The jewelry industry is constantly changing due to the fast pacing transformations in the lifestyle and fashion statement of this generation. The annual global sales of jewelry are expected to grow up to around 5 to 6 per cent in the near future, that is, by the year 2020.
“Industrial equipment is underserved. I’ve worked with tons of very expensive equipment online without doing almost any marketing.” – Daniel Wallock
Therefore, it is evident that consumer appetite for jewelry has been ever insatiable, despite of it being ruptured by the global recession. Moreover, the online jewelry industry is growing rapidly, making way for dynamic changes both from the sides of consumers and the online jewelry marketing trends.
Therefore booming jewelry industries should be more than responsive and actively alert for these changes in the online jewelry market, so that they can shape their online jewelry business, in the way current drifts want them to.
According to the available public data, recorded interviews of 20 executives involved in both fine and fashion jewelry industry. It has been highly estimated that 5 changes are likely to occur in the near future and they are:
#1 Internationalization and Consolidation
Nowadays, brands that are not native to only one country are becoming more popular day by day. That is to say that international jewelry brands are making their mark globally, in the online jewelry market. Moreover, the rest of the market consists of strong national jewelry retailers and small jewelry enterprises that run single branch store.
Experts expect that by 2020, regional and local jewelry brands are going to compete with famous global jewelry brands. So, it is highly recommendable that new and amateur jewelry brands start with full-fledged jewelry brand promotion to rank among the top jewelry brands in the world.
#2 Consumers Will Contribute to Branded Jewelry Growth
Numerous types of consumers are growing day by day which is likely to skyrocket the share of branded jewelry in the online jewelry market by 2020. Sources say that there are three types of consumers that are driving the growth of branded jewelry and they are:
Consumers who have acquired “new money”, that is, consumers who have recently become wealthy and are showing the acquired wealth with the use of branded jewelry.
Consumers who are most active in the emerging jewelry market. These are the consumers for whom, investing in branded jewelry means inspiring trust and the sense of upgraded lifestyle.
The largest share is owned by the consumers belonging to the current youth, who are buying branded jewelry for fashion statement and self-expression.
Therefore, it is essential that you make sure that you cover all these consumers and sell jewelry according to their needs. Ensure that the jewelry designs depict the running online jewelry marketing trends and is customer satisfactory.
#3 Only High-end and Low-end Jewelry Marketing will Sustain
It is observed in the current jewelry marketing flow that only high-end and low-end jewelry marketing is persisting; meanwhile mediocre jewelry brands have become stagnant. The online jewelry industry is starting to see the emergence of hybrid consumption. Moreover, there is a constantly rising blurriness in the difference between fine jewelry and fashion jewelry in the online jewelry market.
In this scenario, it is of extreme importance that you adapt to the hybrid consumption of both fine jewelry and fashion jewelry as an online jewelry marketer. Versatility is what is needed in today’s online jewelry marketing.
So get ready for these changes so that your online jewelry business can flourish with the flourishing online jewelry marketing trends!