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18
April 2016

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The Future of the Jewelry Industry

Retail Trends and the New Way of Life

There are many new trends emerging in the retail environment, but time and again they all lead back to one primary and predominant factor: the customer experience. The customer journey and the customer experience are words that are being tossed around regularly in the jewelry and retail industries, and the overwhelming point being addressed is the fact that today’s customer expects a streamlined and seamless experience. With online purchasing becoming more and more popular, customers are able to shop wherever they want, even across the world if they so choose. Therefore creating an easy and frictionless experience will help maintain brand loyalty and create long-term customers that will return over and over to your business, because they know they will get what they need, and they will get it easily.

Creating a Streamlined Brand Experience

Remove the pain from the customer’s experience. If you can pinpoint the areas that may cause a customer distress or difficulty, and may cause them to seek what they need elsewhere, you can minimize the potential for customer loss. 
In addition, e-commerce is rising faster and faster each year. This year alone, e-commerce is expected to hit $327 billion, and social media will be playing a big role.

Inmoji

Not only will it be necessary to create multiple customer touchpoints where customers will be able to access your products, such as web, smartphone enabled, and mobile sites, but having social media available is even more important than ever.

The modern customer expects  everything right at their fingertips and is often too busy to go searching for what is not. 
Apps like Inmoji allow customers to find everything they want all from within the app, send it to their friends to talk about, and purchase, all from one place.



Using Modern Technology to Understand Your Customer

Social media_customers

The advent of technology is not only a plus for reaching out to your customers, but for understanding them as well. Big Data technology allows unprecedented insight in your target audience.

By collecting, collating and segmenting data, retailers can understand their customer’s browsing and buying habits as well as target their marketing specifically to each customer in order to fully engage them. provide retailers with a more well-rounded view of their audience. For instance, only using online data may lead a retailer to believe that a customer simply browsed and left the site without purchasing, while combining both would enable them to see that the same customer who browsed online eventually made an offline purchase in the store. In addition, unifying online and offline data will provide retailers with a more well-rounded view of their audience. For instance, only using online data may lead a retailer to believe that a customer simply browsed and left the site without purchasing, while combining both would enable them to see that the same customer who browsed online eventually made an offline purchase in the store.

Power in Partnerships

Improving the customer’s overall experience is imperative. It can be the key difference in losing a customer versus turning them into a loyal, long-term customer. Power partnerships can not only help make the customer’s journey more seamless, but can help with branding as well. For instance, a jewelry retailer that partners with a delivery service can more easily provide overnight delivery. A jewelry retailer that partners with a florist, fine-dining restaurant or chocolatier would be better able to provide an all-in-one romantic occasion package for engagements, anniversaries, Valentine’s Day, etc.

While understanding and building on each trend is an important step in promoting your business, the most important aspect is building and promoting the ease by which your customers can learn about, browse and purchase your products, in order to have a fulfilling and painless experience.

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