• Follow us

Internet

Why the jewellery sector is in major need of disruption

Every aspect of our lives is now heavily saturated with technology. We have startups, like Deliveroo and JustEat, delivering your takeout food, technology to collect your laundry such as LaundryHeap, and a plethora of companies, such as Uber, to take you to your destination with a few clicks of a button. Yet, until now, there was one significant industry that still hadn’t embraced technological disruption: the gold and diamond jewellery industry. Let's call this JewelTech; the $175 billion-dollar industry, which is set to grow exponentially.

Historically, the jewellery industry has been very closed for a number of different reasons. Firstly, the high value of products in question means transactions are commonly done in person, as it reassures customers that what they are purchasing is legitimate and authentic. This is particularly true for gold and diamond retailers, as many customers still don’t have confidence in the reliability and validity of online sellers.  Secondly, a vast number of jewellery purchases come from an emotional place, usually for a loved one, and a lot of thought, time and care goes into making this decision - yet another reason why purchases tend to be made in-store over online. Finally, the physical store allows customers to get appropriate and sufficient guidance from a shop assistant ahead of their, often expensive, purchase.

Against this backdrop, it’s hardly surprising that the luxury jewellery industry has largely been living in the dark ages - relying purely on the shop-front - compared to the wider retail landscape, where online retail is booming.

So why and how does the industry need to embrace technology if shoppers remain committed to shopping in-store?

Firstly, the reality is that customer needs are changing, and increasingly they are now more concerned with the ethical implications of what they buy, over price. For example, brides frequently want to know their diamonds have been ethically sourced, have come from conflict-free zones and that there has been no child labour involved. In most cases, the jeweller will provide the customer with a certificate to authenticate this. But there is now a better way to demonstrate this. This is where blockchain technology can be used to provide ‘Mine-to-Consumer’; a concept used to track and describe the full traceability and transparency of the precious metals and diamonds from source and used in the jewellery item right through to the hands of the consumer.

Changing how we shop

Many traders use outdated audit and certification systems that are prone to tampering. By placing current, physical process on a blockchain, the jeweller can provide better visibility to the consumer throughout the entire supply chain which allows exchanges of information amongst all participants in the supply chain. The blockchain can be used to track the jewellery supply chain from the mines of origin of the diamond and precious metals, through to the refining, polishing, jewellery manufacturing and shipping the final product to the retail store. By applying this technology to provenance for jewellery products, the jeweller is providing consumers with a greater level of transparency and assurance, which will in turn allow shoppers to place greater trust in them.

Secondly, what many jewellers are failing to realise is that customers will purchase jewellery online if they are able to provide a seamless online customer journey, something which is currently missing. High-street bespoke and chain jewellers typically don’t have an online presence as they understand most of their customers will come in-store when they are looking to spend a large amount of money, but they’re missing a massive opportunity.  

Customers want to be spoiled by an array of designs, and they want to personalise and customise their products. Naturally, this is much easier to do if jewellers have an online presence, as generally shops will only have a limited number of designs available in-store. However, for this to work effectively, jewellers need to make better use of video and imagery online to tell the story behind each unique piece of jewellery. Video in particular can be used to take the customer ‘behind the scenes’ to show how and where their precious metals and stones were sourced from and who designed their product, massively improving the online customer journey.

And with millennials accounting for a larger section of jewellery consumers, they are fundamentally changing the way people want to shop for jewellery too, placing a greater emphasis on online transactions and leading the charge for greater transparency - proving just how important it is that jewellers embrace technology as part of their business model. Of course, customers may still choose to buy in-store, but they want the option of having an online platform and sourcing the information they need before they walk into the store. Success will be when both in-store and online transactions dovetail and work together to help the customer make a purchasing decision, with the added benefit of enabling jewellers to reach more and more shoppers and improve their bottom line.

Sukhi Jutla, COO and co-founder, MarketordersImage Credit: Zapp2Photo / Shutterstock

Read More



Leave A Comment

More News

TechRadar: Internet news

Jamaica vs USA live stream: how to watch 2019-07-03 18:41:42Reggae Boyz out to make their third consecutive Gold Cup final as they face the USMNT. Check out our Jamaica vs USA live stream guide for all your wat

Symantec reportedly in Broadcom takeover talks 2019-07-03 17:04:33Broadcom may be looking at Symantec deal following last year's CA Technologies acquisition

Chile vs Peru live stream: how to watch 2019-07-03 16:56:12Who will win the 'Pacific derby' and join Brazil in the 2019 Copa América final? Check out our guide for your Chile vs Peru live stream.

