While the past year has given jewelry the industry has its fair share of challenges – with lockdowns impacting global jewelry trends, thousands of store closures and the cancellation of trade shows and events – creativity has exploded in terms of how whose jewelers market, present and sell their collections. Jewelry brands and midsize retailers are suffering from declining footfall and consumer uncertainty, while suffering from competition from niche independent brands.
That said, there are challenges in the form of declining rough diamond mining inventories, business fraud and even delayed marriages, although there are factors contributing to the global market growth such as the growing number of digital buyers, and the increase in the female population, the increase in the middle class population and the growth in tourism. And despite the fragility of the high street, jewelry purchases have increased, and based on its potential for growth and value addition, the government has declared the gemstone and jewelry sector as a priority area for business creation. ‘exports.
– Accentuate your brand values through storytelling: Because jewelry is such a personal and iconic purchase, the experience should be as in-depth and multi-dimensional as possible, and storytelling helps consumers connect with individual pieces in the absence of physical proximity. Today, many companies are using the power of storytelling to transform their brand values into stories that captivate and retain customers.
– Tailor-made content to connect brands to culture: There is no doubt that the Internet and social media are powerful tools for mobilizing people. And due to the convergence of new media and globalization, social media has reduced the world to a much smaller interactive field. Arguably, tailored social media content is one way to go about it. Culturally relevant content helps increase relevance, drive brand love, and ultimately drive revenue. Tapping into the conversation of the season is a great way to gauge how people are feeling and thinking.
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– Use of “real people” in campaigns: Models are real people, just like influencers, although when it comes to advertising, credibility makes all the difference. Now, brands are using real people or real customers in various campaigns that help them with varying degrees of success. Using real customers in ad campaigns brings a host of benefits and creates familiarity, thereby encouraging engagement. It’s a great way to build conversational skills, as it’s human nature to be interested in others, their stories, and their experiences.
– Everyday Luxury – Creating a Line of Minimalist Jewelry: Much like clothing, the gemstone and jewelry industry has leaned towards intricate designs and soft tones and the rise of minimalist trends has taught us the beauty of “less is more”. Jewelers also plan to introduce new product lines at affordable prices to appeal to young or middle-class consumers, giving them an entry point into the brand.
However, we believe the suitcase share for bridal jewelry purchases will remain largely unchanged despite the new normal; wedding ceremonies being a close-knit affair.