Senco Gold & Diamond has joined the ONDC network and after the news, the company went into the headlines. Senco becomes the first jewellery brand to join the ONDC (Open Network for Digital Commerce) network. After this deal, Senco products will be available on the various e-commerce platforms which will raise the huge sales for the company. Let’s discuss the complete details below and how this going to create more sales and revenue for the Senco Gold & Diamond.
ONDC is the rising platform where brands can enhance their sales through e-commerce. ONDC is like a middleman to connects sellers and brands directly. Now after joining the platform, there is a huge probability that the company may see a rise in its sales. Also, it will help them to reach more potential customers on the Internet.
The company offers a wide range of products gold, diamonds, studded gold jewellery, jewellery made of silver, and platinum, gold, and silver coins. Currently, Senco Gold & Diamond expects major benefits through this collaboration. The company predicted a 25% surge in the YoY growth for the quarter results of fiscal period 2024. Senco has ₹ 5,993.59 Cr market capitalsation right now and made net sales of ₹1,146.56 Cr in quarter 2 of FY24. While the net profit was ₹11.95 Cr.
Previously, Senco Gold & Diamond marked good sales through its official website and offline stores. However, the officials of the company said in an interview that they are expecting a rise in sales through this collaboration with ONDC.
ONDC’s MD and CEO, T Koshy, said, “ONDC Network is built to enable all kinds of businesses to strengthen their reach to a bigger consumer market without any entry barriers. With a legacy brand like Senco Gold & Diamonds joining the Network, it will serve as a key addition to our fashion category. Consumers can now shop for some of the best diamond and gold jewellery directly from the ONDC Network.”