Over the years, the jewellery industry has evolved rapidly by understanding customer preferences and adopting measures to address the need of the hour. According to the Indian Bullion and Jewellers Association, the sale of gold increased by 30 per cent during Diwali, despite the Covid19 challenges. With retailers looking to diversify their product lines and customer demographics and behaviour encouraging the industry’s success, this dramatic comeback is only expected to improve in 2023.
Let’s explore the landscape of the jewellery sector in 2023.
Trendy and accessible jewellery
The current generation of customers is pivoting towards jewellery that is design-led and high on style. This profound change is a direct result of societal and perceptual differences that have led to jewellery becoming a symbol of individuality and style. Weddings and family gatherings have given way to more commonplace occasions like work, coffee dates, etc. This recent flurry of occurrences necessitates the production of jewellery items that have a feeling of wearability today. As a result, customers prefer to purchase jewellery that is more trendy, stylish, and uniquely created for daily use.
Tech-enabled jewellery making
Tech-enabled jewellery brands are gravitating towards reviving and renovating the styles and concepts and delivering exceptionally well-designed and stylish products. As a result, tech-driven jewellery brands are providing buyers endless unique designs, and just-in-time production. The innovations and exceptional measures the jewellery brands take are thus revolutionising the customer experiences altogether.
With the growth of multi-channel jewellery shopping, customers can now explore, compare, and make purchases through various channels, including online, in-store, and even from the convenience of their home, with services like “Virtual try-on”, “Try at Home” services. Jewellery brands with an omni-channel strategy offer a customised customer experience and maximise shopper convenience by implementing a unified inventory management system, unique pricing, fulfilling orders, delivering goods,
providing loyalty programmes, and offering discounts. The flawless channel integration advances meaningful customer education, interaction, and experience, eventually forming brand identity.
Tailored customer experiences
Consumers’ expectations are evolving toward more simplified purchasing habits with built-in ease and genuine brand experiences. Hence, jewellery brands are facilitating a transition to provide customers with a hassle-free, accessible, enjoyable, and customisable customer experience. Brands provide immersive, high-definition experiences such as 360-degree product videos and Augmented Reality that combine customisation, narrative and technology to allow customers to interact with jewellery products. These technologically driven interactions create immersive cross-channel experiences, revolutionising the consumer’s buying of jewellery.
In 2023, the jewellery industry is expected to evolve customer experiences with technology adoption. Manufacturers are going to come up with designs which are unique and resonate with the personality of an individual. The unique campaigns and marketing initiatives will also help draw more customers and contribute towards the industry’s growth.
(The author is Founder & CEO, Candere by Kalyan Jewellers.)