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Can adapting to these yielding jewelry e-commerce trends help you thrive in 2021 and beyond?
In 2020, we saw how COVID-19 impacted the jewelry industry. Consumers shifted their shopping online, shaping new consumer behavior, and jewelers were forced to adapt rapidly to new demands and realities. In a way, the pandemic was a catalyst to accelerated digital adoption. This year, expect the explosion of digital transformation to lead the jewelry e-commerce trends as technology becomes your business’s silver bullet.
Jewelry Sales in 2020
The jewelry industry was undeniably one of the hardest-hit industries during the pandemic. We saw jewelry businesses closed either temporarily or permanently in the first few months of coronavirus spread, while various jewelry events were canceled and rescheduled.
Such an unfortunate turn of events led to a 30% decrease in sales year over year; however, sales displayed a merry holiday comeback as figures positively turned around by the end of the year.
There are many reasons why fine jewelry continues to sell, even in a pandemic. Still, nothing is as more resounding as the idea that consumers have realized that jewelry was more than a fashion purchase. It could actually be an experiential gift and a good investment. When leisure travel is almost impossible, people need a pick-me-up, and with the increasing online marriages, pandemic-fueled romances, and virtual marriage proposals and parties, you all could say that emotions are at play behind these sales comeback.
Take this learning, know the trends, and get ready to bounce back. Here are the five jewelry e-commerce trends to embrace this year.
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5 Jewelry E-Commerce Trends in 2021
1. Livestreaming e-commerce
If you were once addicted to the QVC shopping channel, then you’d understand the sudden boom in live streaming e-commerce. Currently popular in China, live streaming helped Singles Day raked over 583,000 sales per second.
Live streaming e-commerce is somewhat similar to the QVC shopping channel. Here, vendors use videos to demonstrate a product and broadcast live over a social network platform or website. Live streaming has become a popular avenue for selling in a world that demands physical distancing. You can expect its upward trajectory as physical distancing continues.
This is a big opportunity for jewelers. It will allow you to provide a shopping experience similar to the in-store experience and build a connection with your consumers.
China’s Livestream e-commerce can double this year, and big e-commerce platforms will surely not take it sitting down. With Amazon Live, Amazon’s modern take on QVC, you could tell this would take retail by storm. Be prepared.
2. Mobile commerce
Experts projected mobile commerce to account for 54% of online transactions this year. Many platforms are already embracing this trend. For example, WhatsApp introduction of the new shopping carts feature. But just because your jewelry store is accessible on mobile devices doesn’t mean your business is mobile-commerce ready.
There’s more to mobile commerce than mobile device accessibility and lightning-fast mobile shopping experience. One of the hottest trends is the rise of SMS and mobile messaging e-commerce channels— two under-utilized mediums.
Did you know that 90% of text messages are opened and read within just three minutes of being sent? And not only that, but SMS engagements are also six to eight times higher than any email marketing engagement.
There are many ways to make your jewelry business mobile-ready. Among these are the following.
- Make your website mobile-responsive.
- Stay on your consumer’s home screen by creating a web/mobile app.
- Text messages are customer-centric. Provide a 1:1 relationship with your customers by leveraging text and other mobile messaging features.
- Enable a variety of mobile payment options.
- Offer easy log-in or registration and optimize the page loading time.
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3. More payment options
Following the rise of contactless delivery and other contactless approaches, digital payments will become even more mainstream. In fact, in Q2 last year, PayPal added 21.3 million new active accounts, and they expect it to grow even further as a cashless world appears to arrive sooner than expected.
This time, mobile payments would require a more automated and faster process where consumers don’t have to identify themselves each time. Biometric features like fingerprints and facial recognition as a form of payment authentication will be prominent. It is easy, fast, and convenient.
Aside from mobile wallets, digital wallets, debit and credit cards, other flexible payment options may also arise. For instance, PayPal Credit — a zero-interest rate Buy Now, Pay Later feature — offers consumers the power to buy now and the flexibility to pay at a later time.
4. Visual commerce
Visual commerce is the use of videos and other interactive content to provide consumers with an online shopping experience not far from their in-store shopping experience; hence, you’ll need more than static product images to engage consumers, leave a positive impression, and convert them.
There are several ways to engage consumers visually, which include the following.
- Develop an excellent product detail page. Based on surveys, 45% of polled consumers visited a product detail page before making a purchase, while 41% revealed that a product detail page is an integral part of their purchasing decision.
- Invest in a responsive visual and text search tool. Search is reportedly one of the major touch points that consumers use online. Surveys showed that 40% of online consumers used search before making a purchase, while 30% revealed that it was one of the most influential factors.
- Leverage user-generated content.
- Use high-quality product images only coupled with useful product descriptions. Periscope by McKinsey reported that the importance of clear product images and description increased by 12-23 percentage points during the pandemic, indicating its significance in providing a seamless browsing experience and increasing online conversion.
- Use 360-degree images and videos of your jewelry products. 360 product photography boosts conversion as it helps consumers visualize themselves wearing your products.
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5. Online to offline approach (O2O)
From offline to online and online to offline—another trend brought about by the pandemic.
Coronavirus has hastened the adoption of a digital-first lifestyle. As surveyed, Salesforce reported that 58% of polled consumers expect to shop more online after the pandemic. In comparison, 88% expect businesses to accelerate digital initiatives to respond to the global health emergency, but this doesn’t mean that offline transactions will halt. In fact, consumers expect increased convenience no matter their touchpoints.
Consider the following tips to provide consumers with a frictionless online to offline approach.
- Make information accessible online, including products and services, consumer rewards, and discounts.
- Allow online purchases with in-store and curbside pickups.
- Enable online purchases with in-store product returns.
- Let consumers place orders online while in-store to minimize contacts.
The idea here is to make consumers experience the best of both worlds without disregarding health measures.
Your Ultimate Guide to Starting Your Jewelry Online Business Is selling jewelry online worth the effort? Definitely! Shopping for jewelry is here to stay. It has stood the test of...
Can you take up the challenge?
This year, expect higher customer expectations, expanded customer options, increased technology adoption, and continued uncertainty—all of which will make the jewelry e-commerce competition tougher.
It’s time to show your agile and flexible side by knowing and understanding your consumer needs and what the competition demands. Take up the challenge!
What other jewelry e-commerce trends have you observed so far? Let us know in the comment section below!