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Originally Posted On: The Future of the Jewellery Industry: Trends & Insights | Tech Times
Every industry continues to evolve throughout the years and the jewellery industry is not an exception. It’s not business as usual in the jewellery industry as we move to a more consumer-centric and the use of user-friendly approaches to trade. Long term investment criteria as applied to materials such as Gold continue to become more and more relevant.
Investments in jewellery have re-affirmed their value and continue to be a haven for crisis moments such as seen with the coronavirus pandemic. Those in the trade already must be fully aware of these developments and seize the opportunities as they emerge. Aspiring traders in the industry should also take the earliest opportunity to tap into it because the future looks much more promising than in the past.
Developments in the Jewellery Industry
The future of jewellery and the industry at large is an interesting one looking at the changes taking place already. Here are important trends and insights to note in the industry.
- Marriage post-Covid times. A new wave of fashion is expected in post-Covid times. All market players are anticipating great developments and an upsurge of marriages that will boost business. Lockdown and cessation of gatherings and movements have been a huge impediment but things will being to change positively.
There is a gravitation towards light-weight jewellery and smart options as people gear up for upcoming wedding seasons. There will be a demand for diamond and solitaires together with sleek gold pieces.
- Overseas jewellery sales. The export business faces tight restrictions following the coronavirus pandemic. With the opening of export services, there will be an increased flow of foreign currency making the industry more viable in the post-Covid period. Things will take shape as markets start to open up. It will not be business as usual because this will be the new normal in the jewellery industry as well.
- Demand for Simple and Sleek Designs. Focus has shifted to sleek and simple designs. This preference will determine how the jewellery market will be. Companies are working around these trends with specific price budgets. This will continue with less demand for hefty prices.
- Digital shopping impact on jewellery. Lightweight jewellery is a preference in this digital period. Customers may not afford physical visits to check heavy jewellery pieces. However, the simple designs don’t need this and can easily be bought online with sufficient scrutiny as seen at Dreamland Jewelry and other online merchants.
Over 80 per cent of jewellery lovers incline towards lightweight products. This will dictate what is being made by manufacturers and define all distributions by wholesalers and retailers.
- Shifting user experiences. There are increased changes in customer experiences and product handling because of online shopping. Dealers are keen on jewellery demonstration as a means to persuade customers to buy. Communication will be vital for a better customer experience.
A lot of work needs to be done to make the customer feel appreciated. Buying jewellery online would require enhancing the quality of the shopping experience to build trust and make customers comfortable throughout. The focus is on both selling the products and experience to the customers. There is an ultimate shift in the approach to the jewellery industry right from design to after-sales service.
- Gold prices are on the rise and the trend is expected to grow in the post-Covid period. Jewellery sales will increase as a result. With the negative impact of Covid-19 on businesses, new ways of coping against these odds are on the rise. This is also evident in the jewellery industry. There are great changes realized in design work and sales, preparing the industry for a breakthrough.
- Customer service and retention. With limited movements to make purchases, home deliveries and service of products will be essential for business. Brand representatives will play a key role in the sale and delivery of jewellery items to buyers. They will work to showcase the range of products available and help customers pick their favorite designs.
Keeping up with the Jewellery Industry
A lot has changed in the business world. Tastes, fashion and preferences in the jewellery industry are proof enough of what manufacturers and product distributors have to adapt to. The push for sleek designs and online shopping will continue to shape how business will continue.