The Covid-19 epidemic has wreaked havoc around the world. With weddings postponed / canceled, the jewelry business has also been hit hard. The Covid pandemic has affected all sectors and businesses have experienced a significant drop in the past year. However, jewelers still hope that once the weddings start, they will start to see an increase in sales. They have already started to see an increase in sales since the lockdown was lifted.
Jewelry has always been close to our hearts. Especially when it comes to special occasions it has played an important role in our life.
As the pandemic has impacted the entire industry, it has also given jewelers time to understand and think about their brand. It gave them time to think about their strategy, their future plans, what they intend to do once the pandemic is over and everything is back to normal.
Many brands that did not have an online presence began to learn about the new way to shop – the online mode. The jewelry industry has been hit hard by the closure of retail stores. Although purchasing has resumed due to the easing of restrictions, the industry will need to give some time to consumers also.
During this time, jewelers also realized the importance of having an online social media presence or a website of their own. It has also been observed that customers have also become active on social media platforms and are also comfortable when it comes to buying jewelry.
The jewelry industry will have to wait for consumers to settle in before going back to their usual routine. It will take at least a quarter to six months for things to get back to how they used to be. In a situation like this, cutting costs and raising brand awareness would definitely help increase sales.
It has been observed that customers are still reluctant to make a big investment. However, keeping in mind the approaching wedding season, sales will increase as we all know that gold plays an important role in Indian weddings and is considered an asset. But, we also need to understand that buying jewelry to get back to its pre-Covid level will certainly take time. The industry is expected to experience a major change once the lockdown is over.
The jewelry industry has high expectations for the upcoming wedding and holiday season. We hope that they will help the jewelry industry to return to its normal level. The e-commerce sector and social media played an important role during the lockdown. The industry has been able to manage the sales by selling low cost, lightweight jewelry that is perfect for everyday use. This category has always performed well, especially when it comes to everyday gifts and jewelry.
The industry is doing its best to deal with this pandemic, such as reaching out to its customers, supporting its staff and artisans. The industry hopes this wedding and party season turns out to be a great time for the entire jewelry industry.