Jewellery Industry facing a shift during COVID-19
Jewellery Industry is facing tectonic shifts just like any other businesses. It is searching for future trends and strategies in a post-COVID-19 world. Social distancing has led to an upsurge in online shopping trends, but this new found leverage with digitization will work best when it is helmed into a seamless strategy to fully engage consumers keeping in mind various factors that has altered consumer behaviour.
Digitization
Amid these extraordinary shifts in the realm of jewellery industry, people have turned to online purchasing. The challenges posed by the pandemic have has given rise to digital platforms and initiatives as significant business tool. Digital has now become a key factor in any omni-channel experience. Brands need to be alert in determining consumer shift in the mode of shopping and be flexible to adopt new formats to engage consumer to encourage purchase in a socially distanced world. Hence, strategic digital marketing can quicken conversion.
As traffic to stores has reduced, driving higher margin sales has become an even greater priority for jewellers. Hence, finding the right business model is become a necessity.
Consumers re-evaluating choices
Though the global pandemic has caused a discord for the jewellery industry worldwide, it has also provided opportunities. Majority of consumers are re-evaluating their choices in life. In this situation, consumers may opt for reasonably priced jewellery in trendy and attractive designs. They are making a conscious decision to spend on jewellery as a feel-good factor for themselves or to show gratitude for their loved ones during these challenging times. The consumer will be ready to pay only if the emphasis will be on the value that the product brings, experience and the intention of saving money. This could also impact the design as well. Consumers will also demand sustainability from brands. Consumers are likely to indulge in original designs that carry meaningful stories while buying jewellery.
The Jewellery Industry needs to concentrate on creating products that focus on consumers’ needs that can lead to the generation of strong and distinguishing brand stories.
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