Mr. Bhavesh Navlakha is the Founder and CEO of Sukkhi. He launched the brand in 2012 with small investment of 25000 rupees and 75 designs. At Sukkhi, Bhavesh is responsible for the implementation of the product merchandizing strategy, sales and inventory management across channels. He is also looking into new business opportunities and growth strategy of the Company, team building, product catalogue designing, managing marketplace relations.
Technology has compelled a variety of traditional industries to not only evolve the manufacturing, procurement, and supply chain process but also the marketing, distribution, and consumption process; from purchasing/ selling assets such as second-hand cars to doorstep delivery of grocery, apparel, or lifestyle products from various parts of the country. The Convenience Factor is now far more compelling than the need for in-person shopping. This phenomenon has been widely noticed since the advent of e-commerce and was majorly driven due to Covid-19 in the apparel and accessories industry as well.
When the pandemic dawned on the country, online shopping witnessed a significant rise more than ever before. Technology has empowered the fashion jewellery industry by offering opportunities like a visual display of products online with an added element of personalization which encourages the customers to make purchases easily. Visualization and personalization are now the most powerful tools to engage with online customers as it gives consumers an opportunity to fully engage with the store and the products. This also helps consumers to be ensured of the quality of the products while having a wide range of variety to choose from. Brands not only need to be present online 24×7 but also work towards gradually being able to build brand loyalty with consistent customer engagement. User-friendly virtual experiences have now become very imperative for brands to engage with the consumers and this is where technology is backing up the industry with new innovations over time.
Here are a few areas where technology has fuelled growth in the fashion jewellery industry:
Transforming consumer perceptions and creating a new value proposition
Jewellery & accessories are an integral part of the millennial look and despite the inconsistencies with recreation, entertainment, festivals and events over the past 18 months, the consumer demand has not decreased. Millennial buyers do not perceive jewellery as a long-lasting, value-creating asset but instead, choose to flaunt a variety of designs and looks which are available at economical prices. Affordable internet costs have made this seamless for consumers who shop online. On the other hand, traditionally, the jewellery industry has adopted the offline channel and built physical stores where consumers would try on the product. The feel of the product is also essential as there is a preference also towards precious metals and stones as well.
Influence on new-age designs and trendy patterns
The availability of larger varieties and patterns is predominantly due to the progress of Computer Automated Design and Manufacturing which allows brands to regularly deliver contemporary collections with consistency, durability, and quality finishing. Metal alloys have also been refined over time which practically enables its integration with CAD/CAM designs to create innovative and novel jewellery. AI-based design tools have a superior ability to integrate natural elements in jewellery patterns. Modern jewellery makers are also increasingly adopting sustainable production by opting for recycled raw materials.
The jewellery space will definitely benefit from these methods of consumption. The expansion is expected to be driven by the fashion jewellery segment which will offer consumers access to a variety of designs and build trust with respect to product quality and durability. Once the customer is able to identify a suitable design or brand, they can buy the product through various online channels that may offer a myriad of discounts and promotions. This in turn builds brand/ product loyalty. Given the increasing acceptance of fashion jewellery, consumers are now comfortable purchasing the same without trying on the jewellery or they are able to try on the same virtually with the help of new software that enables a 3D impression of the look. The economical pricing of fashion jewellery makes the consumer’s purchasing decision simpler and urges them to indulge without any regrets.
Boost to e-commerce distribution channel
Brands in this fashion jewellery sector work in tandem with major e-com marketplaces to effectively advertise and create visibility for their products by leveraging the SEO & SMO capabilities of the likes of Amazon & Flipkart, further enabling growth for the segment, the marketplace as well as the brand. Similarly, the technological advances that enable pan-India logistics management by e-com players are leveraged by growing new-age fashion jewellery brands to penetrate deeper. Hence, women in rural India can access the same jewellery or necklace set that are available to those in metropolitan cities. E-commerce distribution has been a boon for the quality-conscious brands in this space to aid the penetration deeper into tier-II towns and beyond “Bharat”, thereby, not restricting the access to a select few in cities of India.
Lastly, these new technologies are making way for the fashion jewellery to grow and this will be seen even more in 2022 as well. Technology today has seemingly changed just about every aspect of our lives- from the latest gadgets such as a smartwatch to maintain our heart health or even connect with our loved ones over a video call on a smartphone, each action has been influenced by technology. So, as technology evolves, why not implement the same to better our lives not only in terms of convenience but also perhaps as a means to better express our individualistic personalities. That will always be the aim for the fashion jewellery industry- to leverage technology to enhance not only our lives but also as a means to manifest ourselves for the better!