Gaurav Singh Kushwaha Pioneering Omni-Channel D2C with Bluestone

Gaurav Singh Kushwaha, the Co-founder and CEO of Bluestone, a prominent omni-channel jewellery retailer, has a track record of creating successful ventures. His journey from working at Amazon.com to founding Chakpak and eventually launching Bluestone in 2011 reflects his entrepreneurial spirit and knack for identifying unique opportunities in the market. Kushwaha’s entrepreneurial journey began in 2006 when he co-founded Chakpak, a platform that provided movie reviews and encouraged engaging discussions among users. Within just three years, Chakpak soared to become one of the top 50 websites in India. This early success laid the foundation for Kushwaha’s future ventures, showcasing his ability to identify and capitalize on emerging trends.

The Birth of Bluestone: Bridging Online and Offline

In 2011, Gaurav Singh Kushwaha and Vidya Nataraj embarked on their next entrepreneurial venture, Bluestone. However, this time, the focus was on the jewelry industry. Kushwaha’s decision to venture into the jewelry sector was driven by a strategic insight – the importance of creating differentiators that make it increasingly challenging for competitors to enter the market. He understood that true differentiation goes beyond achieving initial success; it involves building a business that thrives even when faced with new entrants. Many businesses can achieve substantial growth, but without substantial differentiation, they risk becoming just one of several similar options when competitors emerge.

The Challenge of Selling Tangible Luxury Online:

Bluestone’s journey reflects the gradual shift of consumers towards online platforms, particularly for low-value tangible products. However, high-value and highly tangible products like jewellery often require a more nuanced approach. Kushwaha recognized that, for D2C (Direct-to-Consumer) brands, the integration of online and offline channels could be transformative.The synergy between online and offline operations can significantly impact D2C brands. For Bluestone, the same transaction frequently involves both online and offline interactions, making it imperative to have a presence in both realms. This omnichannel approach ensures a seamless customer journey, essential for high-value categories.

The Timing of Going Offline:

Kushwaha emphasizes that the decision to expand into offline operations should come after the product has evolved significantly from its initial version. Initially, the focus should be solely on online scaling. The offline strategy should be developed after gaining insights from online interactions with customers. Understanding customer preferences, expanding product offerings, and gauging the role of offline operations require time and careful consideration. The transition from online to an omnichannel approach should align with the product’s maturity and market readiness.

Best Practices for Reason to Buy (RTB):

For aspiring entrepreneurs, understanding the importance of creating a compelling Reason to Buy (RTB) is crucial. Kushwaha advises immersing oneself in resources and practical experiences. Familiarity with A/B testing, multi-variant testing, and scientific approaches to experimentation can be invaluable. Defining metrics before conducting tests helps prevent biases and ensures that experiments yield meaningful insights. A/B testing is a powerful tool for removing biases and making data-driven decisions. Identifying what and where to measure before running experiments is essential for meaningful results.

Lessons Learned:

In hindsight, Kushwaha acknowledges that the offline rollout for Bluestone could have been expedited. Delays were partly attributed to aggressive hiring and an overreliance on potential online outcomes to fund offline expansions. This lesson highlights the importance of balancing growth strategies and seizing offline opportunities in a timely manner. Gaurav Singh Kushwaha’s entrepreneurial journey, from Chakpak to Bluestone, exemplifies his ability to identify market gaps and build businesses that bridge online and offline worlds. His insights into differentiation, the omnichannel approach, and best practices for RTB offer valuable lessons for budding entrepreneurs navigating the ever-evolving business landscape.