During the pandemic, consumers had pivoted and adopted new habits that have entirely altered the way the products were bought. At the outset of the pandemic, some business leaders wondered whether these changes, which accelerated trends already in motion, would be fleeting or permanent. And as the world transitioned towards technology-driven lifestyles and aspirations, it was imperative for brands to adapt to this new business model and deliver to these changes. The same can be observed through the changes we witness in the way a product is being tailored to a market these days. The online jewelry design software enables brands to capitalize on these seismic shifts with customization solutions and digital features. The tool is the perfect blend of fashion and technology as it allows customers to freely design their ornaments using the e-catalogue services by luxury brands.
Jewelry Design Software Offers Solutions to Revolutionize the Jewelry Industry
The inception of technology in the fashion sector is inevitable, and as the world is better prepared to embrace these changes, the fashion industry shouldn’t be under any pretensions that it can avoid implementing these shifts. The onset of artificial intelligence (AI) technology has enabled brands to comply and deliver these changes. The modern-day solutions help fashion brands to market their products individually to their buyers and match their personal preferences. In fact, several fashion luxury brands are utilizing big data analytics and AI to analyze and understand their customers better. These technologies help in creating demands for a product by displaying the same, again and again, on multiple online platforms. Whether we talk about digital marketing strategies or e-commerce tactics, the technology is reshaping our buying needs while revamping the retailing techniques.
The jewelry sector is witnessing a similar tectonic shift as the fashion and style among buyers are evolving. Fashion brands increasingly focus on customer experience and view technological adoption and enhancement as the next logical step. Face recognition software is already wooing online shoppers in the makeup and eyewear market. A similar concept is becoming more mainstream in jewelry retailing, wherein augmented reality is allowing potential customers to try out accessories, bracelets, and necklaces while being in the confines of their homes. This fun feature is successfully garnering more visibility while making browsing and shopping for online jewelry easier. E-shopping is rapidly taking over traditional catalogue-style shopping and providing a much closer to a real high street shopping experience to customers.
According to a recent report by McKinsey and Company, fine jewelry and premium to ultra-luxury watches are an integral part of the global luxury economy, and it leads to the combined sale of more than $330 billion every year. This domain represents the significant cultural assets that reflect people’s creativity, self-expression, and advanced technological know-how. Though, the sector witnessed the backlash when the pandemic outbroke across the globe. The uncertainty caused by the COVID-19 pandemic rippled the globe and short-circuited the entire supply chain. The jewelry industry was no different that could escape the effect and, as a result, suffered a revenue decline by 10 to 15 per cent. This was further strained by the slow-to-adopt market players who are reluctant to crystalize the emerging trends in the fashion market. The closing of physical stores for extended periods revealed various loopholes in the jewelry sector, and as a result, brands were left with no other choice than to move to the online marketplace. The gradual transition to the digital platform represented about 13 per cent of the global market for fine jewelry. Despite the industry witnessing some of the unprecedented turbulent times, the next five years will also offer significant opportunities for players and rewrite the rule book across products, distribution models, and engagement strategies. Those that anticipate or at least embrace the changes in the marketplace can participate in setting a new gold standard.
From 2021 and 2025, the McKinsey report expects the jewelry sector to rebound from the COVID-19 pandemic and grow globally at 3 to 4 per cent per year. The rebound is expected to be caused due to the rise of younger consumers who are willing to experiment with their looks and demand a way out from the traditional business models of companies. Besides, the rise in the domestic markets amid the continuing restrictions for travelling across borders, especially in the Asian markets, such as China. Its domestic consumers make it the biggest regional market, accounting for 45 per cent of global jewelry sales. These statistics are anticipated to further expand as the branded jewelry sales in Asia grows 10 to 14 per cent annually.
Let us now understand how the new-age technology will revamp the business model and enable jewelry brands to scale up their online sales.
Here are the latest trends that enable jewelry brands to boost their online sales and presence:
Creating Personal Touch
Ornaments have traditionally been about possessions, legacy, and status symbols; thus, customers love to leave their personal mark on what they purchase. Since buying luxury products, especially jewelry, is a personal experience, brands must involve their buyers in designing to make their collections more unique. This is a crucial factor that helps retailers and manufacturers add exact specifications received from their buyers. The advanced technologies help brands realize this dream as they help companies transform the shopping experience and make it more personal and exciting. The ground-breaking combination of 3d printing and augmented reality (AR) enables brands and their customers to customize their ornaments as per their specific requirements. Besides, virtual inventory empowers customers to visualize the product they have created and view beyond physical frontiers and contribute to forming unique and affordable pieces for themselves.
Additionally, the high-end technology helps brands cut down on most of the traditional labor that goes into manufacturing jewelry. This eventually leads to quicker production times at a cheaper price alternative. This new and rather ingenious design method is unimaginably reshaping the traditional jewelry industry.
Likewise, the jewelry design software online offers customization solutions to designers and retailers and help them to create legacies and one-of-a-kind products for buyers to cherish forever. Its customization solution empowers your buyers to design their ornaments and express themselves freely. Its digital features come with an easy-to-use interface, thus, allowing buyers to design their jewelry in a flash seamlessly. Buildajewel.com is a platform where users can customize jewelry with the software. They can select the jewel, such as ring, necklace, and earrings, and apply different customizations, including adding design, adding initials, mixing and matching styles for a look that suits them exactly. They can also visualize the piece with high-resolution 3D renderings and adjust every detail until it feels perfect. The website is mainly developed for USA and Canada audiences. This is an impressive tool that will allow different users to explore more and create something unique to them. Create your jewel with Buildajewel.com, as unique as you.
