RJIF 2021: SmartGold: Get a slice of Millennial Wallet

The millennials are the future of Indian market and currently comprise 47% of salary earners in India. The salary structure has accelerated faster than before, thus making millennials a good target audience for investment in gold. Dvara SmartGold is providing that chance to Indians across financial structures.

Dependent on food delivery apps and having adapted to work-from-home successfully, millennials bring around the next wave of change in consumer mindset. They are frequent buyers of small-ticket items that reflect their personalities. They are fond of great experience and service, and judge a product based on those parameters. Once satisfied, millennials too stay loyal to brands, contrary to popular beliefs.  This makes millennials the best target group for promotion of digital gold, maintained Sanjeev Agarwal, director, Dvara SmartGold.

Dvara partners with leading insurance companies and allied services for a zero-cost immediate partnership with jewellery retailers. Any retailer can start that by urging customers walking in to download the Dvara app and start saving daily, weekly, and monthly through UPI and netbanking facilities for as little as Rs.500. Customers can either take a loan in exchange of the digital gold saved or redeem the gold balance in the store, which helps retail brands have customers invest in digital gold and convert it into jewellery in-store. “There were issues of retail brands reaching out to customers during pandemic. That issue is eliminated with Dvara’s phygital form of gold investment,” said Agarwal.

This empowers retail brands to run promotions on the Dvara platform, get new clients and also earn commissions with every purchase of digital gold on Dvara. Agarwal mentioned that by giving easy online access to save gold, retail brands can redirect humungous amount of money to jewellery sale instead of the same money spent in other categories. Assuring security, the company buys bullion from LBMA and BIS-certified bullion dealers against buyers’ investment, stores them in BRINK’s, the largest vaulting company for gold, and partners with banks undertaking regular independent audits of their vaulting system to secure every investment.

Another underlining benefit for buyers is getting a gold loan sanctioned against investment in Dvara as the micro-investment company is present in over 4,100 towns and cities in India with a network of financial institutions, payment gateways, fin-tech platforms and payment aggregators.

Pointing out a marked departure from Covid casualties in every sector, Agarwal maintained that due to digital presence of Dvara SmartGold, consumers have been saving month-on-month without any hassle. As a result, Dvara SmartGold records over 80% of consumer stickiness in these 18 months of pandemic,” Agarwal maintained. Assuring security, the company buys bullion from LBMA and BIS-certified bullion dealers against buyers’ investment, stores them in BRINK’s, the largest vaulting company for gold, and partners with banks undertaking regular independent audits of their vaulting system to secure every investment.

He concluded his session with a CNBC appearance of himself and other luminaries of the retail jewellery industry such as Suvankar Sen of SENCO Gold and Diamonds, Kolkata on the importance of digital gold investment for millennials.

Courtesy: Retail Jeweller India News