Punjabi Saraf’s ‘0% interest’ campaign for diamond and bridal jewellery is a major hit in Indore

With the insight that a jewellery-buying solution is better than mere discounts, the brand created a massive buzz around the initiative and received a great response from customers. The 0% interest offer has now been integrated as a permanent feature at Punjabi Saraf

Indore: Imagine buying diamond jewellery at 0% interest! That’s what couture jeweller Punjabi Saraf offered with its ‘0% interest’ campaign to whet the purchasing appetite of customers recently. The brand appointed a third-party authority to assess the credibility of clients, based on which they absorbed charges otherwise levied on the purchase of diamond jewellery.

Says Ajay Anand, Director, Punjabi Saraf, “There are three kinds of charges that go with diamond jewellery, namely finance, convenience and interest cost. We segregated the offer according to the duration of EMI – below and above four months. People availing of EMI for up to four months got both the interest and finance charges waived off, while those availing the EMI for 6-9 months got only the finance charges waived off. We absorbed the finance charges from the back-end,” Anand said.

A third party appointed by the brand took care of documentation and assessment of clients. The offer was initially meant for buyers of diamond jewellery, and the brand was aiming for customers who could only afford diamond jewellery at a certain price point with EMIs. However, it received a deluge of enquiries for other bridal jewellery as well. That is when the brand expanded the scope of the offer to studded bridal jewellery too.

Punjabi Saraf, which has two stores in Indore, sent information about the offer on WhatsApp to all its high net-worth clients, promoted it on social media and did a strong print campaign across all major newspapers such as Dainik Bhaskar and Nai Dunia in Madhya Pradesh. The brand also placed hoardings at prime locations to create a buzz about the initiative. As a result, the brand got enquiries from customers in a 200 km radius of Indore.

Talking about a particular client who bought from Punjabi Saraf only because of the ‘0% interest’ offer, Anand said, “This client, used to buying from 2-3 select jewellers, came to us for bridal jewellery. He was still weighing his options vis a vis the other jewellers. That is a period every jeweller has to absorb for conversion, especially with bridal jewellery sales, which is a major investment. All of a sudden, he checked the news on social media, found out about our offer, and never went anywhere else.” Since customers had to pay 33% of the price upfront to be eligible for the offer, that client did his calculations and realized the added benefits of paying 33% upfront for every piece of jewellery he needed. “This led to a good conversion and a great upsell,” Anand added.

The ‘0% interest’ offer has now been integrated as a permanent feature at Punjabi Saraf. Through it, the brand provides a solution to jewellery buying instead of mere discounts, and this approach has been very well received by the brand’s customers. 

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