Capturing New Clientele with Digital Experiences in the Jewelry Industry

September 8, 2021

Appealing to new markets and customers is the goal of every jewelry business that wants to grow. From retailers to manufacturers to designers, all businesses understand capturing new clientele is essential. Implementing new digital experiences is one method that can assist your company in appealing to a variety of different markets.

Responding to an Industry in Flux with New Consumer Profiles

The jewelry industry is changing. Namely, it’s going digital: studies show that more and more customers are shopping for jewelry online than ever before. The changing landscape means your business needs to change the way it works to target and appeal to new clientele. Failing to do this can mean your business falls behind. Customers will turn to your competitors to find the digital experiences they desire.

According to a report compiled by The Business of Fashion and McKinsey & Company, online sales in the fine jewelry industry are projected to grow at a 9 to 12 percent compound annual rate. This is in part due to the shift of generational demographics in fine jewelry customers. More and more millennials and Generation Z consumers are shopping for fine jewelry. These generations expect you to be prepared with an array of digital experiences allowing them to have a personalized experience. This is just one example of how working to create high-quality digital experiences gives your business the opportunity to reach new clients in new ways. Which is an essential part of thriving as a business in today’s changing industry. 

Traditional Fine Jewelry Client Luxury Experience Expectations

In the past, creating a fantastic customer experience in the fine jewelry industry didn’t have much at all to do with digital technology. Instead, it included one-on-one meetings with retailers and clients, where sample pieces were presented as potential options to customers. Even as the presence of eCommerce grew in other areas, the traditions of the luxury jewelry industry remained. But times are changing. Now, even those who prefer tradition are quickly realizing the old ways of crafting an exquisite customer experience need adapting in order to achieve growth.

Jewelry customers of today are accustomed to online shopping. Some of them are young enough to have more or less grown up with it. Offering digital experiences to clients opens up your market. Not only do you gain an international audience of customers but new sectors of the jewelry industry as well. Customers shopping for pieces at a wide variety of price points, as well as for specific styles can all benefit from digital experiences tailored to their individual needs.

All this is not to say your business should abandon traditional methods of appealing to clients entirely. There are still a large number of potential customers who prefer traditional methods when shopping for fine jewelry. Digital experiences are not a substitute for in-person, face-to-face sales; rather, they’re another avenue through which to reach new clientele. By offering a range of experience options, you can serve a larger range of clients successfully and make more sales in the long run.

Digital Experiences Add to the Luxury and Expand Access to Fine Jewelry 

The demand for a personalized experience when shopping for fine jewelry pieces isn’t going anywhere. Rather, the methods are diversified. One example of a digital experience that can be transformational to the way your business conducts virtual sales is a virtual style consultation. This involves facilitating a video chat between a stylist or designer at your company and an interested client. Here, the employee can get an idea of the potential customer’s tastes and style preferences. Then, they can intelligently recommend pieces from your catalog they may enjoy. This helps make the process of selecting a piece from your inventory less intimidating. Plus, narrowing down the options increases customer satisfaction with their purchase. Finally, it establishes the personalized shopping experience customers crave.

You likely are already aware of how essential it is to offer personalization options to your clients. You can take this to the next level with personalization consultations with your business’s jewelers. Not only does this give customers guidance, but it also gives access to customers less confident creating a customized piece. Then, implementing virtual try-on technology can give any customer an idea of what their finished piece will look like, improving customer satisfaction.

Millennials and Generation Z Consumer Values and Expectations

Generation Z has a huge amount of influence on older generations. What they value and prefer will trickle up and down, lasting for generations to come. Understanding their values and expectations is pivotal in capturing new clientele now and in the future. 

As a consumer demographic, it’s important to understand Generation Z consumers care equally about the values a company holds and the products they offer. This means you need to be transparent with your company’s policies on material sourcing and labor. But, it also means establishing a personal connection with a buyer is key to making a sale. Including detailed sourcing information alongside virtual try-on and one-on-one consultations will make a huge difference when targeting Gen-Z customers. 

Millennials, too, are effectively reached through digital experiences. In fact, according to a study conducted by Forbes, millennials place a very large amount of value in experiences when shopping. This can make them initially reluctant to make large fine jewelry purchases online, which in turn can limit the number of customers in this generation you’re able to target. The personal experiences available through new technology eliminate this barrier in virtual selling. For example, millennials will appreciate the ability to engage one-on-one with stylists or designers when selecting or customizing pieces.

Meeting New Customers Where They Want to be Found

We know creating immersive digital experiences effectively reaches younger customers in particular. Virtual try-on, one-on-one virtual styling sessions, and AR customization are all great individualized experiences to attract rising consumer generations. However, you can take it further by also taking advantage of social sharing. 

Current studies show 97% of Generation Z consumers say they’re using social media as their main source for finding and browsing products. Plus, they’re averaging 4 hours a day on these apps. What does this mean? Using virtual try-on software with the addition of social sharing images with your branding is a literal game-changer. 

This type of customer-driven word-of-mouth marketing allows you to reach new customers in the places they spend the most time. The cherry on top; your customers trust reviews and personal recommendations more than they trust other marketing content. Virtual try-on social sharing, then, is a great way to foster customer advocacy and reach new customers quickly. 

Digital Experiences are the Solution to Traditional Jewelry Industry Sales Plateaus

Creating immersive and engaging virtual experiences is the key for your business to grow by reaching new customers and breaking into new markets. New technology eliminates the previous barriers of eCommerce feeling impersonal, and your business is free to grow and expand. 

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