How to sell jewelry to the newer generations ?

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When looked at through the lens of the jewelry industry, this translates to an increased focus on individuality over tradition, especially among the millennial population. Today’s consumers want their jewelry to reflect their tastes and beliefs. This has increased the demand for customized jewelry.  

Technology has simplified access to global information by wrapping it up within a 6” screen. Greater exposure has exponentially influenced consumer preferences by opening newer realms of possibilities. This includes trying out selling via social media applications, focusing on tracking real-time data and what not. 

What is Social Commerce? 

Social commerce has emerged from the way we get our purchase inspirations from social media platforms. The social media lifestyle has inspired our choice of fashion a lot. Social commerce leverages this inspiration to make us buy things right now we feel inspired. 

Social commerce is the aspect of social media platforms that integrate seamlessly with eCommerce features to sell products and services from the platforms directly. These lead to more sales and a better shopping experience. This model moves social media beyond its traditional role in the discovery process by encouraging users to complete the entire purchase process without leaving 

Social Commerce vs eCommerce 

In eCommerce, getting the traffic to the site is the biggest challenge whereas social media companies already have a lot of traffic on their handles which just needs to be harnessed to make sales. In eCommerce, cart drop rate is high as purchase is not driven by influence but in social commerce it’s based on influence that leads to desire, translating into higher sales. An eCommerce setup is more expensive to create, and SEO can be a challenge, while transforming your social media assets into linkable purchases is an easier endeavor. 

Social Commerce: Current & Future Affairs  

Global sales through social media platforms were estimated at USD 560 Billion in 2020. Over 125 million Instagram users tap on shoppable posts to learn more about products every month. Forecasts suggest that the value of social commerce sales would reach around 2.9 trillion U.S. dollars by 2026. 

36% of Internet buyers in USA are expected to be social commerce buyers, the highest of these lies within the younger age bracket of 18-36 years. 

  1. Instagram

It is the top platform accessed by GenZ in the social media space, with around 1.45 billion users. This is also the most preferred platform for social commerce thus far, with shop-ability enabled through DMs to business owners or via the Shop feature on the platform. 

  1. Facebook

Facebook is the most used social media platform with around 2.9 billion users. It has several advanced features to offer in the social commerce space, even creating its own marketplace to list items and purchase products seamlessly. 

  1. Pinterest

Pinterest is leaning into social commerce in an organic way – users go to the platform seeking recommendations and inspiration for their needs. The platform, through its visual product discovery and pin feature, allows users to look for the specific products, share similar product recommendations and add shoppable items to their baskets using pins. 

  1. Snapchat

This is another popular social commerce platform that uses AR (augmented reality) capability to allow users try on different things like sunglasses makeup, earrings, necklace and more, before making the purchase via the platform 

  1. WhatsApp

With its business features, WhatsApp has become key platform for brands to engage with their customers – especially in Europe & Asia, where even carrying out whole buying process on the platform itself, with its cart and catalog features. 

Problems with Social Commerce 

Although social commerce has great product discovery and potential traffic, it is currently missing several aspects of eCommerce and sometimes, the operations are too challenging to scale. 

The biggest challenge is merchandising. It is often quite difficult to set up shop on social media which involves cataloging and writing product details. The other challenge that businesses face, is order management. When the business starts receiving many direct messages from customers, across various platforms, it becomes a cumbersome task to manage those. When operating at scale, businesses would need to incorporate support of AI to respond to the influx of customers; DM-ing manually would require a ton of manpower. 

Returns and shipment tracking are other areas which can’t be done at scale, using the current processes. Maintaining customers’ past purchase data is also a challenge as these aspects haven’t been fully optimized by the platforms yet. Luxare, with its innovative solutions, is all set to change this. It solves the problem of catalogue creation, order management, return and shipment tracking at one place in an integrated platform that consists of cataloging tool, chatbot and a POS system. 

This enables social commerce sellers in jewelry retail to scale their operations in a fast and organized manner. 

However, the demand for custom jewelry comes with its own set of challenges: 

  1. Realism of a desired customization:

Often manufacturers may not have the capabilities to build what the consumer desires. 

  1. High turnaround time:

Collaboration between retailers and manufacturers to accept and fulfill an order requires time that the consumer may not have. 

  1. Price uncertainty:

In some cases, retailers may only be able to provide an estimate of the final price of the item which could make the shopper uncomfortable 

  1. Look and feel:

In a lot of instances, buyers are unsure about whether the customized item will look good on them. The industry has addressed this issue over time with available technology, however, the most promising solutions have come in the form of 3-D printers and Virtual try-on assistants. 

Try before you buy 

“Consumers like the convenience of shopping online, but one of the hurdles is that people don’t know what the item is going to look like on them.”  

Buyers, along with jewelry designers, can design their own piece of jewelry in-store using a range of software from beginner-friendly free modeling apps like Tinkercad to high-end programs specially designed for jewelry makers, such as RhinoGold. The design can be printed in a matter of a few minutes and buyers can try on the printed item to get a feel for what the actual jewelry item would look like. While 3D printing addresses some of the challenges associated with the purchase of custom jewelry, it fails to address all of them. 

3D Printed Jewelry 

3D printing has made it significantly easier for jewelers to offer personalized creations to shoppers as part of their basic service or a value-add. In jewelry retail, on-site digital design combined with the speed of 3D printing has drastically shortened the feedback loop between designer and customer. Since 3D-printed jewelry looks and feels exactly like traditionally cast objects, 3D-printed jewelry is becoming mainstream, especially when it comes to custom jewelry. 

Virtual Try-Ons 

Modern technology solutions leveraging Augmented Reality let customers try designs virtually. This allows them to try several items within a short span of time and assess the look and feel of these items. This, in turn, significantly reduces the possibility of a purchased item being returned to the store. 

The integration of virtual try-on tools with custom jewelry builder applications further allow consumers to not only design and try items virtually but also get a clear idea of the extent of customization possible, the price of the final product, and in some cases, the estimated time of arrival of the finished item.  

Luxare’s build.design is one such online jewelry design application that integrates seamlessly with MirrAR by StyleDotMe to provide a comprehensive jewelry customization and virtual-try on solution for retailers. 

If you’re looking for something to help you with streamlining your jewelry business operations, improving customer satisfaction, and maximizing profitability, try Luxare. Check it out here.   

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