Indian culture has always valued gold jewellery as a symbol of happiness, stability, and wealth. As economies have expanded, so has the popularity of gold jewellery. Parallel to this, changes in lifestyles and contemporary technologies have fundamentally changed how gold jewellery is made and sold.
Millennial shoppers are increasingly buying jewellery to flaunt because they see it as a crucial part of their individual fashion and style. Therefore, it seems natural that modern jewellery retailers prioritise their goals and desires.
Let’s look at some of the major changes that technology is bringing about in the international and Indian jewellery markets.
How is the retail jewellery industry impacted?
The majority of individuals would be erroneous in thinking that modern purchasing and wholesale have little in common. But innovation should actually start at the wholesale level. Hearing from someone who is on the inside is the only way to comprehend why.
In fewer than 20 years, she has returned to the wholesale clothes industry. She is in charge of digitising the entire purchasing and selling process this time, though. What bearing does this have on the direction that retail will take? Due to technology and innovation, the primary subjects may be able to teach us a lot about the subsequent implications of digitization on the B2B side.
Data is growing in importance
If you’re a wholesaler and your product selection is flawed, it won’t matter how appealing your website is. Customer results are improved when digital transformation investments are made upstream. With its assistance, you may go from operating in isolation to collaborating with businesses all over the world. Just as customers make better purchase selections when they can compare items among hundreds of firms by price, material, size options, etc., retailers need the exact same thing to put those things in front of the end user.
The businesses with the greatest data to help them decide precisely what to stock on the sales floor will be the ones that succeed in the future. Going from tradeshow to tradeshow with little more than a sparse spreadsheet is insufficient.
Transactional exchanges are becoming less and less relevant
Success on the internet now carries higher risks. These days, making the purchase is only the start of the procedure. The most successful businesses will address the fundamental aspirations of their clients in order to provide value over time. The industry is good at finding problems, but the true challenge is really fixing the biggest problems.
The growing demand for sustainable products is one opportunity for businesses to innovate and address a problem that customers care about. One distinction that stands out in the strong rivalry between Adidas and Nike is sustainability. Unlike Nike, Adidas was a leader in the sustainability movement and made it a central part of their brand identity.
However, how can you truly handle something this big? Many businesses and retailers claim to reduce carbon emissions and provide more sustainable products, but how?
Knowing a product is sustainable before it ever reaches the floor of your business is the only way to know if you’re on the right route. It’s too late once it’s in your stores. When placing orders, you must be aware of the proportion of your product selection that is having an effect.
Giving B2B clients visibility into the sustainability of their choice and the ease of making modifications to reach their goals is one of our main goals.
Computers and other tools have been used in the design for a while. However, further breakthroughs, such as the use of AI, have upped the standard for design. Technology based on artificial intelligence is better at re-creating and merging natural elements into jewellery designs.
Intricate shapes in fine jewellery that are too complex for hand artisans to make might be created with AI design technology. Furthermore, AI’s analytical skills may be useful for recognising designs that are unattractive and creating extra iterations of the components that have higher customer acceptance. With the possibility of AI-assisted digital designing, boredom may be reduced without entirely automating the creative processes.
Additionally, the market for personalized jewellery has been significantly extended by AI-based design. Consumers may now choose the diamonds and designs they like and have personalized jewellery manufactured to their exact specifications thanks to technology.
The COVID-19 pandemic has sped up technology adoption even further in the retail jewellery sector. Internet orders are processed using digital techniques. Customers can use a number of channels, such as online banking, wallets, and UPI-based payment solutions, to conduct contactless payments.
With the use of technologies like 3-D printing, custom jewelry manufacturers can now guarantee a completely touchless production process. to ensure that sanitization and cleanliness are always maintained. UV equipment is used to sterilise the raw materials, and remote monitoring is carried out during the production, packaging, and delivery operations.
A shift in technology
The future of retail jewellery is in technology, and creative e-jewelry business owners are paving the way with a focus on customer satisfaction.
As the world evolves toward technological advancements, people’s habits and goals are changing. The same may be observed in the modifications made to products today to match specific markets.
Companies may use AI technology to make changes that frequently catch us off guard since the product being offered to a certain individual suits their preferences. Companies regularly employ big data analytics and artificial intelligence (AI) to research and better understand their customers.
Technology is changing how we shop and how retail operations are carried out. Whether it be digital marketing techniques for e-commerce methods that continually display a certain product on many web platforms in order to create demand for it.
Similar changes are occurring in how people view jewellery, which is essential for both fashion and style
Retailers of modern jewellery are emphasising the customer experience more and consider augmented reality as the logical next step. Face recognition technology is already luring online shoppers to the cosmetics and eyewear businesses.
Similar concepts are gaining traction in the jewellery sector as augmented reality enables prospective customers to try on jewellery, bracelets, and other goods while staying in the comfort of their own homes. While facilitating the selection of the best wholesale jewelry suppliers and streamlining online jewellery shopping, this fun feature successfully enhances awareness.
Online shopping is rapidly displacing traditional catalogue-style purchases and providing customers with an experience that is much more similar to visiting a real high street business.