How the jewellery industry keeps thriving during the pandemic

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When the coronavirus pandemic hit the world, many businesses were affected.

Most governments set regulations such as lockdown and travel restrictions, which barred people from doing things like going shopping.

This had devastating effects, especially for in-premise businesses and other organisations that conducted their main activities in offices. However, while most businesses were affected, some managed to find a fortune in the pandemic.

Some businesses, like the jewellery industry, had mixed fortunes during the pandemic crisis.

Those jewellery dealers who managed to remain in contact with their clients during the pandemic thrived, while those who lost contact were disadvantaged.

Here we look at how the jewellery industry keeps thriving amidst the pandemic. Here are some of the top reasons.

More time to research on the part of buyers

Some buyers would admit they always have a problem buying the right jewellery.

This is because the process involves a lot of pressure but only limited time, leading to a wrong decision being made.

However, with the pandemic and regulations in movement, buyers have more time to research what they want and compare it with different products.

For example, a couple looking to get engaged could choose from Kalfin's engagement rings and many other retailers available to see what suits them best.

This helps them make a more informed decision about the type of jewellery they want.

As a result, they're more likely to buy once they make a decision, unlike before, when people are pushed they avoid purchasing for fear of getting the wrong one because of lack of proper research.

This, therefore, has been significant to making the jewellery industry thrive.

Use of social media marketing

Social media forms a large percentage of internet usage today.

As people remain at home during the pandemic, many of them are always connected to their social media accounts.

Several jewellery businesses are using this to their advantage by using these platforms to market their business.

Firstly, there's the use of influencers to help reach the bigger audience, where a business partners with them to promote their products.

Because influencers have a large following, the business is likely to get prospects and buyers for their products.

Secondly, there's the use of paid promotions, where the ads are shown to a target group that has the potential to buy.

This has successfully made the jewellery industry thrive, especially during the pandemic, as many people get online every day and interact with the ads.

Virtual interactions with buyers

Even though some may argue that in-store purchases allow sellers to have better interactive sessions with buyers, virtual selling offers more time to interact with buyers.

The reason is that buyers don't have to travel to the store to see the products. Instead, they can just log on to the website and contact the seller to discuss the jewellery they want to purchase.

By cutting on travelling time, sellers could use that time to market their products to clients virtually.

Moreover, having options such as chatbots and dial-to-call buttons makes it easy for the team to connect with clients in a seamless procedure compared to store visits, which could be overwhelming to both sellers and buyers.

A well-laid virtual interaction could work as a clever marketing tactic and customer experience strategy.

The jewellery businesses that are taking advantage of this during the pandemic are managing to thrive.

Availability of spare money

One blessing that comes with the pandemic for some people is the chance to save money.

They're able to avoid expenses such as travelling costs, vacation costs, and other expenses they would have otherwise faced had there been no pandemic and restrictions.

While some have decided to save their money for use post-pandemic, there are others who spend them on items such as jewellery.

For jewellery lovers, this was a chance to save some extra cash to buy their favourite necklace, bracelet, or earrings.

Moreover, with the increased usage of social media, meaning more photos and videos, owning jewellery seems to have been a show of class and style.

Therefore, people are willing to use the extra savings on jewellery, making the industry thrive.

Direct-to-customer selling

The pandemic is offering a different selling point for businesses in the jewellery industry.

For example, it's known that many wholesalers have experienced cancellations from retail businesses as most stores have closed down.

While this is a disadvantage to their businesses, it has its silver lining as these wholesalers have started dealing with customers directly.

Using online and social media marketing campaigns, the wholesalers have a chance to interact with customers and hear and build their experience with their products.

They manage to sell directly to consumers instead of passing through retailers, most of which have already closed down due to the pandemic.

In addition, selling directly to customers allows wholesalers and jewellery makers to listen to what people want for their jewellery.

This is important in the future making of jewellery as it helps with product improvement. Good products mean more satisfied customers and more success to the industry.

Gifting jewellery

There are people and different organisations who buy gifts for friends, family, and colleagues during these times of the pandemic.

These gifts are a form of showing support to them as they face economic and health challenges during these difficult times. Some of the gifts given have been jewellery.

This is because they're often considered valuable and a show of great love, not to mention a good investment.

As a result of buying and gifting jewellery, the industry has thrived amidst the pandemic.

Businesses have managed to keep selling their products to different people and organisations who buy items as gifts.

In addition, the pandemic is also giving collectors a chance to sample different jewellery designs by buying lots of them, keeping the business going.

The pandemic might have brought with it so many disadvantages, especially for businesses.

However, this wasn't entirely the case for those that have managed to find the light in these dark times.

In the case of the jewellery industry, success depends much on the business approach adapted and how they have taken advantage of the lockdown and restrictions.

Having more time to interact with clients, using social media to market, and selling directly to customers, has made it possible to thrive in business.