The jewelry industry faces a lot of problems in modern times. For example, real-time customer data isn’t processed at its full potential, leaving retailers with limited snapshots of their customers’ profiles. Next up, consumer behavior patterns and the shifting dynamics are challenging the industry since trends fluctuate so fast due to fast jewelry fashion, and the industry is not prepared to be up-to-date with the latest styles.
But technology has changed everything around us, including the jewelry industry, although it’s not that visible. We’re not talking about futuristic-looking pieces and weird assembled necklaces or bracelets that connect with your Apple device. Technology has revolutionized this sector by providing a better customer experience and customizable services for any client. Here’s an insight into the link between technology and jewelry.
Technology is changing the way you view products
Traditionally, customers go to physical shops and ask retailers to show the products they’re interested in. Then, website viewing is considered a modern method of analyzing the favorite product. But now, through 360-degree technology, you can visualize the wished product from all angles, making the purchase decision easier and faster. Also known as surround or immersive, this video recording allows customers to view the product in real life and get an idea of how the product will look on them.
The 350-degree option would save customers so much time because usually, it takes up to a few weeks for someone to choose the perfect jewelry piece, especially when talking about precious metals. At the same time, it offers clients a more extensive option palette, while shopping in physical stores can limit one’s choices.
Augmented Reality is boosting sales
AR has been the most favorite marketing strategy in the past two years since the pandemic. This technological advancement permitted clients to get a closer and more personal look at the product, immersing them in the whole purchasing experience. In the jewelry sector, AR is used for letting clients try on watches, earrings and other pieces directly on a photo of their face so that they can see how it looks on them without trying it in the physical store.
Using AR in the jewelry sector is beneficial for both parties because it allows customers to spare time for shopping while managers can boost sales. For example, when newlyweds are looking for engagement rings and want to try as many models as possible, they could use AR features and purchase something fast and fitted for their liking. Usually, the buying process of engagement rings takes about three months because the initial search, consultation phase and delivery day are estimated and can’t be hasted.
3D-printed jewelry is changing the supply chain
The latest trend in the industry is using computer-aided design (CAD) software and 3D printers to make jewelry in gold, silver, bronze and copper. This technique allows businesses to develop unique pieces since the printing process can be used to create more versatile, complex and customized products due to the high amount of detailing and easy corrections processes.
3D printing is far more advantageous for businesses because it provides faster production rates and permits them to be up-to-date with the latest trends since they can easily change their products to match the customers’ wishes. The cost and labor savings are minimized so companies can focus on investing in the quality of their products. The process starts with the client choosing their preferred metal options and side stones, followed by the company designing them, so the customer is left with the best option. Finally, the 3D-printing machine creates the product, and that’s it!
Jewelry Insurance greatly benefits the customers
All customers want to protect their jewelry and keep them for longer, especially when it comes to products that have emotional significance (like gifts from friends or family, engagement rings or expensive pieces). Therefore, many companies developed insurance programs for covering disappearances or losses of jewelry pieces, like wedding rings, earrings, watches and loose stones from sets. In some cases, however, jewelry may not be covered, for example, wear and tear.
Jewelry insurance benefits customers, considering how many people lose them, especially when traveling. But clients are prone to losing them also when:
- Going to the beach, when rings can slip off their fingers;
- Washing dishes or laundry;
- Doing physical activity (going to the gym or running) when jewelry can easily fall off;
- Misplacing and forgetting where they put it;
- They’re not prudent enough, and their pieces are stolen;
Social media changes the way customers discover products
As social media has become an essential part of a business strategy, it has drastically changed the way customers discover new businesses and products. That’s because the latest technological advancements allowed companies to target clients better while being able to address their needs closely.
Due to algorithm recommendations, people can find jewelry products that appeal to them the most, so they have a large option pallet when it comes to matching their overall style. Businesses can also get more referrals relevant to their activities to expand quickly. This is especially true for smaller firms that usually create more innovative and unique jewelry pieces that used to flop only because they couldn’t market themselves as efficiently as they do now.
What does the future hold for the jewelry industry?
As a response to the pandemic, digitalization helped the jewelry industry bloom. Therefore, in the future, we expect sustainability to become the leading factor in jewelry making to provide more traceability and transparency within the supply chain. At the same time, buying pieces at auction will be preferred to purchasing new pieces since they’re considered vintage, so they hold more significant value. Finally, disruptive trends will become normal up until 2025.
Wrapping up
The technology and jewelry industry go hand in hand and work incredibly well to provide customers with the best products and latest features. AR, 3D printing and 360-viewing is becoming the norm, and we’re excited to see what other technological advancements are planned for us in the future.
