MUMBAI: Introduction
The modern advertising and marketing environment has accelerated the use and development of new-age technologies in the jewellery businesses. Jewellers are advertising on social media platforms such as Instagram, Facebook, and Whatsapp to reach the target audience extensively and successfully. This sector has seen immense change in terms of customizing their offerings based on customers’ evolving preferences/choices using Artificial Intelligence and data analytics retrieving data to analyse customer behaviour, and aligning advertisement and marketing campaigns based on those data readings. This has also led the jewellers to increasingly use an omnichannel approach to extend their services to a larger audience.
Understanding who the consumer is and how to target them is critical to successful marketing in any jewellery business.
With the rise in popularity of online jewellery buying over the last decade, most jewellery brands have an online presence to address the need to market the brand to new-age customers. But that's merely the beginning. Jewellery marketing online is now a must-do for all jewellery stores. In recent years, consumers have been purchasing jewellery based on their market position. This implies that jewellery firms require marketing support to have a robust online presence, increase customer engagement, and maximise sales.
So, what are the most recent trends in the jewellery industry? What can jewellers do to stay ahead of the game? Jewellers should comprehend specific technologies and marketing strategies increasingly used in the industry to remain relevant.
Hyper-Personalization
In an age of mass manufacturing and marketing, personalized products are more appealing. People want products and information tailored particularly for them, which is why more firms in the jewellery sector are adopting a hyper-personalized approach. It satisfies consumers' wishes and needs by moving away from a one-size-fits-all strategy towards providing a personalized experience for each consumer. It is helping jewellery stores offer a more relevant and accurate consumer experience by delivering personalized products and services.
Social Media Marketing
Social media marketing these days can cast a successful spell on any brand campaign, ensuring reaching the maximum target audience and converting real-time business goals. Influencer marketing is the other wing which has been explored widely to maximize customer traction through social posts/ reels/ videos that influencers share on their social page. By generating more customers, influencer marketing can do wonders for companies. The “trust factor” & “reliability” that come with each influencer, by endorsing and marketing any services/ products to their follower base, encourage decision-making and help in the evolved buying patterns among today’s customers. When customers receive recommendations from someone they trust, they are more inclined to buy or purchase the product or service. These factors are directly related to the growth of a brand and reaching customers from all corners, hence deepening a targeted market approach.
Augmented reality and Artificial intelligence
Augmented Reality & Artificial Intelligence have stepped up the game for the industry with newer innovations and features that allow customers to use tools and applications like virtual ‘Try-ons' to get a close look at the desired jewellery piece from the comfort of their homes. These features are crucial to a company's growth since it provides a one-of-a-kind sensory experience to an individual. Artificial intelligence develops a dependable method of creating jewellery and recognises gemstone shapes and hues. Because of these distinct technological developments, the jewellery business has significantly advanced.
Omnichannel Presence
With the intervention of digitization and the transformation it brings in (across sectors), daily transactions have become more accessible. Catering to a broader and larger audience, the brands are making the most of their presence both in online and offline space. The target audience of a particular age bracket might wish to shop for jewellery items online. Having an internet presence will assist the jewellery retail business greatly. Increasing the brand’s online presence broadens the company's reach, helps overall marketing efforts and boosts revenues. At the same time, the other section of the audience might want to visit the physical outlet to make a purchase. To address this challenging space gap, two parallel universes operate these days to make the most of the prospects rendered by both online & offline channels in reaching maximum customers.
Personalized Website Design
Jewellers demonstrate their services and offerings by creating a visually appealing website that is also easy to navigate. The user-friendly interface can attract maximum traction, allowing the audience to experience the brand's personalized tools and unique proposition. Customers feel more connected to a company if the website has a personalized touch addressing every individual concern and query.
Performance Marketing
Performance marketing is a digital marketing approach that focuses on results. It is ideal for jewellery firms looking to reach a broad audience. It enables organizations to engage and create connections with their users, which leaves a positive impression. Performance marketing is a powerful tool for assisting jewellers in expanding their reach, engagement, conversions, and sales at a lesser cost, with substantially less risk and significantly larger ROIs. This marketing method allows one's business to reach a larger audience and target specific demographics.
Conclusion
The introduction of technology, social media, and marketing has altered the jewellery business. The market is expanding rapidly and is brimming with opportunities, particularly for those willing to take risks and embrace innovation. The advancements in the advertising and marketing environment have enabled the jewellery industry to improve the customer experience by promoting trust, privacy, and visibility.
The author of this article is Candere by Kalyan Jewellers founder & CEO Rupesh Jain.