Parallels and Winzip developer Corel acquired 2019-07-03 16:47:45Investment equity firm KKR snaps up Corel less than one year after Parallels deak.

The best VR laptops: these notebooks are ready 2019-07-03 16:24:29Don't have room for a VR gaming PC in the house? Then you're going to need a powerful laptop.

Copa América 2019 live stream: how to watch 2019-07-03 15:51:00The last four in Brazil and a classic encounter beckons. Read our guide for your 2019 Copa América live stream options as we enter the semi-fin

The best gaming monitor 2019: the 10 best 2019-07-03 15:49:44With the best gaming monitors, your games will come alive in ways you can’t even imagine.

The best Chromebooks 2019 2019-07-03 15:33:50We've searched far and wide for the best Chromebooks you can buy, always up to date and thoroughly tested.

The best PC gaming headsets 2019 2019-07-03 15:20:26The best gaming headset brings your game audio to life and won't cramp your ears after long play sessions. Here are the top 15 headsets we've tested

Netherlands vs Sweden live stream: how to watch 2019-07-03 14:58:58It's all or nothing in the second 2019 FIFA Women's World Cup semi-final. Don't miss a kick with our Netherlands vs Sweden live stream guide.

Best gaming laptops 2019: the 10 top gaming 2019-07-03 14:40:15The best gaming laptops you can buy, always up to date with the latest hardware configurations.

Popular cloud storage app hides a rather nasty 2019-07-03 14:35:43Upstream has blocked over 114m suspicious mobile transactions.

Latest ITProPortal news

Foxconn president resigns to run for office 2019-06-21 08:00:29He wants to focus on his presidential campaign.

Google confirms it's leaving the tablet business 2019-06-21 07:58:09It's throwing everything it has into the laptop business.

US city votes to pay ransomware demand 2019-06-21 07:30:31Riviera Beach can't catch a break.

iPaaS: The true digital transformation enabler 2019-06-21 07:00:33At the heart of any digital transformation project is the same principle – getting access to data and managing that data effectively.

5G can help start ups compete better 2019-06-21 06:30:585G could give birth to a whole new wave of start-up businesses, who would leverage the technology to compete better against well-established players i

Leaked passwords are only the tip of the 2019-06-21 06:30:45The true cause of the problem isn’t what one company does or doesn’t do with their security, but the underlying premise that personally id

The rise of voice commerce 2019-06-21 06:00:46This is a burgeoning trend that could be a huge market in the very near future.

IT issues creating workplace "black hole" 2019-06-21 06:00:33Employees are losing hours fixing stuff around the office.

GDPR compliance: is your business at risk of 2019-06-21 05:30:57Since the introduction of GDPR last year, small businesses have faced increased pressure to develop and alter their existing policies in line with the

How continuous deployment can help you keep pace 2019-06-21 05:00:10With every company now a software company, here's how continuous deployment makes you stand out from the crowd.

Keeping up with digital transformation: Is your ERP 2019-06-21 04:30:46Digital transformation need not be a scary term, but the foundation of your ERP strategy.

Why the jewellery sector is in major need 2019-06-21 04:00:07How blockchain and modern technology has helped to change the way the sector is functioning.

TechCrunch » Enterprise

Equinix and Singapore’s GIC will launch a $1 2019-07-02 00:20:35Equinix, one of the world’s largest data center companies, announced that it will form a $1 billion joint venture with GIC, Singapore’s so

Video platform Kaltura adds advanced analytics 2019-07-01 15:15:26You may not be familiar with Kaltura‘s name, but chances are you’ve used the company’s video platform at some point or another, give

We’ll talk even more Kubernetes at TC Sessions: 2019-07-01 12:00:58You can’t go to an enterprise conference these days without talking containers — and specifically the Kubernetes container management syst

Tara.ai, which uses machine learning to spec out 2019-07-01 06:09:59Artificial intelligence has become an increasingly important component of how a lot of technology works; now it’s also being applied to how tech

