The rapid rise of technology and concurrent increase in online shopping has had profound effects on the traditional business models of many retail verticals. None more so than the Jewelry industry where intense competition and ever-changing customer preferences have led to a rethinking and adopting of turnkey E-commerce practices and solutions.
Whether it be marketing, branding or increasing profits, E-commerce has provided an avenue for jewelry retailers to adapt and face future challenges. Brands are influencing and targeting customers across a broad spectrum of sales channels and providing innovative experiences that seek to recreate their in-store experiences while buying jewelry.
E-commerce has been nothing short of a boon for smaller jewelry retailers. Reaching new customers and marketing your unique jewelry products has never been easier. Leveraging the innovative tools and solutions offered by multiple online and social media channels, acquiring new customers and driving customers to stores has contributed greatly towards increased revenues and brand value. Directly reaching target customer categories and personally engaging with them allows jewelry retailers to meet changing customer expectations. E-commerce offers jewelry retailers tailored marketing solutions to reach new customers and sales channels.
Sales Boosting Innovation
The rise in mobile commerce has brought unique tools and innovations which cater to provide customers unique product experiences. Customizable tools that allow customers to create or design their own engagement rings, 360-degree product videos and innovative price and product comparison solutions are revolutionizing the E-commerce journey of the jewelry industry. Customers are more aware and ready to make purchase decisions based on these innovative experiences. E-commerce is enabling jewelry businesses to manage their operations, and also improving their marketing and communication efforts with potential customers.
Increasing Brand Value
Luxury jewelry retailers are also taking advantage of the unique value proposition offered by E-commerce channels. Industry competition and tectonic shifts in the global economy had led to unpredictable circumstances in the sales cycle. Branded jewelry and watch retailers have tapped into social commerce channels to reach out and influence younger millennial customers. E-commerce has enabled the understanding of the changing needs of customers in relation to luxury branded items and then connecting with customers online, persuading them to engage and finally purchase it. Brands are tapping into customer needs for convenience, reliability, and experience provided by E-commerce channels.
Syncing Online & Offline
Jewelry retailers are aware that a majority of their customers still prefer the traditional process of buying jewelry at their store. E-commerce provides a means for bridging this gap between online and offline retail and providing customers a seamless and satisfying buying experience. Influencing customers positively and offering them incentives and information via online channels enables jewelry retailers to engage and connect with target customers. Similarly offering online product experiences in-store, allows customers to interact and research while having the convenience of making the final buying decision at your favorite jewelry store. This digital confluence of online and offline commerce is unique to the jewelry industry and is allowing retailers to increase sales.