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Jewellery businesses are going digital and thriving. Read on to find why.
According to a Times of India study, an average Indian today spends 5 hours on their smartphones, surging from 3.7 hours in 2019. With the rise of social media platforms, an average person spends about 147 minutes on social media each day.
In 2020, an organization of leading retail jewellers surveyed the jewellery industry landscape to see how the industry was managing the digital transformation in the middle of the pandemic. 60% jewellers indicated in the survey that Facebook had emerged to be their best ROI. This figure not only shows the importance of digital technologies in the post-pandemic world but also the ways you can protect your business in similar future contingencies.
Keeping in mind the aforementioned insights, we give you 4 reasons why jewellers should go digital, especially in a post-COVID world.
Innovation is Essential
Times change. But one thing that always stays in trend is innovation. Technology has brought ease into everyone’s lives, and the only question you should ask yourself is whether you want to hold on to the old or embrace the new. Many jewellery businesses offer integrated technology in their offerings, including Augmented Reality-powered jewellery trying options, along with data-backed insights for your business. As the world moves towards a more diverse online marketplace, you should also build your place in the cloud.
Changing Sales Channels
According to the survey by The Plumb Club Industry & Market Insights 2021, 30% of polled consumers bought more jewellery during the pandemic. Increased interaction and engagement with customers online could easily translate to sales. Evidence of this is the unsuppressed online purchases of jewellery during the pandemic.
Future-proof your Jewellery Business
In the aftermath of COVID, what steps have you taken to ensure that a similar calamity in the future doesn’t impact your business as 2020 did? We get it, sometimes stepping outside traditional boundaries may seem like taking a risk. But taking a leap into digital technologies means that you are not only investing in the present but more importantly, the future.
Future-proofing your jewellery business through digitalization is imperative to help mitigate the impact of the economic downturn. With the right tools and systems, you can continue to serve and support your customers, and in the process, support your employees, too.
Jewellery is an experience!
The best way to probably state that jewellery is more than the material is the virtues and feelings they represent. When people say “diamonds are forever”, they not only allude to the characteristic sturdiness of the element, but of their relationships and emotions. The Plumb Club Study also points out that 39% of consumers said that spending time at home, made them buy more jewellery online, with about 72% of polled consumers saying that they had actually bought more jewellery on different online platforms. But your customers can't possibly reach you if you’re not online.
Going digital doesn’t mean you have to change your business offering or the tradition and values your brick and mortar store represents. Go digital!