The Impact of the Pandemic, Orori's Business Boosts Gold Sales

Uncertainty in economic conditions due to the pandemic, has made some people's investment choices turn to gold, which is one type of investment "save havens". Even in global trends, the price of gold is always going up. This momentum was also felt by various gold sellers, one of which was Orori, the site E-commerce jewelry specialty.

Orori's Founder & CEO George Budi Sumantri said that the trend of buying precious metals always increases every year, as more people are getting to know gold investing internationally. online. Unfortunately, he didn't go into further details with numbers.

“The trend of metal buying starts to increase every year. For transactions in Orori, currently the number of metal sales is starting to be higher than jewelry," he told DailySocial.

To maintain this momentum, he revealed that the company plans to expand sales channels by cooperating with various partners from across industries, such as banking, E-commerceand e-money. It is hoped that it will be implemented next year.

“The year 2021 will be more integrated with channel others, which in 2020 the integration process is being carried out.”

George said, so far the sales channel still comes from the platform itself. Even for online gold sales, it is only available through the e-gold application, which can be downloaded for Android and iOS versions.

Previously, e-mas was partnered with Tokopedia Gold partner for buying and selling gold users. Almost a year running, this product has attracted 327.330 users with a total of 62,5 kg of gold. However, this collaboration was interrupted early last year and now Tokopedia is partnering with Pegadaian.

"So far, e-gold transactions can reach thousands of [transactions] every month."

Apart from Orori, in Indonesia there are already several local startups that offer a platform for selling/buying precious metals. Two of them are Pluang (formerly EmasDigi) and Tamasia. Digital gold players are now also covered by published regulations Commodity Futures Trading Regulatory Agency (CoFTRA).

New innovation

George continued that the company made a number of adjustments because it was also affected by the pandemic. He gave an example, one of which is that as long as the PSBB is in effect, the production process or supply of jewelry and precious metals cannot be carried out as in normal times.

Thus, his party must adjust the policy on the production and delivery time of jewelry and precious metals. In addition, the company released a new feature that was released at the same time, namely a free delivery service for users who want to want to sell (buyback) wedding rings, diamonds, jewelery and precious metals purchased at Orori.

However, this feature can only be enjoyed for consumers located in the Jakarta and Bekasi areas. "So we can sell gold from home, the goods are us pickup and free shipping cost. This feature already live during Covid-19."

DailySocial also asked about the funding that Orori might get. Only, George refused to answer. "The funding will be announced in due course," he concluded.

Finally, Orori announced Series B funding with an undisclosed amount led by Amand Ventures in 2018. At that time, funding was focused on business and product development.