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More than at any other time, jewelry retailers tackle every tool to keep their business thriving. Major shifts in buying behaviors have made it necessary for retailers to keep pace with technology, albeit some feel unequipped.
Technology is so pervasive throughout our industry that while a retailer may not feel tech savvy, they are actually benefiting from its presence in practical ways.
Online -v- In store sales
It’s safe to say that many brick and mortar retailers are scrambling to lure back online shoppers, given the enormous advantage of convenience over physical shopping. Still with pricey items like luxury goods, some consumers still prefer the “high touch customer service experience” with its hands-on personal care.
Tech tools in use now
Modern technology offers exciting developments that benefit the jewelry trade. Things like 3D printing have given jewelers a streamlined path to creating custom pieces – which is a robust revenue stream for most jewelry stores.
Even mom and pop retailers today are growing familiar with CAD/CAM technology to aid with designing original pieces for their clientele. And while not every jeweler is so equipped, laser technology is gaining traction in the manufacturing sector. With these technologies, more intricate designs can be produced than can be accomplished manually. When laser technology is applied to gemstone cutting, jewelers find fewer human-produced errors.
So much to do
But simply keeping track of sales and new inventory, plus marketing is a full time job many retailers say. So not all retailers feel up to speed about the lightening fast pace that technological advancements are making.
Insider’s insight
Kristina Buckley Kayel, Managing Director & CMO of The Natural Diamond Council weighs in with her observations. “Independent jewelry retailers have had to rapidly evolve their businesses to expand consumer accessibility as shoppers expect to have an experience that’s both engaging and inspiring across all touchpoints and at their fingertips.”
The online shift
The global pandemic of 2020 created a dynamic paradigm shift with shoppers’ purchasing behavior, especially among the younger generation. This demographic cut their teeth online and needed little encouragement to segue directly to the online shopping experience. And clearly, with online merchants’ generous sales and return policies, it was convenient and risk free to shop.
Should the customer not like a pricey piece once it was delivered, there was not only an ample return policy for a complete refund, but often a return label tucked into the shipped item’s paperwork.
There is so much to consider in the retail landscape whether it be online or in an actual store.
“Younger luxury shoppers are increasingly comfortable buying jewelry online and have an affinity for brands that are transactionally seamless and both personable and personalized,” Buckley Kayel points out. “This is evidenced by the rise and rapid growth of direct-to-consumer (DTC) brands such as The Clear Cut, Mejuri, The Last Line and Stephanie Gottlieb.”
One on one
At the same time, jewelry knowledge that retailers share with their customers is often both a valuable teaching point and a means of reinforcing loyalty since that consumer learns about gemstones from an expert they trust. That’s all good of course, and retailers believe customers rely on these personal tutorials for an enhanced experience. Why would they go anywhere else when the retailer invests the time to educate them with each visit?
Online sleuths
Gone are the days when a customer shops by the color of the gem or the style of the jewelry, or even by their budget.
The internet has made researchers out of every consumer – comparing prices, quality and more, especially when it’s time to shop for diamonds. Buckley Kayel explains, “There is also much advancement in transparency, offering the customer information and insight on the origin and impact of their natural diamond purchase.”
For certain, younger shoppers are keen to know a diamond’s origin and to have confidence that their ethics are aligned with those countries producing diamonds. Advancements in technology safeguard this requirement. Country of origin is a huge factor now in the consumer’s embracing of diamonds, and often with colored stones.
Provenance is paramount
The incredible advancements made in transparency alone, offering the consumer insight into the origin and impact of their natural diamond purchase is paramount, Buckley Kayel tells us. “This is due to the incredible traceability technology that is continuing to develop in the natural diamond industry. It would be no surprise if in 5 years’ time, we can fully trace where each diamond comes from throughout every step of its journey,” she reports.
Specifically, such high tech tools as Tracr, Clara Diamond Solutions, De Beer’s Code of Origin, and Sarine Technologies lead the industry in providing the levels of assurance that consumers demand to identify country of origin on diamonds.
GIA explains in their published report, Scientific Instruments Help Researchers Tell Gem Stories, that scientific instruments they utilize in gemstone analysis can determine complex issues like cause of color. This is huge, since untreated gems are valued much higher than their treated counterparts. This technology can separate sophisticated look a-likes from the real deal.
Vote of confidence
That’s a lot of work to dig deeply into the story that collectors want to know about their diamonds and gemstones. But it’s essential to establishing and maintaining confidence in our trade.
Buckley Kayel shares her insight with regard to the Tracr, Clara Diamond Solutions, De Beer’s Code of Origin, and Sarine tools sharing the spotlight today. “These are just a few of the organizations working to advance technology at an unparalleled rate compared to most other industries,” she affirms.
The last word
“Cumulatively,” Buckley Kayel says, “these factors not only enhance the consumer experience but also trust and confidence in the industry and help to shine a light on the innovations that the industry is working hard to achieve.”
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