, one of our collections is GH Color and VS clarity, which signifies one of the highest qualities in diamond and certified by the industry benchmarks. It looks like a solitaire, but doesn’t cost like one.
Moreover, we have dedicated centre for exchange and return in Delhi and we deal in customised jewellery, where customer can modify the jewellery according to their choice. With the kind of value we are creating for our customers, it is already creating a wave in the heart of our patrons.
How big is the online gems and jewellery market in India?
Online jewellery market is poised to be one of the fastest growing segments of India's e-retail market. It would reach $1 billion in sales by 2017-18. In the next 10 years, we will command a market share of over 30 percent of total jewellery sales.
What are the key growth drivers of online jewellery business in India?
Jewellery is an item which never ceases to fascinate us with its variety and exquisiteness. E-retailing is one of the emerging ways of selling expensive as well as ‘pocket-friendly’ jewellery. Today, the e-retail business has emerged as one of the top market leaders in e-commerce.
Various types of jewellery have been brought to the limelight through these portals. They have managed to grab a major share of the e-commerce sector. It offers better variety and designs, accessibility, and also gives the customers a variety of payment options.
An e-store is more convenient than brick and mortal store. We also have easy return policies subject to a certain time period. We even have a special feature of trying the jewellery in the comfort of your home. These features have made e-commerce a better option for shopping.
What is your business roadmap?
We are planning to have offline presence for retail in the next 12-18 months in major metro cities. Currently, we do have an offline centre for return and exchange, although that is present only in Delhi for now.