The pandemic has been a remarkable catalyst for igniting and accelerating the digital transformation of jewellers. Shutdowns and social distancing guidelines have restricted instore business, forcing jewellers to find new ways to reach and interact with their customers or risk losing business to those that are ahead in their digital presence.
While the industry had been slow to embrace the digital world—a few years ago, McKinsey predicted that online sales would account for just 10 percent of jewellery sales by 2020—no one could have anticipated industry disruptions and the current pandemic that dramatically changed the landscape and made digital transformation a critical business imperative.
Here are 5 effective ways jewellers can amp up their digital strategy:
1. Modernise Communication Channels
We depend on multiple communication channels in our daily lives, many preferring text or chat over waiting on snail mail, making a phone call or even sending an email. Customers buying jewellery need communication options, too. Those channels must be convenient and quick (even instant), as research shows that they accelerate conversion rates. Consider, for instance, a recent survey that found that texting a prospect after initial contact increases conversion rate an estimated 112 percent..,82 percent of consumers said the content of a review has convinced them to make a purchase.
There are multiple ways jewellers can entice customers to leave reviews, including offering incentives, making it easy for them, and asking quickly—ideally immediately following a purchase. Communication platforms simplify the processes and hit all the best practice check points, providing a dependable way for business owners to secure positive customer reviews to raise awareness, enhance their reputation, and spur new sales.
4. Harness and Depend on Data
Maintaining and managing inventory is a major expense for jewellers, but doing it right is critical to their success.
Technology can help here, too. Point of sale systems can collect and analyse data that is critical to making inventory decisions, including purchase history. It allows retailers to better understand demand and variances across geographies, and be better prepared for inventory needs. The data’s accuracy and reliability depend on staff routinely recording each and every transaction. ..
