The COVID-19 pandemic has affected just about every industry, and the jewelry marketplace is no exception. People have had less disposable income, so jewelers have had a hard time drawing customers to their products. Meit Kamdar Avlanii suggests that brands, jewelry stores, and jewellery entrepreneurs must rework on their products and marketing strategies to keep them appealing to clients, even during these trying times.
Traditional forms of marketing jewellery are becoming obsolete in many markets globally. Today's clientele is learning and evolving fast too. Due to democratisation of luxury and dominance of social media, businesses need to adapt quickly and fast. "Jewellery is purchased for three main reasons", Meit points out, "Accomplishment, celebration and occasions" with the ongoing pandemic circumstances have changed for consumers in many ways. Weddings, Birthdays, Celebratory occasions have reduced greatly. The pandemic has also affected the finances of consumers.
Based on your Market segment and target audiences, the current scenario can be used to advantage. Working on products that are more affordable and marketing for smaller occasions can help in a way. "Anniversaries, birthdays, and days such as Father's Day, Mother's Day, Valentine's Day, and Christmas are always on the table. You can create your products and marketing campaigns that recommend buying jewelry to celebrate such events."
While it's important to stay true to who you are as a jeweler, Meit Kamdar Avlanii recommends being realistic right now. "Try to stock some pieces that are more affordable. Number of Sales must matter at the moment. People who come in for these items now might be able to spend more money down the line. If you only have very expensive jewelry, they're more likely to take their business somewhere else and never check you out again."
Instead of investing heavily on inventory at the moment one can invest into online & social media marketing, taking their business online, & coming up with creative campaigns to attract new clients and hold on to existing ones.
Meit Kamdar Avlanii is a jewelry designer. He's always been passionate about the art form and making beautiful pieces for his clients. He is currently based out of India with a client base all around the world.
Jewelry will always bring people together. During the pandemic, jewelers just have to make sure they market their offerings correctly, through the correct channels.