Spending a month's salary on purchasing jewelry is a big decision for any customer, but the scenario might change if they let them design it. And with the inception of online shopping, the landscape for the jewelry industry has completely altered, and as a result, we witness more fashion, and luxury houses are trying their luck in the online marketplace. If you are tempted to test the waters in an unexplored area and want to pass with flying colors, you must implement the online jewelry design software. It is a customization software that enables your buyers to customize their ornaments in the ways they like and make their friends and family members crave similar experiences. Additionally, it allows brands and retailers to focus on the other crucial aspects of the business as the tool is already taking care of your customers' demand and driving the latest trends in the market Jewelry Design Software Offers Solutions to Help Brands Leap in the Accessory MarketFor modern shoppers, purchasing process starts with the initial phase of browsing through various websites for a particular product, and after going through several designs, they conclude what they want to purchase, how much they want to purchase, and up to what amount they can spend or afford. With the advancement in technology and rising use of the internet for shopping, Google Search Engine and other social media platforms are emerging as a powerful tool for brands to display their products and directly reach consumers. Therefore, many a time, we have seen that most of the traffic that brands see on their websites rarely translates into purchasing because most of it is for window-shopping. Now, this browsing process creates a cloud of clear buying signals; the customer leaves a trail that a retailer can use to glimpse intentions with the right analytical skills. This need not be based on creepy access to private data – actions can simply be anticipated based on matching one digital journey against thousands of previous customers' behaviour. As buyers pave their path to purchase between the physical and digital shopping world, they will exchange their data to know more about the product and gain personalized services. With the right mix of data activation and data science, brands and retailers can utilize these details to mine inside customers' brains and estimate the next likeliest action, such as store visits, phone inquiries, and booking an appointment. Moreover, retailers too can offer the image, message, and other gifts that lead to the best chance of converting a casual visit to a sale. Until now, we have discussed some of the basic concepts and trends prevailing in the jewelry sector, but there is more to it. Therefore, we have collected all the necessary information in the form of trends, success stories, and factors that will help accessory brands succeed in the jewelry sector. Here are various ways jewelry brands can leap into the intense competition: 1. Reopening In-person Stores for More Direct Contact with Buyers For more than a year, we lived in a lockdown, and travelling was also restricted; however, as more buyers started getting vaccinated, brands were assured that things would go back to normal. Therefore, many brands, including Balenciaga to Dior, are favouring in-person launch experiences in cool neighbourhoods to build buzz around capsules and collaborations. Reopening stores and offering in-person services is a huge step for brands as it will help them reach people who didn't identify themselves with the leading brands. Through these initiatives, brands intend to take local support in the form of talent and suppliers. These will help them to refresh their pop-up stores with new products to drive repeat sales and visits. Despite it being a challenging task because they don't have to equip themselves with the local support for just one store, brands are thinking of opening several stores, which would be tougher. Experts believe that fashion and luxury houses are opening up exchange channels that don't necessarily have to be monetary. And if they constantly show that they care for the local talent and genuinely want to cater to the surrounding community's demands, this strategy can help them in the long run. Consider Gucci's case, which combined newness of regular product drops in brand-curated spaces with more community-led efforts. It worked with the brand on the Shoreditch Circolo as it seamlessly and effectively built better customer relationships and established itself as a cultural curator. Additionally, brands and their designers need to shun the attitude of declaring themselves as "god" as this notion becomes one of the biggest hurdles for them when they wish to connect with their audiences. They have to embody so much and ensure that there is no gap between them and people. Accessory brands and retailers can bridge the gap by embracing cultural differences and exchanging and learning from their customers. For instance, The Brown installation that is set across the entire ground floor of the store until 25th Nov is the first of its kind at Brown East. The in-store shopping centre first opened in 2017 as the cool cousin of the luxury retailer's flagship on Brook St in Mayfair. With each cultural exchange brands embark on, it is imperative that it is tailored to a specific environment and perfectly blends the local community's trust and culture in which they reside. Shoreditch is such a hub of creativity where people come to hang out as a destination, and Browns East was created with this in mind. Likewise, Dior x Sacai collaborated to launch its capsules to let its audiences communicate with them better. The same trend was followed by a jewelry brand, Pandora, which is set to offer 20 per cent off to its buyers for this Black Friday week. The announcement has allowed the luxury house to gain more tractions, and the pre-sale offers from some of the country's best-loved brands and retailers have started to flood in. The brand is providing the jeweler's coveted lines of charms, bracelets, necklaces, and other accessories. The discount is available for three days, and it offers a perfect space for those who like to shop early. Similarly, installing the 3D jewelry design software on the website and physical store will help brands attract more buyers to unique designs that display the owner's fashion sense and personality. The customization tool empowers your buyers to design and personalize their ornaments in the way they like. It is a transparent and robust business solution with an easy-to-use interface that enables customers to visualize the product in 3d and triggers your sales, and ensures higher profitability. It offers full engagement of customers with your brand as it enhances their user experience that satisfies your customers, allows you to stand out in ever-increasing intense competition, and helps you easily understand your buyers' needs and market demands.
