Konika Jewellery’s contest-induced gold investment scheme drives footfall, conversion smoothly

Investment schemes in gold have always been popular. That is because of the clear-cut policy of returns an investor gets for pooling in money for a certain period of time. Making this process all the more interesting is Konika Jewellery, which has associated contests with its ‘Khul Ja Sim Sim’ gold investment scheme and is currently running its 18^th edition.

The USP of this scheme, which has become popular all across Chennai and now beyond state borders, is the assurance of gifts and benefits for every participant. The scheme scores hard on the prizes to be given away after every lucky draw that takes place in the first, fourth, seventh and eleventh months of the scheme.

“Before pandemic hit, the lucky draws used to take place in physical events with a lot of pomp and splendour. Before we introduced the Konika Jewellery app, thousands of customers across Chennai used to come to our store to pay monthly installments. This would drive footfalls and conversions associated with those footfalls even when the customer didn’t plan to buy jewellery in the first place,” said Tanvi Singhi, marketing head, Konika Jewellery. Enabling in-app investment for this scheme, the brand has unlocked potential to attract customers from all across the country.

For instance, the 18^th edition is a scheme for 11 months and enlists the first prize to be a Honda Navi or gold jewellery worth Rs 50K, second prize of two free premiums or gold jewellery worth Rs 5K, third prize of one free premium or gold jewellery worth Rs2.5K and fourth prize of half a premium free or gold jewellery worth Rs1.5K. With the first prize going to one person, the second, third and fourth prizes would be given to 2, 3 and 4 members respectively. A similarly grand list of prizes is there for winners after the lucky draw in the 11^th month.

For the schemes running for 24 months, there have been members winning cars too, says Singhi, adding that a winner at any point of the scheme is barred a chance of winning in successive lucky draws, but is welcome to participate in the investment scheme. Moreover, each member is given gifts worth Rs 600 upon participation.

“This has led to about 90% of customers re-investing after each scheme completes. Each scheme activates after its members cross the 1000-member threshold. The 18^th edition currently has over 500 members,” said Singhi, adding that the brand’s trust and popularity has helped the brand activate schemes by reaching the membership target within just a month of launch.

Written by Shubham Dasgupta

RJ Exclusive