Wherever you are in the world, chances are you’ll come into contact with some type of technology. From how we buy to what we wear, advances in the digital world have transformed the consumer market — but how have they affected the jewellery industry specifically?
The new advances in technology have undoubtedly changed the way businesses operate and how audiences consume trends. Here, we’ll explore the most prevalent and look into how digitalisation is transforming the traditions of the jewellery industry.
An insight to the Internet of Things (IoT)
When it comes to a brands target audience in the jewellery industry, businesses can now use analytics to properly understand their customers. In the first quarter of 2018, digital revenues of UK retailers grew by 10%, and jewellery brands are taking notice of the benefit that the online shopping world offers.
Advances in real-time analytics have helped jewellery brands discover key information about their audience as soon as they occur, rather than waiting for the data until it’s too late. Real-time data delivers instant information, such as: when the company has been mentioned online (by a blogger or publication, for instance), the route taken by a user to reach a brand’s site (which can suggest alternative advertising platforms) and which pages and PPC campaigns are performing well or poorly (allowing brands to react more efficiently to underperforming marketing strategies and content). With real-time analytics, jewellery companies — like German company, Beeline — can react immediately to emerging trends, offering in-style pieces to its target consumers and maximising its profit potential.
Looking into omni-channel strategies
Despite social media growing massively in our society, most transactions in this industry occur offline. However, the growing authority of omni-channel strategies is opening opportunities for brands across the industry. For example, Hong-Kong-based jeweller, Chow Sang Sang, is currently gravitating towards an omni-channel process, while other brands across the globe have seen rises in sales by offering omni-channel services as simple as letting customers reserve jewellery online before viewing the item in-store. Google states that omni-channel processes ensure that “retailer marketing strategies are geared toward enabling customers to convert on any channel”. Rather than simply selling jewellery in-store and promoting offers via print media, omni-channel is allowing jewellery brands to merge online and offline, offering more opportunity for advertising and conversions, as well as a less disjointed experience that consumers will enjoy.
SMART jewellery is a thing now — fact. Rather than choosing jewellery solely for aesthetic reasons, consumers are now jumping on the trend for a unison of fashion and technology. SMART (self-monitoring analysis and reporting technology) products have advanced to such an extent in recent years, that consumers can now buy anything from watches that you can use for phone calls, to necklace pendants that monitor your sleep and stress levels. According to research, sales for fitness bracelets and smart watches in the UK hit four million in 2017 — up 18% on the previous year. Advances in digitalisation are creating a new niche in the market. So, expect more attractive wearable technology that’s designed with an equal focus on style and usability.
Understanding social media
The growth of social media has led to a rise in visibility among jewellery brands — especially on platforms like Instagram. Instead of engaging with customers in-store or promoting via print advertising, jewellery companies now capture a new, typically younger audience to offer a different experience via the digital world — making jewellery more interactive and accessible.
“Instagram allows you to be personal and it’s important because jewellery is personal. My clients use the app to connect with me to see who is designing the jewels and how I wear them. It creates a level of trust” commented London-based jewellery designer, Jessica McCormack.
Did you know that Instagram reportedly has around 16.7 million monthly users? Using Instagram’s popular shopping platform, jewellery brands have the chance to broaden their marketing reach and create more opportunity for conversions by selling directly to a new demographic without that consumer having to actually visit their online or offline stores. Whether you’re looking for antique silver or gold, chances are you’ll be able to learn more here.
The use of laser technology
More jewellers are beginning to use lasers when it comes to product creation. Once used mainly for cutting and welding, the procedure is now commonly employed to decorate and engrave — throwing open the doors of opportunity for customised jewellery and a more personal consumer experience. By combining lasers with CAD and CAM (computer-aided manufacturing) technologies, designers can create more intricate designs at a quicker rate and a greater standard, allowing more interesting designs to be mass produced and enabling bespoke jewellery design services to become more readily available.
There’s no denying that the jewellery industry has evolved effortlessly over the years, but what does the future look like for the sector? Only time will tell…