The global market and appetite for diamonds continues to expand, growing a full 14 percent between 2017 and 2018 alone. During that growth spurt, online jewelry retailers generated an eye-popping $5 billion in eCommerce sales.
Since then, of course, we’ve all lived through a taxing, tiring pandemic that prompted even more people to spend even more time and money online. According to a report by Technavio, the global online jewelry market has seen nearly 15-percent growth so far in 2022. This same report, entitled “Online Jewelry Market by Product and Geography – Forecast and Analysis 2022-2026“, forecasts market growth of just under $27.2 billion between 2022 and 2026.
As we roll into the second half of 2022, the continued surge in online jewelry sales and eCommerce is largely driven by technological innovation—in the areas of manufacturing, marketing, shopping, and purchasing.
Jewelry manufacturers continue to push the envelope when it comes to producing and expanding their high-quality product lines. From using cutting-edge lasers and 3D printing to cut and ID diamonds and other precious gemstones to crafting artisanal pieces via electroforming and much more, technology is leading the exploration of new frontiers in a deeply traditional and conservative industry.
Here at the myzillion blog, we even took a closer look at “mine-to-finger” diamond tracking, which is being spearheaded by a cutting-edge company called ALROSA that’s every bit as brilliant as a precious gemstone. ALROSA also happens to rank as the world’s leading diamond-mining company today.
Of greater interest to today’s jewelry retailer–and consumer–are the many ways in which technology innovation continues to shape and transform the jewelry shopping and buying experience. Let’s take a look at some of the most impactful tech trends in the industry today.
Augmented Reality (AR): Even Better than the Real Thing
Virtual Reality, or VR, is a term that has long been understood and obsessed over. More recently, Augmented Reality, or AR, has taken on a truly colorful life of its own. As e-commerce continues to evolve (or e-volve), AR stands perfectly positioned to take an increasingly dominant role in the online shopping and buying experience.
When it comes to AR and its incorporation in today’s jewelry sales ecosystem, a company called TrueView AR is doing much of the heavy lifting right now. With a goal of making their game-changing technology accessible to jewelry retailers and e-tailers of all sizes and strengths, TrueView AR is a true turnkey system that’s as customizable as it is incredible.
The state-of-the-art web plugin offered by TrueView AR enables a unique online shopping experience for jewelry customers. Using a webcam, tablet, or their smartphone, customers can “virtually” (or “augmentedly”) try on jewelry pieces—no matter where they are, what hour it is, or whatever else they happen to be wearing when the “jewelry jones” strikes them. Customers can even experiment, play around with, or “swap out” several jewelry features, including the individual piece’s metal, gem type, size, and shape. There’s great benefits for the jeweler, too. In addition to vastly increasing the potential for online sales conversions, helpful features like analytics reporting (for them) and social sharing (for customers) open up a whole new world of marketing, advertising, and planning for jewelry retailers.
There’s also a virtual jewelry try-on application called CamWeara, which allows consumers to “try on” everything from earrings to necklaces to diamond engagement rings without leaving their living room. Customers can even share virtual try-on links on social media channels like Instagram, Facebook, and WhatsApp—and CamWeara also supports both the Shopify and Magento eCommerce platforms.
Look Closely: 360-Degree Product Videos
Obviously, jewelry (especially a diamond engagement ring) is a high-dollar, high-consideration purchase. Because of the personal, sensitive, sometimes-secretive, and almost-always expensive nature of jewelry, convincing customers to purchase diamond engagement rings, gold pendants, or almost any other jewelry piece in the online realm is inherently challenging.
If you’ve ever gone looking for a prime seat at a sporting event via online ticket broker and exchange sites such as StubHub or VividSeats, or if you spent some serious time house hunting during the height of the COVID-19 pandemic, you’re probably fairly familiar with 360-degree online videos. Slowly but surely, this same trend is beginning to take hold in the jewelry industry. When you’ve got a product as visually compelling and captivating as a dazzling diamond engagement ring, it only makes sense to incorporate this kind of capability into your online environment. You can almost guarantee that offering this level of product video will boost your eCommerce conversion numbers.
Zillion: Future-Forward Jewelry Insurance
Here at Zillion, we specialize in a specific type of insurance: jewelry insurance. We also understand (and implement) what’s known in the eCommerce world as “embedded insurance.” Most embedded insurance today takes place in an online environment, with companies like Chubb leading the unfolding evolution. However, it’s also possible to go an extra step beyond — by directly and efficiently embedding insurance right at the point of sale, via text message to the consumer. This way, consumers can activate their insurance with just a simple click. Right at the point of purchase.
Through the use of our embedded insurance platform and smart integration with our partner retailers’ point-of-sale and eCommerce systems, Zillion is able to do exactly this, right now (or anytime anyone decides to purchase jewelry)—either online or in person at a traditional brick-and-mortar jewelry store. We get everything we need directly from our jeweler partners, meaning the customer is never forced to fill out pages of confusing, time-consuming forms.
Not only does this easy, one-click insurance activation greatly benefit your consumer,
but it helps you streamline your overall insurance experience, better manage risks, and control costs. It all adds up to jewelry insurance the way it should be: better rates, full transparency, and ultimate ease. Visit the myzillion site now to learn how we can help you provide your valued customers with peace of mind—at an affordable cost!