The Untapped Online Jewelry Market

Imagine for a moment: You want to buy the perfect gift for your mother, you know she loves jewelry​, ​but you also know how time consuming it will be to go to multiple jewelry stores to find it. You’re unsure about how to go about buying jewelry online. And, honestly it just feels odd to purchase a fine piece of jewelry over the Internet. Now what!?

 

Who Buys Jewelry Online? A Lot of People!

The online jewelry and watch market has really picked up serious speed! In fact, the market is expected to grow into a $19.8 billion (yes, billion) market by 2026. That’s only five years away. If you love jewelry and you’re thinking about entering the online marketplace, you’re on to something! The market size of the U.S. online jewelry and watch sales industry increased faster than the overall economy over the last five years according to IBIS World. 

If your jewelry store already has an established online presence, you’re in a prime position to create a new and luxurious experience for your customers. Digital technology can create visual appeal and audio appeal…and that is important. But, it won’t address the poor client experience issues that persist for luxury online shoppers. Indeed, your customers are still going to be left to aimlessly click and maybe find what they’re looking for on their own. 

Now, let’s imagine again: You click on your favorite luxury jewelry retailer’s website and you’re greeted by a luxury virtual sales specialist who is trained to discuss your needs, budget, etc. They listen and offer you several options and are skilled and able to answer your questions, hence helping you to confidently make the important buying decision. You feel heard, valued and loyal to the brand.

Consumers are becoming increasingly comfortable with online shopping for jewelry, especially high-ticket purchases. Understanding how to effectively implement a virtual luxury sales experience, whether it is through a chat box or some other virtual in-store experience, is important and necessary to capture more of the burgeoning online sales potential. In time, it’s expected that most online jewelry retailers will only be website based, making it even more important to create a luxury virtual environment.

 

Capturing the Online Opportunity

The jewelry industry hasn’t yet tapped into this online market opportunity. According to Luxury Daily, “Like other luxury sectors, the categories were hit by the extended closures of physical retail and extremely limited international travel amid the pandemic. Luxury jewelry and watch sales also struggled because the sectors have been slower to transition to online sales.”

Picture if: Your online presence included high customer engagement, virtual in-store experiences and a dedicated sales specialist working a chat box. Your online jewelry sales would dramatically increase! This is as close to an untapped market you will find a saturated jewelry market. 

 

How Conversation Couture Can Help

Conversation Couture understands that moving to an e-commerce space in the luxury retail market can seem daunting at first. Indeed, it’s challenging to maintain customer relationships and brand consistency. That is why we offer a customized training solution for existing sales associates and managers that is designed, tested and proven to drive greater sales, improve customer engagement, and sustain brand loyalty within a virtual shopping experience. Yes, it can be taught! 

Check out our  Offerings and head over to our Online Learning Center to review the courses available to you now!