E-commerce Jewelry Market in 2020
Online Jewelry Selling Aims For A Better Future
The Predicted E-Commerce Jewelry Market in 2020
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We are no astrologers to predict the future growth of online jewelry industry; however, the exponential increase that the industry has shown persuades us to see its remarkable future by the year 2020. With the continued progress of international brands, the industry has a glittering tomorrow. As per the recent report, the annual global sale is expected to hike by 5 to 6 percent each coming year. Consumer’s passion for jewelry has once again jazzed up, in the last two to three years post recession.
However, consumer behavior can’t be forecasted. Also, the industry is very dynamic, right from designing to selling, jewelry business people need to incorporate the latest trend and trace the requirements of customers every now and then. The trust that buyers show in these brands need to be maintained. Since the number of authentic online jewelry stores is rising, the level of competition is also surging. Even the choices and tastes of consumers are changing; sometimes they like vintage while the other times they love to be modern. Therefore, it is the time to show up outstanding creativity and smartness to run the jewelry business; the companies that are unable to meet customer’s standards are left far behind.
We foresee that e-commerce jewelry market would flourish like the online apparels business. In the present scenario, the jewelry industry is still unexplored by many shoppers. People are not showing trust in local brands, even though the collection at the stores captivates them and they are among the legit brand names.
The jewelry market is still very regional and confined. The top brands have a hold of only 20 percent of the total worldwide business, including both offline and online. Only two names, Cartier and Tiffany & Co. are among the top 100 global brands in the world. The remaining market is conquered by the national retail brands, like Pandora, Blue Nile, Gemvara, Angara, and others. However, some of them are expanding their international presence. Thus, many of the local brands will become global subsequent to industrial consolidation.Experts even project that at around ten jewelry houses will make their market share twice as large, by the end of 2020. With the increasing confidence of consumers in the online marketplace, these jewelry owners and retailers are putting more and more efforts in expanding their business and thereby, generating a high amount of customer revenue.
One option for smaller jewelry players to become global is associate themselves with the branded ones. A platform like Amazon allows other brands to advertise and sell their blings, which is actually an excellent concept to prosper.
It is believed that the right amount of branding leads a company to establish a high-end position in the market. Digital media has proved to be an outstanding channel for branding. It includes social media, natural and unnatural marketing, and many other internet sources that give these companies the access to advertise their products.In fact, conveying your business message through such platforms is the best way in this virtual community. Recently, it was found that two-thirds of the shoppers search for the desired product online before visiting the in-house store. Some of them turn to social media to take a look at the latest stock. As discussed above, multi-brand chains are also very promising and potential.
Thus, from the above pointers, it is anticipated that the online jewelry market is going to be expansive and globalized by 2020. And the companies that can emerge out with the latest trends and live up to customer’s expectations will definitely outshine others and bring a positive and radical transformation in the e-commerce jewelry trading.
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Tags: Branded Jewelry branded jewelry store ecommerce jewelry online jewelry store
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