Jewelry Design Software Enables Luxury Brands to New Marketing Frontline Strategies
Luxury brands eye Generation Z and Millennials with keen interest as their combined earning potentials will be the largest in the world in the coming days. The eldest of the gen Z will reach the age of 24 and are fully in the workforce while the eldest Millennials are turning 40 and at the peak of their income potential. These factors make them the dominating shopping groups that determine what brands should offer and how they should offer. But what if we tell you that there is another way you can help your buyers determine and have a say in what remains in the market. Customization is a solution allowing customers to design a product that reflects their personality, taste, and fashion preference. Likewise, the online jewelry design software is a made-to-measure tool enabling your customers to design their favorite pieces of ornaments as per their choices and occasions. The tool comes with digital features that allow consumers to preview the product before placing the order through 3d technology.
Jewelry Design Software Enables Luxury Companies to Power Through Digital Trends
Studies from Boston Consulting Group indicate that generation Z and millennials are pegged to garner more than 60 per cent of the luxury products in 2025. According to the recent WWD report, Sarah Willersdorf, global head of luxury for Boston Consulting Group, said cultural credibility is key since sharing values with consumers has never been more critical. It is believed that brands that are succeeding in the jewelry market are successfully building their place in the metaverse. Metaverse is a shared, digital, and persistent space and allows brands to connect with consumers at an even younger age through social media and build a community of, and with, followers. This indicates that brands that are adaptive to smart and new-age technology will succeed in the market. Besides, they have to carefully design their business models and strategies so that they can incorporate various consumer behavior and meet their demands. However, it is undeniable that these marketing cohorts are no cakewalk. As per many retail analysts and consumer beahvior experts, Generation Z and Millennials expect brands to be sustainable, ethical and practice corporate social responsibility (CSR).
Several researches have revealed that traditional standards in the luxury industry, such as superior quality, attentive design, and an elevated narrative, are no longer enough to drive passion for generation Z and younger millennials. Besides, another factor that determines the success of reaching consumer demographics is the degree of digitization. Consequently, luxury brands collectively invest hundreds of millions of dollars in digital technologies, including tech stakes for more integrated e-commerce and in-store shopping experience and AI-powered personalization capabilities. So, let us dive in a little deeper and look at the factors that propel the growth of the jewelry industry.
Here are the elements that accelerate the use of digital technology in the jewelry sector:
New Strategies Emerge
As buyers’ preferences change, brands have to adopt strategies that help them stay relevant and up to date to meet buyers demands and requirements. Therefore, many leading brands are revamping their business strategies or coming up with new techniques that allow them to entice more buyers and make their shopping experience easier and seamless. Many luxury companies, such as Telfar, have replaced the idea of the drop with Drip. The brand gradually wants to drip the product to their buyers who have truly invested in the label; instead of dropping lots of merchandise through eCommerce. The company has shunned the platform where bots have been known to buy hundreds of brand’s products at a time. This new channel will allow buyers to involve their customers in their creative orbit. Its buyers can upload their videos featuring products for consideration by scanning a QR code and selecting a category, such as “funny”, “sexy”, or “voyeur”. The designer can also share storytelling and messaging directly from the brand. This strategy is a world away from physical stores and traditional digital marketing. This is seen as brands bid to own the relationship with their customers comes at a time when post-lockdown, shopping habits are changing rapidly while the touchpoints to capture consumers are shorter and fewer than before.
The factors mentioned above indicate that the rules of the games are changing, and the cost of CPMs (based on impressions) has also surged, making digital space more competitive. Until recently, the third-party cookie was king, and brands have capitalized on these cookies to track website visitors and collect data to enable them to target ads to the right audience. However, these have become the traditional marketing strategies and no longer draw out as many prizes as they used to. With the rising data breach and privacy issues, many institutions have formulated a framework that protects the data from any leakage. For instance, the European Union’s (EU) General Data Protection Regulation (GDPR) restricts the transfer of personal data. Consumers are pushing for greater transparency, and, in response, tech giants are phasing out third-party cookies. Companies have to navigate new ways to own the customer relationship and acquire data legally.
