Luxury brands eye Generation Z and Millennials with keen interest as their combined earning potentials will be the largest in the world in the coming days. The eldest of the gen Z will reach the age of 24 and are fully in the workforce while the eldest Millennials are turning 40 and at the peak of their income potential. These factors make them the dominating shopping groups that determine what brands should offer and how they should offer. But what if we tell you that there is another way you can help your buyers determine and have a say in what remains in the market. Customization is a solution allowing customers to design a product that reflects their personality, taste, and fashion preference. Likewise, the online jewelry design software is a made-to-measure tool enabling your customers to design their favorite pieces of ornaments as per their choices and occasions. The tool comes with digital features that allow consumers to preview the product before placing the order through 3d technology.
Jewelry Design Software Enables Luxury Companies to Power Through Digital Trends
Studies from Boston Consulting Group indicate that generation Z and millennials are pegged to garner more than 60 per cent of the luxury products in 2025. According to the recent WWD report, Sarah Willersdorf, global head of luxury for Boston Consulting Group, said cultural credibility is key since sharing values with consumers has never been more critical. It is believed that brands that are succeeding in the jewelry market are successfully building their place in the metaverse. Metaverse is a shared, digital, and persistent space and allows brands to connect with consumers at an even younger age through social media and build a community of, and with, followers. This indicates that brands that are adaptive to smart and new-age technology will succeed in the market. Besides, they have to carefully design their business models and strategies so that they can incorporate various consumer behavior and meet their demands. However, it is undeniable that these marketing cohorts are no cakewalk. As per many retail analysts and consumer beahvior experts, Generation Z and Millennials expect brands to be sustainable, ethical and practice corporate social responsibility (CSR).
Several researches have revealed that traditional standards in the luxury industry, such as superior quality, attentive design, and an elevated narrative, are no longer enough to drive passion for generation Z and younger millennials. Besides, another factor that determines the success of reaching consumer demographics is the degree of digitization. Consequently, luxury brands collectively invest hundreds of millions of dollars in digital technologies, including tech stakes for more integrated e-commerce and in-store shopping experience and AI-powered personalization capabilities. So, let us dive in a little deeper and look at the factors that propel the growth of the jewelry industry.
Here are the elements that accelerate the use of digital technology in the jewelry sector:
New Strategies Emerge
As buyers' preferences change, brands have to adopt strategies that help them stay relevant and up to date to meet buyers demands and requirements. Therefore, many leading brands are revamping their business strategies or coming up with new techniques that allow them to entice more buyers and make their shopping experience easier and seamless. Many luxury companies, such as Telfar, have replaced the idea of the drop with Drip. The brand gradually wants to drip the product to their buyers who have truly invested in the label; instead of dropping lots of merchandise through eCommerce. The company has shunned the platform where bots have been known to buy hundreds of brand's products at a time. This new channel will allow buyers to involve their customers in their creative orbit. Its buyers can upload their videos featuring products for consideration by scanning a QR code and selecting a category, such as "funny", "sexy", or "voyeur". The designer can also share storytelling and messaging directly from the brand. This strategy is a world away from physical stores and traditional digital marketing. This is seen as brands bid to own the relationship with their customers comes at a time when post-lockdown, shopping habits are changing rapidly while the touchpoints to capture consumers are shorter and fewer than before.
The factors mentioned above indicate that the rules of the games are changing, and the cost of CPMs (based on impressions) has also surged, making digital space more competitive. Until recently, the third-party cookie was king, and brands have capitalized on these cookies to track website visitors and collect data to enable them to target ads to the right audience. However, these have become the traditional marketing strategies and no longer draw out as many prizes as they used to. With the rising data breach and privacy issues, many institutions have formulated a framework that protects the data from any leakage. For instance, the European Union's (EU) General Data Protection Regulation (GDPR) restricts the transfer of personal data. Consumers are pushing for greater transparency, and, in response, tech giants are phasing out third-party cookies. Companies have to navigate new ways to own the customer relationship and acquire data legally.
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