Payment Gateway-Powered Emi The New Sales Driver

Aravali Gems and Jewellers from Indore has powered its sales with payment gateway-supported EMI

There’s no better way to the heart of a consumer than constant innovations. And today, innovation is synonymous with convenience. That’s just what Aravali Gems and Jewellers from Indore had in mind when they decided to introduce EMI options through a digital gateway for payments for both online and in-store sales. Needless to say, this in itself is quite a feat for the Indore retail market.

“We’ve seen customers come in with a set budget but when they go through the collection, they want to be able to stretch their budget. It often happens with gemstone purchases as well. People are suggested a particular carat of a gemstone and when they come to the store, they do not want to compromise on quality,” explains Ankit Vinayaka, director, Aravali Gems and Jewellers. “In such cases, an EMI option is a boon – they can buy without fretting about shelling out the entire amount in one go,” he adds. With one motive – customer benefit – in mind, Vinayaka feels that as a retailer, he must look into creating a conducive shopping experience for his customers. “Why else would they want to come back to shop with us?” he states.

Still at a very nascent stage – having been implemented a mere two months back – customers at the store as well as those opting for online orders, have already begun utilizing the EMI option for payments. “We will be in a better position to comment on how the customers have warmed up to this option once the forthcoming wedding buys pick up. Till then, we do see a steady stream of people opting for EMI payments for their purchases,” he says. Vinayaka has tied up with a service provider to help set up the online payment gateway and ensure hassle-free transactions. Customers are given the option to choose between 3 months, 6 months and 1 year for their EMI payments.

If there’s one buying trend that has stood out since the EMI option was introduced, it certainly is purchase of gemstones of a more superior quality and lightweight jewellery. “I can sense a willingness in people to buy what they like when they know there’s an EMI option for payment awaiting them at the end,” says Vinayaka and that’s quite a win for any retailer.