Insight-Driven Growth: Finding the Sweet Spot for a Jewelry Brand’s Market Entry

The Jewlery Market in Indonesia is a dynamic market with high growth. It is marked by a total revenue of the overall market size of US$ 2.16 billion, with a predicted growth in this industry of 3.72%. The jewelry market in Indonesia consists of three sectors:

1. Fine Jewlery: A sector focused on the sale of high-quality jewelry using precious metal materials such as gold, silver, and gemstones such as diamonds.

2. Demi-fine Jewlery: A sector focused on the sale of jewelry with quality similar to fine jewelry but not at the price of fine jewelry. This sector focuses on the use of inexpensive metal materials such as platinum.

3. Costume Jewlery: A sector that focuses on selling jewelry with good quality and at very affordable prices.

The Story

Because of the high opportunity in terms of jewelry business in Indonesia, a new jewelry startup wants to try to enter the market with their product. But this new jewelry startup still struggles to know whether its product fits the market's needs. Because of that, they approached Monica & Co Business Advisory to help them in terms of penetrating the Indonesian market and identifying opportunities that can be capitalized by their new low-cost jewelry brand. They also want Monica & Co Business Advisory to give them strategy recommendation to enter Indonesian jewelry market.

To solve their request, Monica & Co Business Advisory do some analysis, such as market analysis, consumer analysis, and competitor analysis. Market analysis can provide a new jewelry startup an overview of the actual market conditions and what opportunities can be leveraged as well as what challenges exist within the low-cost jewelry market in Indonesia. Customer analysis can help a new jewelry startup to identify the potential segments that have the opportunity to be targeted as the market. Meanwhile, competitor analysis provides an overview regarding competitor products and their marketing strategy.

After Monica & Co Business Advisory conduct analysis, they give a new jewelry startup some recommendation for their market entry which are providing a unique selling point in the service sector such as free polishing for every jewelry, focusing on digital & offline experience for customers (only providing exceptional product quality), and using recycled materials to demonstrate the sustainability practices of their new product.

Not only that, but a new jewelry startup can also use live shopping as extra help to gain traffic on products so that it can increase sales in their e-commerce. Last but not least, they also never underestimate social media content. They can create social media content in Instagram or TikTok that shows how the advantages of their jewelry products compare to the competitors.

Our Approach

After getting important insight regarding Indonesian jewelry market conditions and implementing some entry market strategy for their new low cost jewelry product which Monica & Co Business Advisory recommended, a new jewelry startup can find a way to enter the Indonesian market successfully.

The Impact

*We take our clients' confidentiality seriously. While we've changed their names, the results are real*

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