During the pandemic, consumers had pivoted and adopted new habits that have entirely altered the way the products were bought. At the outset of the pandemic, some business leaders wondered whether these changes, which accelerated trends already in motion, would be fleeting or permanent. And as the world transitioned towards technology-driven lifestyles and aspirations, it was imperative for brands to adapt to this new business model and deliver to these changes. The same can be observed through the changes we witness in the way a product is being tailored to a market these days. The online jewelry design software enables brands to capitalize on these seismic shifts with customization solutions and digital features. The tool is the perfect blend of fashion and technology as it allows customers to freely design their ornaments using the e-catalogue services by luxury brands.
Jewelry Design Software Offers Solutions to Revolutionize the Jewelry Industry
The inception of technology in the fashion sector is inevitable, and as the world is better prepared to embrace these changes, the fashion industry shouldn’t be under any pretensions that it can avoid implementing these shifts. The onset of artificial intelligence (AI) technology has enabled brands to comply and deliver these changes. The modern-day solutions help fashion brands to market their products individually to their buyers and match their personal preferences. In fact, several fashion luxury brands are utilizing big data analytics and AI to analyze and understand their customers better. These technologies help in creating demands for a product by displaying the same, again and again, on multiple online platforms. Whether we talk about digital marketing strategies or e-commerce tactics, the technology is reshaping our buying needs while revamping the retailing techniques.
The jewelry sector is witnessing a similar tectonic shift as the fashion and style among buyers are evolving. Fashion brands increasingly focus on customer experience and view technological adoption and enhancement as the next logical step. Face recognition software is already wooing online shoppers in the makeup and eyewear market. A similar concept is becoming more mainstream in jewelry retailing, wherein augmented reality is allowing potential customers to try out accessories, bracelets, and necklaces while being in the confines of their homes. This fun feature is successfully garnering more visibility while making browsing and shopping for online jewelry easier. E-shopping is rapidly taking over traditional catalogue-style shopping and providing a much closer to a real high street shopping experience to customers.
According to a recent report by McKinsey and Company, fine jewelry and premium to ultra-luxury watches are an integral part of the global luxury economy, and it leads to the combined sale of more than $330 billion every year. This domain represents the significant cultural assets that reflect people’s creativity, self-expression, and advanced technological know-how. Though, the sector witnessed the backlash when the pandemic outbroke across the globe. The uncertainty caused by the COVID-19 pandemic rippled the globe and short-circuited the entire supply chain. The jewelry industry was no different that could escape the effect and, as a result, suffered a revenue decline by 10 to 15 per cent. This was further strained by the slow-to-adopt market players who are reluctant to crystalize the emerging trends in the fashion market. The closing of physical stores for extended periods revealed various loopholes in the jewelry sector, and as a result, brands were left with no other choice than to move to the online marketplace. The gradual transition to the digital platform represented about 13 per cent of the global market for fine jewelry. Despite the industry witnessing some of the unprecedented turbulent times, the next five years will also offer significant opportunities for players and rewrite the rule book across products, distribution models, and engagement strategies. Those that anticipate or at least embrace the changes in the marketplace can participate in setting a new gold standard.
From 2021 and 2025, the McKinsey report expects the jewelry sector to rebound from the COVID-19 pandemic and grow globally at 3 to 4 per cent per year. The rebound is expected to be caused due to the rise of younger consumers who are willing to experiment with their looks and demand a way out from the traditional business models of companies. Besides, the rise in the domestic markets amid the continuing restrictions for travelling across borders, especially in the Asian markets, such as China. Its domestic consumers make it the biggest regional market, accounting for 45 per cent of global jewelry sales. These statistics are anticipated to further expand as the branded jewelry sales in Asia grows 10 to 14 per cent annually.
Let us now understand how the new-age technology will revamp the business model and enable jewelry brands to scale up their online sales.
Here are the latest trends that enable jewelry brands to boost their online sales and presence:
Creating Personal Touch
Ornaments have traditionally been about possessions, legacy, and status symbols; thus, customers love to leave their personal mark on what they purchase. Since buying luxury products, especially jewelry, is a personal experience, brands must involve their buyers in designing to make their collections more unique. This is a crucial factor that helps retailers and manufacturers add exact specifications received from their buyers. The advanced technologies help brands realize this dream as they help companies transform the shopping experience and make it more personal and exciting. The ground-breaking combination of 3d printing and augmented reality (AR) enables brands and their customers to customize their ornaments as per their specific requirements. Besides, virtual inventory empowers customers to visualize the product they have created and view beyond physical frontiers and contribute to forming unique and affordable pieces for themselves.
Additionally, the high-end technology helps brands cut down on most of the traditional labor that goes into manufacturing jewelry. This eventually leads to quicker production times at a cheaper price alternative. This new and rather ingenious design method is unimaginably reshaping the traditional jewelry industry.
Likewise, the jewelry design software online offers customization solutions to designers and retailers and help them to create legacies and one-of-a-kind products for buyers to cherish forever. Its customization solution empowers your buyers to design their ornaments and express themselves freely. Its digital features come with an easy-to-use interface, thus, allowing buyers to design their jewelry in a flash seamlessly. Buildajewel.com is a platform where users can customize jewelry with the software. They can select the jewel, such as ring, necklace, and earrings, and apply different customizations, including adding design, adding initials, mixing and matching styles for a look that suits them exactly.
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