Who can do without the Internet today? All classes of society are addicted to it and take advantage of the web to be able to make their purchases. Like most businesses, luxury jewellery stores are going digital. Digital technology brings brands closer to their audience.
Today, the customer journey is multi-channel, and the web is often present, whether before, during or after the act of purchase.
While physical outlets have not disappeared, the web now makes it possible to shop online, making life much easier for consumers. Buying online is simple, fast and secure, which appeals to all social classes.
It took a long time to find common ground between the world of luxury jewellery and that of digital, these are two very different worlds, but which can very well merge thanks to technology and the innovation of professionals. Online marketing.
The web makes it possible to avoid intermediaries and to save on fixed costs (rents for physical points, salaries of sellers, etc.).
The luxury jewellery market already has its place in physical commerce, but conquering the digital market is a new challenge for luxury brands.
The figures for e-commerce are pharaonic, online purchases of luxury jewellery are close to tens of billions of euros. The current findings therefore show that online sales have significantly increased and will continue to grow in the coming years.
The race to digitize is therefore obvious for luxury brands to develop their turnover, improve their image and be as close as possible to their community.
How have luxury jewellery stores adapted to e-commerce?
Online sales are now part of everyone’s daily life. Today it is possible to buy everything on the web: a meal, a pair of shoes, training, books etc. and recently jewellery, and not just any.
You can now buy jewellery with initials via the Internet major luxury jewellery brands, whether it is an engagement ring, wedding rings or a bespoke diamond necklace.
The luxury codes are not the same compared to other sectors of activity. Indeed, luxury is not reserved for everyone, it is a closed circle reserved for a few handfuls of wealthy people, the web thus makes it possible to target a wider clientele.
Luxury jewellery stores have invested heavily in the user experience of their customers by considering the consumption patterns of generation Y. Thus, luxury houses offer an attractive website, products in 3D, support responsive 24 hours a day, in short, everything you need to attract a very demanding clientele.
Digitization in jewellery design
Jewellers used to design their jewellery in the traditional way. Everything was done by hand, until technology stepped in. No one can escape technological innovation; the arrival of 3D printing has revolutionized the world of jewellery and luxury jewellery.
Modern machines today can cut and printing directly on gold and silver. It is a revolutionary technology that has enabled jewellers to create realistic prototypes on the computer.
On the other hand, technology cannot escape the tradition and know-how of artisan jewellers. However, 3D printers are limited in their use and nothing can replace traditional techniques in jewellery design. Certainly, casting is an important step in the process of designing rings and bracelets, but it remains an endless step in the work of artisans.
There are also other forms of digitalization in jewellery design. These include the closure systems for bracelets and necklaces. Today, to produce faster, some jewellers are modernizing their equipment by switching to a production line method carried out by machines.
This new technology saves time in the design of a model, and above all minimizes the cost of labour. However, they are still rare to do so, but the others will surely follow.
The digital transformation of jewellers and luxury jewellers: strategies that work
Jewellers optimize their production costs thanks to 3D printing. Some jewellery is therefore becoming much more affordable in terms of its price. In addition, with the digitalization of sales, the jeweller will have access to a larger clientele, which forces jewellery stores to offer a wider range of prices through their website.
Like pure players and luxury brands, jewellers and luxury jewellers can no longer do without the web to get closer to their customers and develop their turnover.
The data collected by Forrester indicates that 80% of sales at high-end brands are influenced by digital. And if for the moment, only 10% of sales take place exclusively online, they will increase according to forecasts to 25% by 2025. In terms of market share, pure players hold 39% of the market against 31% for e-retailers.
All these figures tend to show how important it is and how urgent it is for luxury brands to invest in their digitalization. Entering the world of e-commerce will allow them to benefit from these spinoffs in the years to come.
As building your e-reputation and gaining visibility on the web doesn’t happen in a few days, the web takes time.
The key to the success of the digital transformation for these luxury jewellery specialists is to solicit the involvement of all employees while keeping the brand’s DNA at all costs.
The intervention of experts in digital strategy is to advise communication through social networks, or the optimization of the customer experience of said website. Investment must be even greater in new target countries for luxury brands such as China, where nearly 40% of the global luxury customer base is found.
Concretely, digitization begins with the definition of the identity of the brand and its offer, especially when the luxury company in question has a strong DNA.
The aim of this phase is to transcribe the strengths, the peculiarities and everything that differentiates the brand from its competitors. It will be necessary to work on visuals, content, personalized services through a customer journey in perfect harmony with the values of the brand.
These creations will illustrate the brand’s website and social networks, its digital identity will then reflect its positioning.
It will then be necessary to integrate digital marketing levers in order to optimize results. Marketing strategy can involve setting up analytical tools to boost conversion and traffic.
Again, the digitalization process is engineered with the DNA and marketing positioning of the brand in mind. In this sense, it is important to involve all stakeholders in the company in the digitalization process, from the artistic director to the general manager.
In addition, digital is also an excellent tool for understanding the behaviour of its target customers. Thus, based on the analysis of its customers’ expectations, the brand will be able to offer a tailor-made experience.
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