Rising Need for Sustainability
As we move forward, the global jewelry industry is expected to become more branded, more digital, and more eco-friendly than ever. The sector that has historically been infamous for the opposite factors is now more determined than ever to embark upon the path to 2025 is poised to send waves of change throughout the industry. It is expected that the branded jewelry will be rising with a CAGR of 8 to 12 per cent from 2019 and 2025. These statistics indicate that the industry will rise three times faster as prices in the industry will surge up to six times more than the unbranded ornaments. Additionally, competition among established brands and new direct-to-consumer (DTC) companies will heat up as players compete to win customers who are turning toward brands that reflect their distinct points of view.
Additionally, sustainability plays a vital role in determining and influencing consumer behavior. Therefore, eco-friendly practices adopted by the leading brands offer lucrative opportunities to make real, tangible strides toward the important environment and social imperative. These opportunities will allow brands to be more traceable and transparent in their supply chain and move beyond the performative marketing that has rusted the industry in the past. However, the move toward online must be carefully considered by jewellers not to discount the importance of humanizing digital experiences. Consumers will expect the same level of customer service and attention to detail online as they do in stores, and with about80 per cent of fine jewellery purchases still made in stores in 2025, seamless connectivity between channels will be paramount.
Furthermore, adhering to sustainable solutions allows businesses to create their mission and vision statement and shows a company’s goals, products or services it aims to provide, and values it brings to the table. An ethical business should state why and how they are ethical in their business operations and within the community. The mission and vision should also be plainly visible on your website for potential customers to read.
Evolving Consumer Trends
Consumer trends are always evolving, and as a result, brands should be on their toes to match their expectations. These days, buyers are more interested in the maximalism trend; therefore, it has been found that consumers are taking things to extremes and the absurd. It has been revealed in a study that 52 per cent feel that being with their “stuff” makes them happy, and therefore, brands must do everything in their capacity to capitalize on these trends. Also, when customers are shopping through online mode, brands must make purchasing more fu, rational, engaging, and relaxing. Earlier, physically visiting stores would be counted as a fun activity, but this is not the case anymore; as a result, brands must offer solutions that can help buyers keep purchasing through ecommerce. The use of technology can be aptly put to use to attract more buyers and make shopping an event. It has been found that 25 per cent of users regularly tune into video shopping channels, such as QVC and HSN. And 51 per cent of buyers miss “going shopping” as it served as a gateway to socializing. Also, the intersectionality of meme culture, hype culture, and get-rich-quick schemes are manifesting in brand performance art. Influencers play a crucial role in compelling buyers to shop through social media, which brands must leverage.
Consumers now care what happens to their product after it dries, so the new circular economy is dictating who they now choose to buy from. The stats presented above indicate that these shifting consumer trends will have a pronounced impact on retail’s future. Brands must adopt strategies that help them make shopping fun and take the iteration to the next level. Platforms such as YouTube and TikTok offer brands immense opportunities to expand their business and reach out to more audiences. A massive channel shift from more conventional fare to media brands like Netflix and Amazon provides opportunities for brands to focus their energy on more niche and relevant audiences. This means better content and better conversion.
Offering New Payment Options
The rise of the pandemic compelled brands to adopt strategies that required minimum contact with each other, and to an extent, they have been successful in attaining this dream. However, things would get stuck when the payment options were discussed because not many brands hadn’t explored the unlimited options a contactless payment service can offer. With the advancing technology and need to stay relevant in the fashion market, brands moved to contactless delivery and approaches that gradually became the new norm. In fact, in Q2 last year,PayPal added 21.3 million new active accounts, and they expect it to grow even further as a cashless world appears to arrive sooner than expected. This new-age technology allowed customers to get a more automated and faster process where they don’t have to verify themselves over and over again. Biometric features like fingerprints and facial recognition as a form of payment authentication will be prominent. It is easy, fast, and convenient.
Aside from mobile wallets, digital wallets, debit and credit cards, brands can explore options for contactless payments. For instance, PayPal Credit — a zero-interest rate Buy Now, Pay Later feature — offers consumers the power to buy now and the flexibility to pay at a later time.
Mixing Offline and Online Approach
For a long time, brands had categorized their stores and outlets into various forms, such as factory outlets, off-the-wrack stores, physical stores, mall shops, and finally, the ecommerce storefront. But as the pandemic hit, their entire connotation collapsed as the supply chain was disrupted. Hence, it was brought to the notice of brands and their stakeholders that categorizing storefronts won’t help; instead, they need to devise a strategy that can help them blur these boundaries. A survey by Salesforce revealed that 58 per cent are more thrilled about shopping from the ecommerce stores after the pandemic hit the industry. Comparatively, 88 per cent expect businesses to accelerate digital initiatives to respond to the global health emergency. These figures don’t indicate that offline transactions will halt. In fact, consumers expect increased convenience no matter their touchpoints. Luxury brands must provide a frictionless online and offline; alike consumer experience. For that they can;
- Allow the information to be accessible online for products and services, discounts, and consumer rewards.
- Offer more online purchases through in-store and curbside pickups
- Enable online purchases with in-store product returns.
- Let consumers place orders online while in-store to minimize contacts.
The basic idea is to offer top-notch services to customers from both worlds without disregarding health measures.
The new-age technology holds great potential for the jewelry industry. With more clients have the power to determine the designs through virtual mediums, the seismic shift in the way people perceive brands and their online shopping experiences will be inevitable. This collectively provides long-term benefits for manufacturers and retailers, as technology offers a room full of possibilities to them for boundless creativity, reasonability, and more versatility production with quick shipment. Undoubtedly, technology is truly the next frontier in the jewelry sector. The 3D jewelry design software by iDesigniBuy offers buyers and brands similar chances to rethink and revisit their business models with its customization and digitization solutions. The tool helps brands bring the best of both worlds to buyers and brands by bridging the gap between them, allowing them to speak up their minds to create unique pieces transparently.