Read all about the latest trends to amplify your brand reach and find new customers for your jewellery store!
Like it or not – trends can make or break a business. While they seem short-lived and insignificant, they can get your business going in a lot of ways. Especially in the post-COVID world, an event that made us realise how disruptive things can get, trends help us understand what users and consumers are looking for.
Therefore, we thought it’d be a good idea to list down a few trends in the jewellery business to give you a few tips that can introduce your jewellery brand to a whole new audience. Read on!
- ‘Phygital’ Jewellery Stores
COVID taught us a bunch of lessons, the one on the top of the list being that online marketplaces are the future! Due to the lockdown and brick and mortar closures, the global jewellery industry fell by 33% in 2020. However, the online market for jewellery managed to make a late quarter comeback in 2021 and was valued at approximately 60 billion. The rise of e-commerce and technology and the migration of luxury brands to omnichannel and social media platforms have made it easier to switch to digital-cum-physical experiences and a new way of purchase.
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- Men’s Jewellery
Women may have historically been appreciators of fine jewellery, but times have changed! Men are embracing jewellery shopping too! Trends have also shown that jewellery stores also look to include gender-fluid designs in their jewellery that makes their brand more inclusive and accepting – something that is opening their brand to non-binary and gender-fluid customers.
- Ethical & Sustainable Sourcing/Production
Consumers today are aware of the impact their purchase decisions have on the environment and the community and they trust brands that respect these beliefs. According to a McKinsey report, the global fine jewellery market shall become more branded, more digital, and more sustainability-focused than ever before.
Brands and consumers alike are growing more conscious as to what they purchase and what kind of impact their choices make on the environment.
- Augmented Reality
If statistics are to be believed, the mobile augmented reality (AR) market was estimated to be worth USD 9.53 billion in 2019. It is forecast to approach USD 13 billion in size in 2022, before jumping to over USD 26 billion by 2025.
Augmented Reality allows businesses to get one step closer to their existing and potential buyers, enabling them to experience their offering more closely and realistically, allowing them to truly feel and witness an experience.
AR is taking the jeweller-buyer connection to the next level by offering virtual jewellery try-on and exciting new features like group video calling. These features are easy to integrate and show buyers that you’re adapting to the needs of the times. You can integrate the power of AR as early as today!
- Creating unique customer Experiences
According to a Forbes study, 40% of marketing executives report that personalization has a direct impact on maximizing sales, basket size and profits in direct-to-consumer channels, such as e-commerce, while another 37% point to increased sales and customer lifetime value through product or content recommendations.
Millennials and Gen Z are shaping the future of shopping and compelling brands to reinvent themselves to keep up with the new consumption habits that the pandemic imposes. They attach greater personal meaning to every luxury good purchase, and even more so if they are buying something for a loved one. Stay on top of these trends to allow more customers of the younger age groups to gravitate to your jewellery store!