Technology, as we know, has advanced by leaps and bounds, marking its presence into the everyday aspects of our lives. Needless to say, it has also made its way to jewelry businesses. Trendy designs, increased availability, and overall access has brought a fresh excitement in jewelry stores. Online and traditional retailers are doing their best to appeal to more and more customers.
Let us have a look at how technology has brought new trends in the jewelry industry and is shaping the way we think about diamonds and jewelry in general.
Today most consumers like to wear jewelry which would be more than just an accessory that goes along with their outfit. Since the last few years, jewelry makers around the world have been designing their products so that these can be used along with gadgets. Designers have been making products that integrate technology with jewelry. For instance, some fashion designers have come up with sleek designs replacing the rubber bands of fitness trackers.
Ringly, founded in 2014 has designed and created jewelry with a purpose. Their smart bracelets and rings are connected to your handheld device and you can track your activity, fuse in some breathing exercises into your day and never miss out on social media updates. And it is easy to disconnect from your phone whenever you want.
Research and Markets claims that online jewelry market is set to see a rise 4 percent to 10 percent by the end of this decade. Also, the online jewelry sales are expected to rise by 15 percent in the same time span. These trends in growth are attributed to the fact that jewelry retailers are adopting e-commerce practices.
There’s another way technology is affecting sales and growth in the jewelry industry. And that is the availability of tools which have refined customer experience. These tools are made from cutting-edge tech and are helping jewelry businesses and online customers immensely. Ring Builder is one such tool that allows customers to design their own engagement rings. You can customize a diamond ring based on cost, carats and certification. It easily integrates with other tools which connect you with retailers and suppliers.
Technology is also helping businesses manage their operations and enhance communication with customers and stakeholders. With many eCommerce companies selling jewelry, it is important for the consumers to know whether it is real or fake. There have been several cases where the jewelry which people saw in pictures on the internet were far different from what was delivered to them.
Increase International Presence
By the end of this decade, both consumers and businesses are expecting to see a rise in internationalization of jewelry brands. As of today, Tiffany Co. and Cartier sum up to 12 percent of the worldwide market. Most jewelry stores still cater to national consumers and most of them still operate in single branch stores. In the digital age, the supply-chain processes are expected to accelerate. This will not only make new designs available quicker on the shelves, this will also make ccross-bordershipping of locally designed items world over.
Some people believe that a weak economy has made people invest less in jewelry, especially the millennials. It is true that jewelry companies world over have to figure out new and innovative ways to lure them to buy their products because people these days tend to spend more on experiences than on tangible products.
The advent of technology and its easy access has brought significant change in how both the consumers and businesses perceive jewelry design, purchase and availability.
Read more business trends at TechCo