2. Reconfiguring Channel Landscape When the pandemic hit the fashion industry, the jewelry sector had to face serious consequences as buyers had shifted their priority of buying products to apparel, face masks, and other items. They had no intention of purchasing anything that didn't serve any purpose to them. Additionally, in the past decades, when online apparel sales were growing at double-digit rates, the jewellery sector was only registering growth at 4- 5 per cent with substantial variations across regions, brands, and types of jewelry. It was anticipated that only fine jewelry would reach 10 per cent by 2020 and won't grow beyond that, and the pandemic outbreak turned the worst nightmare into reality. As ornaments are generally, expensive people prefer to buy them in person, and COVID has completely prevented people from stepping out of their homes; going to stores for shopping was out of the question. Many brands had to move to digital technology to convey information, shape brand identity, and build customer relationships. According to a report by McKinsey, two-thirds of luxury shoppers engage in online research prior to an in-store purchase, while one-third said they frequently turn to social media for information and advice. Additionally, new-age technology, such as artificial intelligence, augmented reality, virtual reality, chatbots, and many other solutions, enables brands to reach their audiences and provide an in-store shopping experience. Augmented Reality (AR) applications have been on the rise with virtual "try-before-you-buy" experiences ranging from previewing products and to trying them on to see if it fits or not. Various brands, such as Louis Vuitton and Gucci, are offering these nice-to-have features in their virtual services, and after witnessing their success stories, many other leading fashion houses want to incorporate the same technology. AR is quickly becoming an essential technology for retailers. For instance, when Covid-19 temporarily closed jewelry brand Kendra Scott's stores, the retailer introduced an AR tool enabling customers to virtually try-on different earring styles from the comfort of their homes. Using an iPhone and the Safari web browser (no app was required), customers could safely preview the products directly on their ears and make a purchase. As per the Neilsen global survey, consumers are more inclined towards Augmented and Virtual Reality as the top fashion-tech companies offering them to their fashion partners and helping them gain more customers. Moreover, customers prefer to depend on technology as it assists them in their daily lives. In fact, just over half, that is, 51 per cent said they were willing to use this technology to assess products. It is understandable that interest in virtual solutions have increased to a point where it helps buyers determine what looks good on them and how should they accessorize. In fact, eCommerce company Shopify released new data that interactions with products having AR content showed a 94 per cent higher conversion rate than products without augmented reality. Also, virtual try-on experiences offer various lucrative opportunities to brands and retailers as it allows customers to preview products to scale digitally in their homes and on their bodies. Virtual reality has already done wonders in the apparel and other luxury domains, but its increased use in the jewelry sector allows brands to touch new heights. The enhanced payment options, such as Apple Pay and other meeting points, including Zoom allowing brands to let their customer's shop hassle-free. Virtual objects are a way for consumers to interact with, try on, and even own a part of a brand that might not otherwise be accessible. Conclusion- In a nutshell, it would be appropriate to say that the traditional business models won't work in today's time and day. Brands and retailers need to realize that the way we understand and interact with the real world has entirely altered. Furthermore, the pandemic has acted as a catalyst for fashion and luxury houses to revamp their conventional business model and hop on the digital train. Though the significance of physical stores can never be replaced for the jewellery industry, it can certainly be improved by blending in the latest technological solutions, such as online jewelry design software by iDesigniBuy. It is a customization solution that can be seamlessly installed on the company's website and physical store. The tool adds enormous value to your brand and helps enhance your customers' shopping journey. Our solution allows business leaders and designers to re-imagine the retail sector and catapult immersive shopping experiences into the future. Connect with us now! |
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