One of the longest-running and most ancient forms of art and ornamentation is jewellery. From sparkling engagement rings to statement diamond necklaces, luxury jewellery is a popular industry that people from all around the world enjoy spending money in. According to recent data from Statista, the worldwide market value for personal luxury goods in 2020 reached eighteen billion euros for luxury jewellery. It’s an industry that continues to grow year by year, with the value of the jewellery market expected to be about $292b by 2025.
Covid-19: Adapting to a new way of operating
When analysing which country produces and consumes the most jewellery per year, China, the United States, and India, are some of the biggest in the industry spending billions of dollars each year on luxury jewellery and watches. But will this change with the changing customer demands and changing business operations during the pandemic? Like many other industries, the luxury jewellery industry was affected in 2020 by the global Coronavirus pandemic. As many shops and businesses had to close their doors last year, the luxury jewellery industry became a lot more digital-focused.
Rather than customers being able to try on luxury items in person, many were only able to look at pieces from afar through their computer screens. This is where virtual reality showrooms and virtual assistants became more important and popular to use in customer service. Moving forward, the luxury industry could look a lot different after Covid-19. Digital shopping experiences and transactions are expected to become a large portion of the industry. As travel restrictions are still in place and retail stores are closed, shifting consumer habits will lead to an increasing acceleration of online services.
Providing a positive online shopping experience for all
While online shopping became more popular in 2020, it’s important to remember that it was because customers had no choice due to the pandemic. Luxury brands need to remember that shopping online is not an enjoyable experience as shopping in person but there are many ways to make it better. Businesses should put a high amount of effort into making the online shopping experience as good as it can be.
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Online sales need to have fast and efficient transactions for customers
The last thing that customers want when browsing for a new Rolex watch or Tiffany necklace is slow website load time or website errors. It’s factors such as this that will slowly turn customers away from buying at an online store. There are many ways to improve the online shopping experience for customers and having a mobile-friendly website and a site that is easy to navigate is crucial. It’s therefore important that online shopping is quick, easy, and efficient to help customers have a positive shopping experience with your luxury jewellery business.
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Bridge the customer service gap between online and physical retail
Of course, online shopping is not as personal as shopping in physical retail shops. However, there are many ways that companies in the luxury industry can help to provide a more personalised experience for online shoppers. Having one-to-one consultations with a personal shopper and also offering live-chat instant messaging on a website can help boost customer experience and brand positivity. Shoppers will be able to get dedicated help and advice and feel valued as a customer even if they are shopping online.
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A luxury service that appeals to a variety of customers
Each customer is different so it’s important to consider that not everyone has the same tastes and preferences when shopping for luxury jewellery. Millennials and Generation X are likely to like different designs and shop in a very different way. To keep up with consumer demands and to stay ahead in such a competitive industry, businesses must strive to learn more about their target customers.
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