Enterprise SaaS revenue hits $100B run rate, led 2019-06-28 11:48:44In its most recent report, Synergy Research, a company that monitors cloud marketshare, found that enterprise SaaS revenue passed the $100 billion run

We’re talking Kubernetes at TC Sessions: Enterprise with 2019-06-27 12:48:01Over the past five years, Kubernetes has grown from a project inside of Google to an open source powerhouse with an ecosystem of products and services

Fellow raises $6.5M to help make managers better 2019-06-27 11:21:30Managing people is perhaps the most challenging thing most people will have to learn in the course of their professional lives – especially beca

Fungible raises $200 million led by SoftBank Vision 2019-06-27 11:00:24Fungible, a startup that wants to help data centers cope with the increasingly massive amounts of data produced by new technologies, has raised a $200

Cathay Innovation leads Laiye’s $35M round to bet 2019-06-27 10:22:46For many years, the boom and bust of China’s tech landscape have centered around consumer-facing products. As this space gets filled by Baidu, A

Amperity update gives customers more control over Customer 2019-06-27 09:03:26The Customer Data Platform (CDP) has certainly been getting a lot of attention in marketing software circles over the last year as big dawgs like Sale

Bright Machines wants to put AI-driven automation in 2019-06-26 11:16:00There’s a mythology around today’s factories that says everything is automated by robotics, and while there is some truth to that, it&rsqu

Vulcan Cyber announces $10M Series A to automate 2019-06-26 09:20:42Many software vulnerabilities are already known, and vendors have even issued patches, but the problem is there are so many patches that it’s of

Next INpact – Actualités

⭐ #LeBrief : certificats OpenPGP « empoisonnés », 2019-07-02 04:25:24C'est l'heure de #LeBrief, notre bilan de l'actualité dans le domaine des nouvelles technologies. Il contient toutes les informati

⭐ Soldes d'été 2019 : le récap' des 2019-06-28 11:42:39Ça y est, mercredi matin 8h, les soldes d'été sont lancés. La Team Bons Plans est évidemment sur le qui-

Internet en France : le « bilan de 2019-06-28 11:13:59Tel un médecin auprès d'un patient qu'il faut surveiller de près, l'Arcep dresse le « bilan de l'état de sa

Qwant fait le point sur ses services : 2019-06-27 04:00:00Après plusieurs mois en alpha, Qwant Maps passe en bêta. Au passage, le service de cartographie et d'itinéraires gagne l'acc&egr

Limeil-Brévannes : la folle histoire des clients K-Net 2019-06-26 08:35:26Les contrats de 63 abonnés K-Net (FTTH) ont été résiliés car SFR a démonté et emporté des &eac

⭐ #LeBrief : failles Firefox et VLC, MonAvis 2019-06-24 04:36:05C'est l'heure de #LeBrief, notre bilan de l'actualité dans le domaine des nouvelles technologies. Il contient toutes les informati

« L'incident technique » à la Poste a entrainé la 2019-06-21 09:09:23Hier matin, un vent de panique soufflait sur le site de La Poste. À cause d'un « incident technique », des clients se retrouv

⭐ #LeBrief : hausse des prix Netflix, Windows 10 2019-06-20 03:59:56C'est l'heure de #LeBrief, notre bilan de l'actualité dans le domaine des nouvelles technologies. Il contient toutes les informati

⭐ Le récap' des bons plans du moment, 2019-06-19 09:16:06Cette semaine, nous faisons le point sur macOS Catalina ainsi que sur le premier référendum d'initiative partagé propo

⭐ #LeBrief : League of Entropy, salve de bêtas 2019-06-18 04:20:39C'est l'heure de #LeBrief, notre bilan de l'actualité dans le domaine des nouvelles technologies. Il contient toutes les informati

⭐ Le récap' des bons plans du moment, 2019-06-12 07:37:44Cette semaine, nous fêtons les dix ans de la Hadopi. De son côté, Inpact-Hardware déchiffre pour vous l'architecture du chi

⭐ #LeBrief : Have I Been Pwned à vendre, 2019-06-12 04:53:14C'est l'heure de #LeBrief, notre bilan de l'actualité dans le domaine des nouvelles technologies. Il contient toutes les informati


Disclaimer and Notice:WorldProNews.com is not responsible of these news or any information published on this website.