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How are buyers and technology shaping upcoming jewellery trends? Read on to find out how to catch up with the same!
As jewellery stores and businesses look toward the future, there are a few prominent trends you should consider when formulating marketing strategies and determining the best ways to provide the products and services that cater to your consumers.
We’ve outlined five major trends shaping the jewellery industry and market outlook and how stores can utilize these trends to best serve their shoppers.
Jewellery Customisation & Personalisation
In our blog outlining Instagram Best Practices for Jewellers, we spoke about the importance of unique jewellery. Remember, we’re not just jewellers, but artists who craft people’s emotions. Jewellery is not a commodity, but an experience, which is why it has, and always will be, timeless. Even the COVID pandemic didn’t put a substantial dent in jewellery shopping!
As you build new approaches to expanding your jewellery business, remember - you’re selling an unforgettable experience. Therefore, it is important to craft unforgettable, personalized jewellery that buyers can see themselves in!
Ethical & Sustainable Sourcing
The world at large is growing increasingly environmentally conscious, ensuring accountability and working towards building a sustainable planet. With the evolution of an ethical mindset, it becomes important for buyers to know that their purchases come from ethical, sustainable sources.
This not just helps you build a new consumer base among the environmentally conscious, but also shows where your values lie. And if there is anything that jewellery teaches us, it is that values and traditions are the cornerstones of any long-lasting relationship.
Online & Social Media markets
In a previous blog, we already gave you four fundamental reasons why you should take your jewellery business to the digital interface. Social media platforms like Facebook and Instagram are emerging as strong digital marketplaces that not only help you find new consumer markets but also help you establish brand perception. Not just that, they democratize the shopping experience, enabling buyers to share their shopping experiences with their social media followers. Make sure to utilize this trend!
Women to account for a dominating market share
While the men segment of the end-users is projected to witness a positive growth, it shall be the women who are anticipated to dominate the global market share for jewellery.
With the increasing importance that people place on showcasing their status symbol and social stand in society, men shall be catching up on the same. Many luxury brands are launching gender-fluid accessories that add to a non-binary approach to fashion. In a more gender-neutral society brands are quickly expanding their demographics, with this cultural shift directly impacting sales.
The jewellery industry trends also point to a possibility of increasing jewellery returns. A Pulse online shopper survey revealed that 68% of shoppers go through a product’s returns policy before making a purchase. Not just that, it affects business operations daily, burning away money that could be better spent in other areas. 57% of retailers also say dealing with returns has a negative impact on their day-to-day business.
Another trend that has become indispensable to businesses today is technology. Thanks to technology, the world has gotten smaller and closer to each other. It has become integral for all businesses to stand the test of time. Many jewellers have already integrated their stores with Augmented Reality-powered tools. Take your first step towards becoming tech-savvy today!