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Top 7 Omnichannel Strategies to Boost Digital Jewelry Purchases
Apr 22, 2024

Top 7 Omnichannel Strategies to Boost Digital Jewelry Purchases 

Luxury jewelry retailers have witnessed a paradigm shift in the past three years. While traditionally, most jewelry sales occurred offline, the COVID-19 pandemic accelerated the need to embrace this transformation, driving a surge in e-commerce transactions. Consequently, regardless of size or geographical reach, retailers and brands have increasingly prioritized investing in, updating, and enhancing their e-commerce capabilities. 

Before the pandemic, online jewelry sales accounted for a mere 13% of the total market. However, in 2020 alone, there was a remarkable 57% surge in online purchases of fine jewelry. McKinsey estimates that by 2025, online jewelry sales will make up 18%-21% of the market. 

Leading brands have successfully capitalized on a symbiotic relationship between their physical stores and e-commerce platforms, resulting in boosted sales and customer loyalty. Embracing an omnichannel approach has enabled e-commerce to tap into a broader global customer base that increasingly relies on connected devices. Moreover, it provides greater flexibility in terms of product inventory, as retailers manage web pages rather than physical shelves. 

The ongoing digitalization of the jewelry industry and evolving consumer preferences are generating both opportunities and challenges for fine jewelry brands. However, these changes encompass more than just adapting to contemporary trends. For luxury jewelry retailers, leveraging technology is imperative to create experiences that resonate with a digitally native generation. 

Having said that, we’ll explore why digital jewelers need to adopt omnichannel retailing and discuss 7 digital strategies that can scale their jewelry business for 2024.   

Why Digital Jewelers Need to Adopt Omnichannel Retailing  

For a long time, jewelers have been hesitant to adopt new strategies, but the increasing prominence of omnichannel tactics is creating opportunities for brands in the industry. Today’s customers expect a seamless shopping experience across online and offline channels. By embracing omnichannel retailing, digital jewelers can enhance customer engagement, increase sales, and build brand loyalty.  

Luxury brands worldwide have experienced sales increases by providing simple omnichannel services, such as allowing customers to reserve jewelry online before seeing it in-store. For instance, 3D jewelry design is transforming branding by enabling customers to share their personalized ornaments on social media platforms, meeting their desire for recognition and subtly promoting the brand. 

Omnichannel retailing also allows digital jewelers to reach a broader audience. By integrating online and offline channels, jewelers can engage with customers who prefer to shop in different ways. For example, some customers may prefer to research engagement rings online before visiting a store to make a purchase, while others may prefer to shop entirely online. By offering a variety of channels, jewelers can cater to different customer preferences and increase their reach.  

This integrated approach not only enhances customer satisfaction but also drives loyalty, with companies boasting robust omnichannel strategies retaining an average of 89% of their customers, compared to the businesses that could retain just 33% of them due to weak strategies.   

Another benefit of omnichannel retailing is the ability to collect and analyze customer data. By tracking customer interactions across various channels, jewelers can gain valuable insights into customer behavior and preferences. This data can be used to personalize marketing messages, improve product offerings, and enhance the overall shopping experience. 

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How Jewelry Retailers Can Scale Their Businesses With Omnichannel Strategies 

Here’s a detailed breakdown of the top 7 omnichannel strategies to boost digital purchases and scale your jewelry business: 

1. Personalized Online Experience 

Implementing personalized experiences on online platforms is crucial for boosting digital jewelry purchases. According to a study by Accenture, 91% of consumers are more likely to shop with brands that provide relevant offers and recommendations.  

At least 49% of consumers have made unplanned purchases after receiving a personalized product recommendation. When shopping for jewelry, suggesting closely related pieces can enhance the buying experience. One way to do this is through recommendation engines like “complete the look,” which could suggest matching items to a ring a shopper is viewing, such as a necklace, earrings, or bracelet. “View similar” or “others also like” are effective methods for showing shoppers similar jewelry pieces and additional choices that match their preferences. 

Utilizing data analytics and AI-driven algorithms, jewelry retailers can tailor product recommendations based on customer preferences, purchase history, and browsing behavior. 

2. Mapping the Customer Journey 

Brands can gain insights into the customer experience by creating a customer journey map. This map considers interactions before, during, and after a purchase, helping to identify obstacles to providing the best customer experience. 

To create a customer journey map, jewelry retailers consider the customer’s persona, track their buying stages, analyze interaction touchpoints, and consider their thoughts and actions. 

The goal of creating a customer journey map is to find new opportunities to eliminate pain points and enhance the overall buying experience for customers. 

3. Virtual Try-On Technologies 

Virtual try-on technologies allow customers to visualize how jewelry pieces will look on them before making a purchase, bridging the gap between online and offline shopping experiences. These technologies utilize augmented reality (AR) or virtual reality (VR) to create immersive and interactive experiences for shoppers. 

In fact, a Gartner study indicated that 70% of enterprises are experimenting with immersive technologies for consumer and enterprise use, indicating the growing adoption of virtual try-on solutions. According to a study by Shopify, products with AR content have a 94% higher conversion rate compared to products without AR.  

Luxury jewelry brand Cartier introduced the Cartier Tank, an immersive virtual experience that transports customers to the Pont Alexandre III bridge in Paris. This unique experience allows customers to try on the four iterations of the watch developed over the past 106 years and visualize how the bridge appeared during each period. 

By integrating such virtual try-on features into their websites and mobile apps, jewelry retailers can provide customers with a more engaging and interactive shopping experience. This not only increases customer satisfaction but also reduces the uncertainty associated with purchasing jewelry online, ultimately driving digital sales. 

