The pandemic has impacted the major economies of the world, like Russia, India, the US, China, etc. Sectors like jewellery, tourism, aviation, real estate, and entertainment are among the few industries that were affected the most. The Indian jewellery market suffered an astronomical loss due to this. According to some reports, Indian jewellers are seeing the worst sales in the span of 25 years amidst the pandemic.
India’s jewellery sector is one of the largest in the world. India contributes 29% to the overall jewellery consumption in the world, as reported by the Indian Brand Equity Foundation.
Due to the pandemic, the majority of people prefer shopping at the comfort of their home over going to the shops physically. This made jewellers focus more on e-commerce sales compared to in-store sales. Currently, the jewellery sector is valued at $135 million which is projected to grow to $2 billion by the end of 2022. This is where AR comes into the picture. AR can help the jewellery industry In the following ways:
- Digital Inventory:- Jewellers have the ability to present their products in a digital manner by making 3D catalogues with a 360 view, which will allow the customers to have an in-depth look into the jewellery you have to offer. Digital inventory is a digital file management system that offers a centralised virtual storage place for your 3D designs and makes them available on demand. 3D printing is one of the leading technologies facilitating the shift towards digital inventory.
- Interactive 3D Designs:- With the help of AR, jewellers can create a 3D model of jewellery they want to sell. This 3D view of the product will help the firm gain more trust from its customers as they are going out of the box to try something unique and innovative. The 3D designs create an interactive experience for the consumers combined with AR helps attract more and more consumers.
- Virtual Jewellery Tryons:- Virtual jewellery try on helps consumers try on jewellery virtually even before making an actual purchase. This means that consumers can try endless designs without even touching it. There is absolutely no hassle of trying different jewellery pieces one by one & also it ensures the safety of buyers. AR can make shopping fun as well as interactive for the end buyers.
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- AR Increases Conversions:- AR has the ability to boost the sales of a company because jewellery presented in a 3D view rather than a 2D image of the same can provide more information about that piece of jewellery to the potential consumers. AR helps the customers make an informed and satisfactory decision based on the AR view.
- AR Increases Engagement:- In this, the more time the potential customer spends on the firm’s e-commerce site, the more likely they are to decide on a piece of jewellery and buy them. Sometimes they end up not buying the product, but the long engagement with the site will lead to the customers trusting the brand name and making a purchase in the future.
- AR Reduces Product Returns:- Having more sales and fewer product returns leads to an increase in revenue for the jewellers. Product returns are less likely to happen when the customers are having an in-store like experience at their home. E-commerce sales returns can go up to five times higher than the sales done in the firm’s store.
So why should firms use AR to sell jewellery?
- Escalating Customer Experience:- Just browsing through images of rings, necklaces, bracelets, etc. won’t give the customers the real essence and speciality of the jewellery. Most of the time, the images give a wrong idea about the product. With AR, that barrier is completely removed. Selling jewellery by incorporating AR into it will motivate the customers to try the jewellery when it can be done in such a creative way in the comfort of their home. AR in jewellery can help the jewellers to know more about the customer’s preferences and devise a marketing strategy accordingly.
- Amplifying Firm’s efficiency:- Smartphone users are increasing at a rapid rate daily. Jewellers who have an online presence can take advantage of that fact. E-Commerce lets the jewellers largely reduce advertising expenses. E-commerce apps and websites have a much larger reach than traditional advertising methods. AR attracts a lot of customers just because of its innovative features.
Currently, social distancing is the new normal. AR encourages the customers to buy jewellery online by also reaping the benefits of an immersive jewellery browsing experience. Jewellery is pretty expensive which makes it difficult to be successful in the e-commerce field. But apps incorporated with AR will help jewellers gain the trust of customers. Selling jewellery through AR could be the next big thing.
Improving the way jewellers present their products to the consumers and making online retail more efficient and interesting will do wonders for the jewellers in the near future. Ultimately, constructing a way to provide an exceptional experience for the customers will play an integral part in deciding the jewellery business’ success. AR holds the power to take the brand name to a whole new level.
Is it really worth investing in AR for jewellery retail?
Yes! Absolutely! AR is worth it all! Don’t believe us? Believe the statistics!
When integrated properly, augmented reality can create an unforgettable shopping experience for customers everywhere. With its unique ability to deepen engagement and drive decision-making, AR is undoubtedly an effective investment that can promote more sales for retail businesses.
Here are a few more promising stats:
- Markets and Markets predicts the revenue of AR to hit $61.39 billion dollars by 2023—an annual increase of 55.7% over the next five years.
- Retail Perceptions revealed that 61% of shoppers prefer to buy from retailers that offer AR over retailers who don’t.
- Retails Perceptions also showed that 40% of shoppers would be willing to pay more if they could experience the product through AR.
Without a doubt, AR is globally perceived as a fun and helpful technology that helps shoppers get a real-life sense of a product before they buy it.