According to McKinsey and Company, the share of the online jewellery market in Asia is set to double, from 6% to 12% by 2020. About 18% of the sales are expected to be made online by 2025 taking its worth to about $79 billion annually.
As millennials are looking for better ways of Shopping, the E-commerce industry is on a Boom and the Jewellery industry is no different. On account of the rising number of e-commerce websites, growing internet penetration, and increasing sophistication and diversification of small businesses, India’s e-commerce market is forecasted to grow exponentially over the next five years. As more retailers in the jewellery segment realize the huge opportunity in the e-commerce sector, the market is set to become increasingly competitive. Consumer expectations are rising, and they are not just looking for the best options but also a great shopping experience. Retailers who wish to stay competitive in this dynamic market will need to step up their game. Estimates indicate a bright future for online jewellery sales with the industry implementing innovative technology to meet consumer demands. The growth will however be commensurate with consumer preferences as they become more comfortable in buying emotionally charged products online; jewellery being a major category.
Trends that Will Shape the Jewelry E-Commerce Industry
1) The Augmented reality Trend:
AR offers more immersive digital environments compared to the former’s typical view of reality enhanced by digitally-generated information or graphics. Given this description, Ovum predicts that AR will be a strong driver for e-commerce and this prediction also extends to jewellery e-commerce.
There are many reasons why AR will be a sales-boosting tool. Primarily though, it responds to the consumers’ demand we previously mentioned, which is the need to close the gap between what they see and what they receive when they order. By blurring this boundary, experts believe a reduction in product returns and an improvement in online shopping and in-store shopping experience. For example, Tissot, a Swiss watchmaker, uses AR technology window displays that allow consumers to try on a 3D model of the brand’s watches. Such AR window display installation has said to be stimulating interest, attracting consumers to go to the store, which resulted in an 85% increase in sales in one of its branches.
There are several ways to incorporate AR into your jewellery business such as the following:
- Marketing Campaigns
Use AR objects in your advertisements so that interested consumers can easily use their market-based AR app on their mobile phones to turn your item into 3D animated models.
Plushvie offers a real-time & smooth jewellery try-on experience online. It is highly recommended for every Jewellery retailer who wants to expand their business and cater to Millennials. Plushvie’s virtual try-on makes a huge difference in the overall shopping or purchasing experience of the end-users. It can be in-store or shopping through a website, Plushvie provides the consumer with a realistic & personalised experience. With Jewel-try integrated for your website or in-store, Consumers will be able to try an infinite number of jewellery and other products no matter where they are at that moment & make the right choice.
JewelTry is made by using Artificial Intelligence in which you can try a variety of jewellery online without any hassle. We have expert developers and designers to give you this flawless virtual jewellery trial online at your comfort with extreme ease. To book your demo or discuss how you can increase your business through augmented reality, visit our website now.
When you allow consumers to see how it would look on them before purchasing, you give them the confidence to buy.
- AR showcase units
These will allow consumers to view your jewellery pieces up close, especially when attending trade shows.
Wondering why should the jewellery business opt for Augmented Reality?
As the technology evolves and gives users more and more accurate renderings of how digital objects look in physical spaces. It is expected that more and more industries will hop onto the AR marketing bandwagon. For jewellers, AR has the potential to transform and completely reimagine customer experiences. These innovations will help jewellery retailers to connect better with consumers and will empower shoppers to make more informed and accurate purchase decisions, ultimately reducing purchase anxiety.
Here are few reasons that will compel you to opt JewelTry for your business at the earliest:
- Try before Buy: This is the main advantage that consumers get through AR technology. JewelTry allows consumers to try an end number of products through a simple swipe. JewelTry provides a jewellery catalogue through a swipe up & the user can select any jewellery to try & have a feel of how it will really look. Try before you buy online simply means trying virtually before making a physical or online purchase.
- Increases Customer Engagement: Interacting with a JewelTry enables users to try on jewellery virtually in real-time via smartphones. The visual engagement enriches the customer experience & entices them to at least if not purchase on the spot then at least visit you time &
again. Thus it will increase customer retention.
- Replace the conventional paper catalogues with a new & stunning 3D digital catalogue: JewelTry provides an interactive 3D catalogue & animated model to try on a variety of jewellery on yourself as well as on the 4 types of models available. With a configuration feature, you can show any item in all possible variations and colours.
- JewelTry adds novelty: JewelTry adds novelty to retail allowing retailers to stand out from the competition. AR is still a new and unusual way to attract clients. JewelTR is a powerful weapon to surpass competitors and acquire new customers.
2) The Social media commerce trend
We’ve all witnessed Instagram’s launch of shoppable posts, a feature that allows consumers to purchase your products directly from your post. Unlike the previous approach where you directed your consumers to the link in your bio or Instagram stories, this shoppable post feature improves consumers’ online shopping experience.
This year, you can expect to see the social commerce revolution finally happening. Consumers enjoy shopping on social media platforms. In fact, Instagram reported that since its launch of shoppable posts, its traffic has increased by 44%.
The expansion of the e-commerce industry to include social commerce is inevitable, especially that some big e-commerce platforms, in their efforts to scale, turn to work with big manufacturers; thereby, excluding small sellers. For other small jewellers, this revolution is beneficial.
3) The 360-degree jewellery product videos trend
Social commerce will have a significant influence on the visual presentation of products either on your website or your social media pages. 91% to 96% of consumers have been demanding a 360-degree product view capability as it helps them in making purchase decisions. With all the technological advancements, jewellery retailers would run out of excuses as to why they couldn’t satisfy that demand in the coming year.
4) Mobile centric shopping trend
In case you haven’t optimized your jewellery website for mobile shopping, now is the perfect time to do so as it is believed that a mobile-centric shopping experience will dominate the coming year. The shift will be driven by the increase in sales volumes of smartphones in addition to its screens getting larger and larger; thereby, improving the quality of the mobile shopping experience. This trend goes beyond providing consumers with a seamless platform for jewellery purchases, but rather a well-optimized platform where they can fulfil all their needs in one shopping journey. For instance, through mobile, they must be able to do a product search, compare, talk to a product assistant, or make payments.
Jewellery e-commerce competition is on rising, how ready are you?
The online jewellery market continues to sparkle, but it will never be without challenges. These e-commerce trends should help you tread a path towards a digital jewellery e-commerce world that prioritizes innovation, improved online shopping experience, and convenience no matter how challenging the situation. Lastly, it’s clearly a time of great uncertainty, but as the world gradually reopens, how are you adapting to the new normal to avoid complete business disruption?