Personalized jewelry has been gathering stream over the past few years, but the post-COVID-19 era witnessed an unprecedented surge in the purchase of more meaningful jewelry. People were drawn to it as it offers them the perfect platform to flaunt their styles, beliefs, and personalities. It helps women and a few men express themselves and resonate their feelings with their being; therefore, more people pick personalized jewels. Likewise, the online jewelry design software allows brands to capitalize on the latest customization trends and helps them to empower their buyers to tell their stories and hold a deep meaning to the product they are buying. The tool comes with a digitization feature that enables customers to preview the product as they design it, thus, maintaining and establishing transparency between consumers and brands.
Jewelry Design Software Offers Relevant Solutions to Boost Ecommerce Sales
Before the world was hit with the pandemic, research estimated that the jewelry industry was all set to reach $480.5 billion by 2025. Though, in the past year, the sector has dealt with a fair share of challenges and global lockdowns that impacted its trends. The sector was also a witness to thousands of store closures and cancellation of trade shows and events, eventually leading to creativity soreness. However, the silver lining in this whole episode was the boom in online sales. With people spending much of their time at home due to working conditions and long restrictions remotely from stepping outside the home, they had ample time to browse through the various brands' websites and check their collections. It has been reported that since the pandemic, people are much more likely to make high-ticket purchases online than they ever could. According to Gartner, the share of online sales across the US and Western European jewellery sales doubled over 2019 to the detriment of brick-and-mortar brands. As per the Jewelrs' Board of Trade (JBT), more than 1 in 20 US jewelers stopped trading in 2018 as they were forced to either consolidate or close their doors. However, their UK counterpart that saw the harshest and never-ending lockdowns in the world flourished. Their constant thriving in the market could be attributed to the enduring demand for luxury goods, even during a pandemic. Nevertheless, the mid-market jewelry brands and retailers are going through a tough phase. They are also suffering from declining footfall and consumer uncertainty, and the competition from niche independent brands is rising.
In the current blog, we have amalgamated the recent and the upcoming trends that will help jewelry brands to reshape their strategies and incorporate solutions that will take their business in the long run.
Here are some trends that will dominate the jewelry market:
Omnichannel Shopping is the Future
The distinct and overnight shift to eCommerce was one of the biggest stories in the retail sector during the last year. Home-bound buyers discovered a newfound love in online shopping, which they had occasionally flirted with. However, this sudden boom in virtual shopping tool retailers by surprise, and they swiftly adapted to this new way of shopping by rolling out technologies and services to meet that demand. The services and strategies included omnichannel customer experience, delivery and fulfilment, and eCommerce optimization. Studies have found that these emerged as the top three priorities accounting for 40 per cent, 39 per cent, and 38 per cent market share, respectively. Across the board, approximately 40 per cent of retailers have permanently invested in technology-enabled services with an intention to provide an omnichannel customer experience.
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