Trends That Transformed the Jewel-Tech Industry In 2022
The centuries-old sector is expanding in more amazing, great strides than ever
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Digitization has emerged as a buzzword in the jewellery sector due to increasing technical breakthroughs, shifting business strategies, and evolving consumer needs. Therefore, in 2022, digitalization supported by cutting-edge technology assisted jewellery tech enterprises to thrive by enhancing productivity, efficiency, and revenue, thereby making them competitive. Additionally, these trends also had an influence on other aspects of jewellery making, including distribution and the design process. For example, the creation of fine jewellery designs with exquisite artistry was made possible by cutting-edge digital applications.
Using an omnichannel approach, leading brands have welcomed digitization trends in retail jewellery, resulting in a tremendous expansion of the jewellery sector. Artificial intelligence-driven tools such as Vision API Product Search and Recommendations helped jewellery brands to expand and improve their customer service offerings through personalization. As a result, according to recent industry reports, the tech-enabled Indian jewellery industry is anticipated to grow to $3.7 billion by 2025 at a CAGR of 28 per cent.
Here are the following trends that transformed the jewel-tech industry:
Digitalization has reduced the effectiveness of one-size-fits-all conventional marketing strategies with the current generation of consumers. Hence, increasingly jewellery businesses are adopting an efficient omnichannel approach which enables them to connect to their users across all touchpoints encompassing mobile applications, social media, websites, digital marketing, chatbot platforms, or experience centres. The jewellery brands also provide superior consumer experiences by designing personalized interactions across all touchpoints at scale.
Jewellery brands leverage omnichannel marketing automation strategies to grow their business and return customers by retargeting and recommending product combinations across channels. Additionally, the personalization capabilities of omnichannel marketing automation also play a crucial part in the customer experience, from initial product exposure to trust-building, purchase motivation, and continuous engagement.
Numerous data points are produced due to the expansive and dynamic jewellery industry, including sales information, consumer preferences, spending data, warehousing information, etc. As a result, the jewellery industry uses data analytics powered by precise, actionable data and data-driven insights to make informed choices that will boost sales and save operational costs, leading to the acquisition of assets, improvement of corporate operations, and more. For instance, in the digital age, jewellery producers are also using data aggregation solutions to gather data from various platforms and CRM tools into data warehouses, where ETL (or extract, transform and load) is then carried out to develop dashboards that offer valuable insights to increase sales effectiveness. Additionally, the jewellery brands also analyse data from retail and online shoppers based on interactions, purchases, and preferences, enabling them to comprehend client behaviour, consistency, and engagement metrics.
360-degree product videos
The shift from traditional to online shopping has led to a greater need for customers to see products before buying since buyers seek a shopping experience akin to that found in actual stores. Hence the jewellery brands are leveraging 360-degree product views to help satisfy this need. The 360-degree technology ensures the customer gets the perfect product at first glance since most customers want a comprehensive view of the product they are interested in, reducing return rates. Customers could, for instance, want to examine jewellery items from all angles, such as a solitaire, to become familiar with its unique qualities.
Augmented reality (AR)
With augmented reality, the jewellery company can integrate the actual and digital worlds to offer consumers a unique online shopping experience. Thus, it also enables the jewellery brands to increase user engagement with the product. For instance, augmented reality applications like the Virtual Try-On encourage customers to stay on the website by letting them with the jewellery. It enables prospective customers to test out various items from the product catalogue until they are happy and prepared to buy. The extensive usage of the internet among the current generation makes augmented reality tools like virtual try-ons an effective marketing tool since they are engaging, immersive, and entertaining. As a result, customers spend more time on the website, increasing their buying interest in the product.
The centuries-old sector is expanding in more amazing, great strides than ever. After the pandemic, many Indian jewellery firms felt the need to leverage digitalization and technological advancement to address the given situation to survive and succeed. In light of this, the emergence of these trends has opened the way to success for many jewellery manufacturers by making jewellery products such as gold and diamonds accessible worldwide.