The luxury fashion market across the globe was hit hard by the pandemic in 2020. The prolonged shutdowns and the cessation of global tourism changed what and how luxury customers purchase. The rising trend of online shopping enabled fashion and luxury brands and retailers to meet the changing consumer preferences swiftly. Taking this notion to the next level is the online jewelry design software, a customization solution that helps brands and retailers to leverage the recent trends in the virtual space. It enables your buyers to design their ornaments and gain a complete view of the product using 3d technology before they head for the final payment.
Jewelry Design Software Enables Brands to Revive the Customer Shopping Journey
The sudden outbreak of the pandemic had presented several challenges in front of the fashion industry. The tariffs and a strong dollar were already a headache for the US luxury market as the majority of Chinese customers began buying closer to home. But in early 2020, global tourism ceased; airport shops, which are considered the major drivers of the luxury market, were shut down for an unlimited time. These had immediate and catastrophic effects on the market. Even the strongest brands experienced a plummet in revenue by 40 per cent and more in the second quarter of 2020. However, as the year progressed, the sector witnessed a silver lining; the sales took off, many leading brands pushed through significant price increases. They were simultaneously discussing and negotiating rent decreases, and the most surprising effect was that they were ready to sell products directly to the local consumer. This strategy helped them to offset the loss in sales to Chinese tourists.
Additionally, as the pandemic accelerated the inclination towards online luxury buying, luxury companies had to redefine the purchasing experiences and find a way to connect through virtual experiences. They had to revamp the older content on their social media, website, and other platforms while collecting valuable consumer data and adopting evolving technologies, such as artificial intelligence and social media platforms. The changing business patterns compelled brands to incorporate modern solutions which have revolutionized business-to-business sourcing and merchandizing. Therefore, digital marketplaces have provided their relevance in the fashion industry with platforms like JOOR and NuOrder, which assisted brands and retailers in streamlining their inventory replenishment. They have also helped educate the sales force while enhancing sales with easy and efficient merchandise searching. The ornament sector is leaving no stone unturned to create an immersive and inclusive digital shopping experience for jewelers. Indeed, in-person events and shopping patterns can never replace trading shows' vital and significant role. Likewise, the 3D jewelry design software offers customization solutions to jewelry brands and retailers to make the most of the current trends.
Digital sourcing, on the other hand, is available year-round, providing additional sales and opportunities and inventory enhancements. This helps business models constantly engage with customers and ensure a continued supply chain. Let us dive in a little deeper to explore more advantages of using digital solutions.
Here are various benefits of using virtual solutions to promote more use of the latest technologies in the luxury market:
Never Miss an Opportunity to Promote Collection
In this intense digital competition, listing merchandize is like having a year-round trade show, making your products available globally, 24/7, to every retail buyer who uses the platform. For retailers, digital marketplaces can create sales even when inventory is low or when customers have special requests not aligned with regular merchandizing strategy. As an example, if a retailer or brand doesn't have a particular piece of ornament or minimal quantity, digital sourcing and solutions can help them instantly respond to the customer's request.
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