Technology has revolutionized every aspect of the business; production, distribution and consumption. It would have been impossible to imagine, even in the past decade, that one day we would be buying expensive gold and diamond jewellery online. Jewellery shopping is essentially a tactile experience, and customers prefer to touch, feel and try on before purchasing a piece. The jewellery industry has jumped on to the technology bandwagon and the leading brands are constantly innovating to create a satisfying and pleasurable experience in online jewellery shopping.
Technology Then and Now
The jewellery industry in India contributes to over 7% of the GDP and employs over 4.64 million people. It is estimated to become a $100 billion industry by 2025. Jewellery designing has traditionally been a manual activity, with designs drawn on paper and worked on by artisans. This used to involve intensive skilled labour and fine workmanship consuming a lot of time. Today computer-aided designing has made it possible to create 3d images digitally. Intricate designs can be created and converted into jewellery using laser technology. The Jewellery industry has understood the needs of customers and switched to modern technology to produce customized jewellery at a faster pace. Customers can help to co-create designs by making suggestions to suit their personal preferences. Technology has allowed designers to achieve a superior level of detail. The speed of production and delivery has also improved due to technology. Technology has pervaded every aspect of the jewellery industry from manufacturing, showcasing and distribution.
The Shopping Revolution
Designing is one side of the story. Technology has also impacted the way jewellery is showcased and sold. Jewellers are keen on providing an omnichannel experience to their customers. Customers can check out designs on the online store, trial out their favorite pieces using Augmented Reality, and get the jewellery collected from the nearest store. They can also opt for home delivery. E-commerce has made it possible to provide a slew of options to customers where they can decide how to make use of the various channels to complete their shopping.
With the price of gold spiraling upwards, jewellery businesses have focused on security measures to ensure safe transactions. Customers have an inhibition that dissuades them from completing high end online jewellery purchases. Jewellers should raise awareness about the safety of the payment options available. Jewellers must ensure a customer-centric approach that helps to provide an exclusive customer experience from browsing to checking out.
Customization, Virtual Try on, 3D Printing, digital E-billing, and more…
To offer a highly personalized experience, jewellers are encouraging the participation of customers in finalizing the design. Customization by selecting the metal colour, Gold karat, Diamond Quality, and Engraving is now possible. They can choose the colour of the metal and the size of the gemstones to match their individual preferences and budgets. Such flexibility was unheard of in the readymade jewellery business until recently.
Many jewellers are adopting a digital-first approach. Jewellery businesses are using social media for aggressive marketing of their products. Using social media posts, they create brand awareness and engage with their target audience. Artificial Intelligence helps to guide the customer according to their taste and likes. Customers can use a voice search on the company website to locate what they need. Chatbots are available to assist customers if they need online assistance. Big Data Analytics/AI are extensively used to gather customer information and enhance the user experience.
Augmented Reality has improved the shopping experience by providing the customer with a simulated real-world environment combined with 3D modeling. Virtually trying on a piece of jewellery gives the customer a fair idea of how it will suit them. The pandemic ensured that businesses put on their thinking hats and figured out advanced methods to provide customers with a superior buying experience. The customer enjoys a fully immersive real-time shopping experience that feels like actual shopping.
Digital e-billing has ensured that customers can complete their shopping with a single click at checkout by using one of the multiple electronic payment methods. The risk of carrying cash to purchase jewellery is now eliminated. Leading brands are constantly figuring out how to improve the safety of online transactions and keep customer data safe.
To Sum Up
There are over 750 million smartphone users in India and over 61% Indians use the internet which provides a fair idea of where e-commerce is headed in the future.The future of the online jewellery business looks attractive as customers are gradually shifting to an omnichannel experience for expensive jewellery. The endeavor is to use technology to provide a seamless experience that meets customers’ personalized needs and makes them feel good.
Customers seek a satisfying omnichannel experience, and jewellery businesses benefit from using the latest technology to provide it. It should combine their preferences, wallet, safety needs, comfort and convenience to offer an out of the world buying experience. Top brands in the country are focusing on providing a superior, satisfying user experience with the assistance of the latest technology.
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