In the United States alone, the online jewelry industry grew by almost 8.64% annually between 2011 to 2019 and the sales generated reached a record-high of $8.4 billion during the last year. And all these happened before the 2020 pandemic that forced multiple businesses to shut down their brick-and-mortar stores and digitize their presence.
The jewelry industry, although bouncing back, is still far from its peak. The recovery from the pandemic has been slow because online jewelers are still struggling to address the pressing customer pain points in retail industry.
Today, when eCommerce giants like Alibaba and Amazon are constantly setting new benchmarks of delivery and service, online jewelers are finding it difficult to drive sales and retain customers.
In this post, we list the four common pain points of buying jewelry online. You can follow the recommended solutions and bring a better buying experience to your customers to drive sales and business growth.
People buy fashion products the most online. However, their choices are limited to apparel. The majority of them are not comfortable spending hundreds of dollars over the internet because we do acknowledge that this is also the place where most fraudulent transactions happen.
When it comes to online jewelry shopping, people either cannot trust the brand, the payment gateway, or the quality of jewelry shown in the picture. Apprehensions also remain about the purity of gold that the jewelry is made of.
"Gold purity assurance! Test its purity at home. If it doesn't match our specifications, we'll take it back. 100% money-back guarantee."
Imagine seeing a statement like above when shopping for gold online. Wouldn't it be reassuring?
Such assurances (and re-assurances) can help eliminate every apprehension an online shopper may have.
In addition, to win their trust, you can also (aggressively) highlight your company's official certifications that every jewelry business owner requires.
Small steps like these can easily downgrade people's anxiety and worries, winning their trust and convincing them to place the online order.
How did Amazon and Alibaba gather their market shares over the years? By offering massive discounts on their products and selling items at outrageously low prices. This has made affordable pricing a standard customer expectation in the eCommerce sector.
But online jewelers cannot randomly hand out discounts. Gold prices are set by the international market and no business can afford to cut down on service charges if it intends to survive for a long time.
Thus, skepticism about high jewelry prices has become one of the top pain points in retail industry. Many stay away from buying jewelry online because of high prices.
Try your best to back your price ranges. You can either offer unique designs that are rarely available in the market or peg the reason to certified products with assured longevity.
To stay afloat, do offer discounts whenever possible because there is no better way to entice customers than to slash prices once in a while.
We still prefer to walk into brick-and-mortar jewelry stores because the investment involved is substantial and we want to make sure that we are looking great wearing the jewelry we buy.
Try-before-you-buy is the best feature of physical stores that the online world finds difficult to mimic. Such retail industry pain points that can require massive infrastructural investments are not easy to solve for struggling businesses.
An online jewelry store has to ensure safe transportation, preserve product quality, and arrange for security just to enable at-home trials that the apparel industry is already adopting. The method is simply not viable.
Integrate the unmatched benefits of Augmented Reality.
With AR, your customers can use their phone cameras to superimpose your jewelry on their live feeds and see how the product is looking on them. The WebAR solution of mirrAR can help you to infuse this technology into your online store and eliminate the said retail industry pain points.
We offer you a comprehensive end-to-end solution along with an easy-to-use dashboard. The AR technology is supported on all major eCommerce platforms. With mirrAR, you can boost conversions and stand out in the market as well.
Another customer habit that the eCommerce giants have unknowingly nurtured is fast delivery. Today, Amazon is even pushing for same-day delivery of its listed products. Your customers do not expect you to match Amazon’s efficiency but they do wish for quick delivery.
One of the critical pain points in retail industry is the slow delivery speed. Most online jewelers tend to take their own sweet time to get their products delivered.
Online customers associate slow deliveries with poor businesses and you end up losing both new sales and resales.
Team up with good delivery partners.
You can also follow Amazon’s model... Start a membership program to prioritize customers who sign up with you. Deliver their products at the earliest. For the rest, offer a defined delivery span that’s quick; always meet that deadline no matter what.
Also, invest in a system where your customers can track their products. This helps to build credibility.
The COVID-19 pandemic has digitized the world.
With the shoppers forced to stay home due to the virus’s threat, only those businesses have survived the storm that could quickly migrate to the online world. But for a brick-and-mortar intensive industry like jewelry, the transformation is not that easy.
The above-discussed pain points in retail industry are very real and not all businesses are adequately equipped to combat the issues.
However, small steps can incrementally lead to massive transformations because online proficiency is no longer an option.
Jewelry brands have to adapt, embrace new technologies like AR, and bring the best online shopping experience to their customers.