April 8, 2022
| 8 min read
An otherwise conventional industry that’s dominated by the same old practices, the Jewelry landscape has seen a significant shift in recent times. And this shift has only deepened and become more prevalent due to the pandemic. The consumer behaviour is changing. On many levels, their expectations, as well as the factors they consider when buying Jewelry, aren’t the same. So, it’s essential that jewelers recognize these market transitions and adapt accordingly to remain competitive and ensure business sustainability.
Augmented Reality has gone from being “that’s cool” to now deeply integrated into different selling channels. And the early adopters who have implemented it in their infrastructure have seen positive results, including in sales, brand positioning, and customer satisfaction.
For jewelers to stay ahead of the curve and address consumer's evolved behaviour where they expect more from the sellers/brands, embracing technologies like augmented reality is important. It’s also an easy and effective route to gain a competitive advantage and achieve higher scalability for business owners in the Jewelry industry.
Would it not be better to try on the Jewelry before purchasing it? This is what people do when buying in brick-and-mortar stores. They try on the item, see how it looks, and make the decision. Unfortunately, that’s not possible when shopping for Jewelry online. This is exactly what augmented reality solves.
AR allows people to virtually try-on the Jewelry(from necklace to rings to bracelets). Turn on the camera and AR will scan the visual and the item will automatically be placed on you in real-time. Swipe to change the product and see which one looks best on you. If you’re on a desktop, check out here how it works. If you’re on your phone, download the mirrAR app.
It may seem that Augmented Reality is only relevant for the online Jewelry sellers who can integrate it into their store to enable buyers to have an AR experience. However, even in brick-and-mortar stores, there are gaps that this technology can fill.
Tanishq, one of the world’s leading brands, with the help of mirrAR, created experience zones in their stores across India where customers can engage with the products and make contactless selections. Tanishq even collaborated with mirrAR to open the world’s first zero-inventory store at the Delhi and Bangalore airports where people could try different Jewelry and buy their collections without the presence of any physical products.
So, the room to deploy augmented reality for jewelers, be it online or in a physical store, is seamless.
Consumers don’t buy products. They buy experiences. 73 percent of customers say a good experience is an important factor in their purchasing decisions. They prioritize experience ahead of price and product quality.
One of the reasons why some of the leading brands across the spectrum have remained relevant – and at the top – even after decades is because they deliver their customers a unique experience, which subsequently results in high customer loyalty and retention.
In that context, AR integration in the sales channel by the jewelers can be a complete game-changer in enhancing customers’ satisfaction. It can provide them a unique experience that’s more convenient, efficient, and personalized – even if they are shopping from the comfort of their home. This can subsequently result in higher sales.
Did you know 84 percent of companies that focus on improving customer experience report an increase in revenue? In fact, brands that provide superior customer experience bring 5.7 times higher revenue than competitors that lag in this aspect.
In addition, employing AR solutions in sales channels can also boost sales indirectly. For one, it can increase the retention rate, improving customer lifetime value. It can trigger good word-of-mouth promotion. It can win jewelers more positive reviews and ratings. The footfall or traffic may increase. Moreover, taking a tech leap in a reserved industry can welcome the Jewelry stores more press and organic attention. All these can combine to increase sales for the jewelers.
So, if increasing your sales and revenue is a top priority, making an investment in a Jewelry AR app or solution can unlock great returns in the short and long-term.
Technologies like mirrAR bring a range of solutions to help jewelers implement augmented reality in their sales channels. It is trusted by some of the topmost brands, including Tanishq, Forevermark, Kalyan jewelers, PCJ, and A.JAFFE.
Whether you sell Jewelry online or are looking to integrate AR into your physical store, mirrAR has the right solution to fit your needs and requirements. The team works closely with every jewelers in digitizing their inventory first and then setting up their mirrAR dashboard. From the dashboard, jewelers can easily manage their inventory and can also get powerful analytics that helps them with customers’ shopping data.
Now hand-in-hand with mirrAR, embrace the virtual AR Jewelry try-on technology and empower your customers with a refined shopping experience. In 2021 and beyond, when the pandemic has brought about a cultural, social, and economical shift, not moving forward is equivalent to moving backwards for business owners. So, stop just thinking about “how to sell Jewelry online” or “how to increase in-store sales''. Take prompt action! Leverage on new-age technologies like augmented reality and level-up your game to achieve competitive advantage and higher scalability.
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