4. Optimizing for Mobile Commerce 

In the second half of 2021, there was a increase in shopper spending on mobile for jewelry purchases, with a 34% higher conversion rate (CVR) and a 6.5% higher average order value (AOV) compared to the first half.  

As part of Syte’s “The Year That Changed eCommerce Forever” forecast, an analysis was conducted on fashion traffic and purchases by device type in December 2020. It was found that 87.4% of browsing sessions occurred on mobile, with 60.2% of paid transactions also taking place on mobile. 

To attract more customers, it’s crucial to ensure that their journey from discovery to purchase is just as seamless on mobile devices as it is on desktop. Supporting device responsiveness and offering mobile-only experiences can enhance the overall customer journey and lead to more successful transactions. 

5. Data-Driven Insights and Analytics 

Data-driven insights and analytics play a crucial role in optimizing omnichannel strategies for jewelry retailers, providing valuable intelligence and actionable insights to inform decision-making, drive business growth, and enhance customer experiences. 

According to McKinsey & Company, businesses that adopt data-driven marketing are 23x more likely to be profitable year-over-year. This highlights the significant impact that data-driven approaches can have on business performance and profitability. 

To harness the power of data-driven insights and analytics, jewelry retailers can leverage tools and technologies such as: 

  • Customer relationship management (CRM) systems: Capture and analyze customer data across channels to gain a deeper understanding of customer behavior, preferences, and purchase patterns. 
  • Web analytics platforms: Track and measure key performance metrics such as website traffic, conversion rates, and customer engagement to identify opportunities for optimization and improvement. 
  • Predictive analytics: Use advanced analytics techniques to forecast customer behavior, anticipate trends, and identify potential opportunities or risks in the market. 

By leveraging data-driven insights and analytics, jewelry retailers can make informed decisions, optimize their omnichannel strategies for maximum effectiveness, and deliver personalized, relevant, and impactful experiences to their customers. 

6. Omnichannel Fulfillment and Delivery 

Businesses leverage omnichannel fulfillment strategies to quickly fulfill customers’ orders using multiple channels. Research indicates that 66% of customers are more likely to complete their buying journey when provided with various fulfillment options

Omnichannel fulfillment simplifies order management and enables jewelry brands to offer diverse delivery options such as BOPIS (buy online, pick up in-store), BOSS (buy online, ship from store), SDD (same-day delivery), NDD (next-day delivery), and more. However, scaling these services can pose significant challenges for retailers. It requires them to quickly adapt traditional stores into efficient fulfillment centers to meet consumer demands. 

Fortunately, data analytics and AI advancements enable retailers to better understand and map out customer journeys. Retailers who invest in a unified customer data platform can stay ahead of the curve and effectively navigate these e-commerce trends. 

CrediLink by TechBlocks accelerates revenue growth for digital retail and e-commerce by unifying digital financing and payments.  It seamlessly integrates multiple options like buy now pay later (BNPL) and bill payment into one intelligent solution, providing essential intelligence and control for retailers. 

Integrating CrediLink into your existing e-commerce platform is a seamless headless experience, powering online, mobile, and in-store financing opportunities through a single API-driven platform

7. Investing in the Right Technology Partner 

To enhance their omnichannel strategy, jewelry retailers must focus on selecting the right omnichannel provider. This choice can significantly influence the overall value chain and customer experience, impacting it positively or negatively. 

The ideal omnichannel provider can efficiently implement various strategies with minimal brand effort. Brands should seek providers with prior experience who can assist with their existing tech stack, manage on-ground changes, and maximize return on investment (ROI) quickly. 

Working with a partner like TechBlocks will make everything easier, regardless of the complexity of your needs. At TechBlocks, we abide by principles that prioritize business problem-solving and ease of operation while providing flexibility for the future.     

And the best part is that TechBlocks has entered into a strategic partnership with BigCommerce, solidifying a dynamic alliance to revolutionize e-commerce endeavors. This collaboration is poised to bring innovative solutions and drive unparalleled growth for jewelry retailers worldwide. 

Wrapping Up 

In today’s digital-first world, the reach of fine jewelry retailers is expanding, and the way customers experience luxury jewelry is being redefined.  

To meet changing consumer expectations, brands must invest in omnichannel strategies that enhance engagement and personalization. This is where TechBlocks can make a difference. 

TechBlocks is at the forefront of helping jewelry retailers like you optimize your retail experience, from e-commerce to artificial intelligence.  

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Contact us today to see how we can help you capitalize on the full potential of omnichannel strategies in the jewelry market!

About the Author

Kevin Gordon

Born in Technology, Raised in Marketing – This is the one-liner Kevin uses to describe his 20+ year career. Kevin is our Director of Marketing and joined the team in 2021, coming from technology start-up, SkipTheDishes.

Starting out in technology, Kevin has a unique blend of technical and marketing experience, with experience as a computer hardware technician, web designer, programmer, Windows & Linux systems administrator, and product development manager, which has allowed Kevin to lead a team of high-performing developers and systems administrators to build integrated omnichannel marketing & sales technology platforms used in retail stores across Canada and the USA.

In addition to his technology background, Kevin has 12+ years of progressive data-driven marketing experience in B2B and B2C industries, including legal, retail, agency, financial technology and more, with over eight years of direct leadership experience in marketing roles.

Kevin has education in Diversity & Inclusion from Cornell University, Business Administration and Project Management from Red River College and additional formal training in Change Management and Business Analysis.

Kevin Gordon