Additionally, some leading brands have taken extreme steps to target relevant audiences. For instance, Bottega Veneta has already shut down its social media accounts from all platforms, such as Instagram, Face, Twitter, and Weibo. The brand is now targeting key opinion consumers (KOCs) or “fans” to market its products. KOCs will play a big role in meeting demands and gaining insights into consumers’ brains. The luxury house is investing in local efforts to directly communicate with KOCs, whether it’s through out-of-home advertising or localized community events, such as the upcoming salon show taking place in October in Detroit.
Cookieless Marketing Gain Much Traction
The collection of zero-party data is of priority for marketers. Many brands and their CMOs have positively responded to making the customer experience their top priority for the next couple of years. According to Forrester’s latest marketing research (a survey of more than 500 leaders in advertising globally in 2021), 49 per cent of CMOs say they are increasingly focusing on offering a more engaging customer experience. The next in line in the priority list is understanding the requirements for buyers and customers in the buying process, which account for 43 per cent. Unlike first-party data, which has been dominated by analytics and user behavior that require deduction and assumption, the zero-party data present the picture as it is. It exactly shows how customers purchase to plan in the future, and it helps brands easily make inferences about consumers and their behavior. Many leading brands are taking inspiration from the local shopkeepers and get a closer look at the customer and offer a bespoke experience.
Several leading luxury and fashion companies have already built the zero-party format into their strategy. Let us consider the case of direct-to-consumer American lingerie brand Thirdlove, which encourages consumers to fill out an online quiz sharing personal information. In return, they provide recommendations for the best product they have. The same data can be used for product development and help brands to be in the market always. There is one other way to be relevant in the market and gain a competitive edge above others, especially in the jewelry market is customization. Our 3D jewelry design online allows brands to involve their customers in the designing process and gain perspective on consumers’ behavior. The tool works in collaboration with Buildajewel.com, which is a platform where users can customize jewelry. They can select the jewels, such as ring, necklace, and earrings: it’s their choice. They can also apply different customizations, including designs, add initials etc., mix and match styles for a look that’s exactly them.
Additionally, they can visualize their piece with high-resolution 3D renderings and adjust every detail until they feel it’s perfect. The website is mainly developed for USA and Canada audiences. This is an impressive tool that will allow different users to explore more and create something unique to them. They can create a jewel with a tool as unique as them.
Real-Time Exchange Values Become New Talk of the Town
When reaching out to buyers, brands have tried every aspect and tested every water that can help them understand every aspect of consumer behavior. Among all the current methods brands have undertaken, customer surveys have been the most cost-effective but may not be suitable for all premium brands. Many of the brands are still adjusting away from a top-down marketing approach towards one that is more democratic and inclusive. In some situations, sales associates and personal shoppers can be helpful for luxury brands, and retailers collect customer data. Specifically, when dealing with ultra-high-net-worth individuals are already inherent in luxury brands and retailers, but figuring out how to do that at scale is the next step. Luxury is the prevailing business to do that, and the payoffs for both parties are also highest.
The luxury industry shouldn’t overload customer data without having a clear or immediate value in return. Brands generally have this rush to collect data about customers, and when someone tells them that they don’t like a particular type of material in a product, and yet brands push notifications about the promotion of such items, then they send a wrong message. Customers think that they are not heard and not respected. Just like any relationship that needs effort and time to learn about one another, and when making efforts in this direction, they must be respected. If not, then it will create some unprecedented challenges. Brands shouldn’t bombard their customers with every latest information and discount they offer; instead, they should first take time to assess what the buyer likes and how they can help them buy something interesting.
In Conclusion-
Since luxury brands have the advantage through their association with inspiration and high status and encourage customers to seek to be a part of their communities, customers are interested in sharing their opinions and want people to know what they like, dislike, expectations, opinions, and many other feelings associated with brands. Brands can always fall back on the micro-communities formed by digital technologies that help them connect with their buyers immediately and effectively. Likewise, the online jewelry design software by iDesigniBuy allows brands to feel like they have a one-to-one relationship with their customers as they can seamlessly and directly communicate with one another through our customization solution. The tool has a built-in digital feature that enables buyers to preview the designed product in 3d.
