In the midst of a pandemic that made the world grind to a halt, most people assumed that the jewellery industry would be hit severely. Yet, 2020 saw record purchases, including the sale of “The Spirit of the Rose” – a unique purple-pink diamond – for a whopping $26.6 million at a Geneva auction in November.
In these trying times, consumers have turned to jewellery to treat themselves, and with leisure like travelling being put on hold during the pandemic, the spends on holidays became a chance for people to invest in Jewellery. But the strange year has also influenced consumers’ sentiments and emotions. In a year that put grief, loss, and the fragility of life in focus, people are holding onto love. As was the case during recessions and wartime, the sale of engagement rings spurred an already growing industry as the lockdowns eased slowly around the world. When couples are scaling down their wedding day – from shorter guest lists, to lesser food and décor – jewellery becomes the area they don’t need to, nor do they want to, compromise on.
Future is now
This is where it becomes vital, especially now, for retailers to have an online presence – both in terms of online shopping and digital marketing.
Across organized jewellery businesses, brands have had a good quarter and year in terms of new customers as well as sales. Amongst others one of the biggest drivers for the same has been the presence of these brands online where customers could engage with the brand, view products online, clarify their queries and enquire about their requirements. While customers would continue browsing online for trends, viewing Jewellery collections, exploring designs and purchasing everyday jewellery, they will continue to prefer buying their exquisite jewellery pieces at the physical showrooms where they can experience it. Jewellery shopping is an experiential journey where you can touch and feel the intricacies and craftsmanship of jewellery designs and then try them out in person to see which design complements you the best. What online platform has done today is facilitating awareness for Brands, acting as a digital catalogue of exquisite designs where customers can get a jist of the products and services the brand has to offer and the possibilities to attend to enquiries of customers where they can be at the comfort of their homes.
But these milestones were not accidentally met because COVID-19 moved shoppers online. These brands have adapted and used this time as an opportunity to make their retail experience entirely consumer-centric. Whether it’s machine learning technology that enables virtual try-ons, curbside pick-up solutions, video conferencing with customers using 3D printed designs, or a focus on tailored product drops, intentional messaging and offering an intimate glimpse into product stories on social media, retailers have adapted to a new digital landscape that the consumer now increasingly wants to inhabit.
Online offline
But this is not a recent trend. Even with stores reopening, consumers turning to purchase online has not dampened. In fact, most of the brands have realized that with the growing amount of time spend by people online even before the pandemic have decisively made shopping over the internet the general norm. While in India heavy jewellery purchases are still a physical shopping experience, International brands like, fashion e-tailer Moda Operandi sold a ruby necklace at a colossal $400,000 in 2019 online & Cartier was selling designs up to ₤300,000 online. A common concern with retailers was that offline sales would get swallowed, but trends showed that e-commerce was extending brands’ reach. Cartier’s Love collection became a bestseller online pre-COVID.
Sparkling effervescence
Now, while customers scamper around the web to stay connected with loved ones, follow the news, and indulge themselves, the industry has seen the rise of the “Zoom phenomenon” – where people focus on accessorizing shoulders up for video calls. But from everyday ornaments to once-in-a-lifetime purchases, jewellery designs have stayed steadfast as a pick-me-up reward – its feel-good value making it an evergreen investment.
Buying and selling has always been a personal and emotional exchange. And while an online presence offers a convenient and customisable channel of communication, it also offers a space to invite consumers in for various events and engagements both online & offline like a special Pre-Wedding shoot with exquisite jewellery and also create an opportunity to observe the tale behind some of their favourite pieces. So, with the wedding season around the corner, retailers must focus on building deeper and individualised relationships with customers both offline & online while celebrating the resilience of love in an unprecedented period of history.