The ongoing lockdown in India due to the coronavirus pandemic has completely halted the Diamond and Jewelry industry. The lockdown has caused an exodus of migrant workers to their home villages, leaving the cities of Mumbai, Delhi, and Surat which are well known for the manufacturing of jewelry and also for diamond processing.
On the other hand, the tremendous growth of Indian e-commerce has indisputably aided several industries, with jewelry retail benefiting likewise, and its market size estimated to have touched $3.2 billion last year in 2019. But Hirav Shah believes that its full potential still hasn’t been tapped yet.
Mr. Hirav Shah is one of the most famous Astro Strategists and Business Astrologer™s in the world currently. He firmly believes in using ASTROLOGY AS A TOOL to make Marketing Strategies for Business. He says that if you go fishing and you know where the fish are, what kind of reels to use, what kind of baits they like, then you can catch them successfully.
So, he says don’t make the mistake of casting bigger nets, try to be specific in your marketing methods and let Astrology guide you. While discussing the prospects of e-commerce marketing in the field of the Gold and Diamond industry, he makes some valid points.
Hirav Shah tells us that while e-commerce and e-retailers have so much penetration and control over the fashion industry there has been a huge gap in which they are unable to map the Gold & Diamond industry. This category is in itself a big industry and yet to hit the e-commerce portals in view of many reasons. The reasons are still being analyzed by many data mining applications. One of the key facts is the look and feel of the product. In the 21st century, we are still seeking to have a clear look and feel of the product.
While this industry is not so complicated yet there is more competition. The international investors lure the local customers to buy this metal and stock either for future investment or in the form of savings. The consumers are very highly confused by commercials appearing online and through broadcasting about the making and wastage charges leaving behind the customers puzzled and leaving them to resort to word of mouth referred shops. The traditional brick-and-mortar approach has been very successful in this industry while the online and other means of trade have not been successful. These online vendors with social media and other optimization tools are trying their level best to push the gems and jewelry industry which is time-consuming. Apart from this the global price index also plays a vital role in the selling and purchase of products. The markets are purely driven by demand and supply which also impacts the cost during festive seasons.
Technology is advocating consumers to find simple, faster, reliable & cheaper methods to purchase with the help of the internet. These solutions which are integrated with enterprise-wide applications help in cost reduction as well as better optimization of product showcasing. There are many options available for these Gems & Jewelry Industry Solutions. Many cater to SME and few go for the enterprise-wide. Although these applications have been able to only reach a few sectors, there is a huge potential market and yet to be tapped by these solutions. There has been an emphasis by international and national authorities to standardize these applications to have transparency on cost and taxes which is not yet fully absorbed by the industry.
Usually, the raw materials (gemstones, metals) are either sourced internationally or domestically. After the sourcing, it undergoes many scientific processes for purification and also certification as per this purity. The international certification bodies have assigned their local representatives to issue holograms like BIS Hallmark. Usually, the purity of the metal and manufacturer name is embossed in the final product to confirm standards. The local stores also publish various attractive offers and schemes to attract various types of consumers. The human footprints to the physical Jewelry Store have been one of the major criteria to evaluate the performance of store both in percent of sales and customer satisfaction. The customers also get into agreement with these stores for Systematic Investments every month to ensure the growth of their wealth. The gems & jewelry are usually purchased as a finished product and never a raw product. Many times due to global market slide that prices drop very low and causing the traders to lose their cost price.
The government is also taking many steps to reduce these duties and taxes imposed on these metals and stones to make it more affordable. Many manufacturers are now reaching technology services to develop customizable gems and jewelry by the end-user and deliver dedicated consignments. Many luxury brands are sorting to Jewelry Website Design Services offered by specialized organizations to improve their product visibility and improve the stickiness of the customers. The global markets are yet to react to these small alignments which are being done. On the whole, it’s a win-win situation for both customers and vendors with these solutions in place.
To sum it up, Hirav Shah says that as more retailers in the jewelry segment realize the huge opportunity in the e-commerce sector, the market is set to become increasingly competitive. Consumer expectations are rising, and they are not just looking for the best options but also a great shopping experience. Retailers who wish to stay competitive in this dynamic market will need to step up their game. Estimates indicate a bright future for online jewelry sales with the industry implementing innovative technology to meet consumer demands. The growth will however be commensurate with consumer preferences as they become more comfortable in buying emotionally charged products online; jewelry being a major category.