Future of Jewellery industry: How technology is reshaping the online jewellery industry?

Mr. Nishit Nanda, CEO, Consumer Business, YOULRY
Mr. Nishit Nanda, CEO, Consumer Business, YOULRY

Set to sparkle at new heights, the online jewellery industry is speculated to double its stratified status by 2025. As such, the space as a whole needs to craft exquisite online experiences while leveraging multi-faceted omnichannel strategies.

The pandemic is redefining customer behaviours, online trends, buying patterns and our chosen form of media consumption. In a global world, having an online presence is more important than having a brick-and-mortar one.

Even as the year past has provided its fair share of challenges to the global jewellery market, it is the early online adopters who have reaped the benefits of an increasingly digitised world where price isn’t the deciding factor, seamlessness is.

Jewellery much like other high-brow purchases can now be accessed online – even if one is window shopping in pyjamas -thus bringing massive traffic, interest and eyeballs even from those that do not have an intention of buying. In fact, research shows that a consumer checks out a category online 6 times before visiting the store.

At a time when the internet of value is connecting consumers to their deepest desires at the tap of a fingertip, buyers are increasingly choosing to shop online from the comfort of their couch or on the go. So much so in fact that even with the pandemic roaring on and high-street fragility impacting the numbers game, the purchase of jewellery has gone up— seeing increasingly high-ticket purchases online. This is because young people today, with their new investment values at the intersection of technology have actually increased the demand for luxury purchases.

However, In India, buying jewellery has always been a traditional and symbolic purchase -having a rather emotional connection with the entire process. Thus, weaving a story with emotions at the centre has been the primary modus operandi for numerous jewellery brands here. In order to keep up with trends, incorporating technology into this myth-making narrative has become as essential as adopting technology as a means to drive sales.

Online presence, discovery and traction have become the new normal. Brands across the board are competing for attention in a space where attention spans are very short which necessitates the need for content which is catchy and engaging while also providing the promise of value. Custom/ bespoke social media content is now the go-to for leveraging attention spans despite brand prestige and weight to communicate and express what it truly stands for. Facilitating a leap towards increased brand awareness as well as tapping into new audiences.

Right from discovery to delivery of the product, a brand has to keep the audience hooked and engaged for a smooth and memorable online experience. Retargeting is another facet that has become a driving factor leading to conversions. The more you see an ad the more likely you are to go ahead with a purchase decision.

This is why, sharing stories behind the product, brand and experiences has become very important. People are interested in finding out about the human side of brands. The very stories that help differentiate them from the crowd. With jewellery being such large investment consumers are looking for tailored experiences that should be multidimensional and lead with creative technological advancements.

Thus developing an experience led approach that incorporates a seamless customer journey conveying the storied history of each piece, brand value and ease in online experience is increasingly becoming the disruptive strategy for 360-degree brand awareness and affinity.

Disclaimer: This information has been collected through secondary research and TJM Media Pvt Ltd. is not responsible for any errors in the same.