#7 Trends That Will Shape the Jewellery Industry in 2018
The communion of physical jewellery outlets and online portals are expected to peak in the coming year and result in a mobility and convenience driven model
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Owing to the massive technology boom of the 21st century, Indian industries have been experiencing a revolutionary transformation in the last couple of years. The jewellery industry, in spite of being a characteristically traditional domain, is not bereft of the ramifications of this transformation, with more and more established brands utilising technology and innovation to stay ahead of the competition. Customers, on the other hand, especially millennials, are more aware of trends and adept, besides being technology-savvy, to boot. As such, the jewellery industry is expected to undergo a major upheaval in the coming year, to meet the very specific, growing demands of the market. Let's take a look at seven primary trends which will dominate the jewellery industry in 2018.
High-quality innovative designs
Customers are growing smarter and more conscious about what they want, and as such, more and more brands are focusing on creating unique designs that appeal to their specific tastes and demands. Additionally, the industry will be largely machine-driven, thereby boasting of truly superior craftsmanship and attention to detail. Contemporary jewellery designs will be influenced by traditional as well as modern elements, resulting in products that are completely fresh and one of a kind.
With the rise in the popularity of smart business and casual attire, people wish to pair their every day, work, and party outfits with the appropriate jewellery that defines their unique style, while also being comfortable to wear it for extended periods of time. Thus, although elaborate jewellery embellished with precious stones continues to be as much in demand as always, in the coming year, there will be a high demand for light, daily-wear jewellery, owing to the practicality, comfort, and versatility that they offer.
Convenience for customers
In today's digital world, industries are focused on mobility by utilising the facilities provided by smartphones and the internet. However, when it comes to the jewellery industry, customers still largely prefer to touch and feel the products prior to making their purchase. But being connected to a multitude of platforms allows customers to easily browse the available products, conduct their research, and make an informed choice prior to making the purchase from the shop. This communion of physical jewellery outlets and online portals are expected to peak in the coming year and result in a mobility and convenience driven model that will benefit both customers and sellers.
Millennials and Post Millennials
While the customers in the jewellery segment are spread across age groups, in the future, millennials and post-millennials will dominate the majority of the market. As such, the jewellery industry is shaping itself up to cater to their specific demands, while adapting to their habits, identifying their preferences, and addressing their concerns. This will give rise to a market designed specifically to appeal to the modern consumer, reinforced by a host of features that makes the shopping experience smooth, and transparent.
Customisability in jewellery has been one of the most prominent developments in the industry that has shaped the course of the marketplace for the years to come. Customers are more open to experimenting, rather than sticking to traditional options, and as a result, the jewellery industry has adapted itself to offer them the same. Custom, hand-made jewellery has been rapidly gaining in popularity, and within the next year, is expected to dominate the entire industry.
Wide variety and options
Customers today are used to a wide range of options from which to make their choice, prior to the purchase. They compare the prices, quality, design, and other factors governing the product to discover the one they like best. As such, the jewellery industry is striving to offer its customers a wide variety of products curated specifically to cater to their particular tastes and preferences.
Service, Quality, and Trust
When it comes to unorganised players their major chunk of business comes from a fixed set of customers based on relationships & trust, but this is slowly changing and we can see more people now shopping with the organised players due to the better range, craftsmanship and services available.