COVID-19 pandemic has affected every aspect of our lives. People stayed home following lockdown regulations and all shops including those selling gold jewellery had to close their shutters. Medical shops and grocery retailers were the only exceptions. As one would imagine, the pandemic has led to losses for gold jewellers. 2020 was supposed to be the gateway to great opportunities but instead, jewellers have had to rethink their strategies and explore the online retail world.
Jewellers Must Cater To The Consumer’s Reevaluated Priorities
Gold jewellery like the Edgy Drapes Diamond Earrings or the Giada Gold Bracelet has always been considered luxuries. It is bought for special occasions and celebrations. The pandemic has made people reevaluate what’s important in their lives. Today, this means prioritizing daily essentials over luxuries. However, it will not stay this way forever. When the markets reopen, jewellers expect sales to grow as people see jewellery as a way to make themselves feel good about their lives. Gold necklaces designs like the Elora Blue Sapphire Necklace and the Karvari Anokhi Gold Necklace may also be seen as a way of expressing love for a person who has been through a challenging time. For jewellers, this may indicate a need to design lighter pieces with lower price points that are suitable for gifting.
Jewellers Must Make Shopping More Convenient
In the time of social distancing and home quarantine, though women may want to shop for the latest design of gold earrings like The Sosen Chandbali Hoop Earrings or Snow Slide Pearl Earrings to make them feel good about themselves, they will hesitate before going to the market. Thus, gold jewellers must bring the market to them. Online gold jewellery design finder Apps make this easy to do. Jewellers can put up their latest designs for sale and share details such as the gold weight, carat value, gemstone details, etc. Almost all reputable shops have websites that allow customers to shop online but a design finder like Finaura helps drive traffic to these websites and makes it easier for customers to find gold bangles designs or gold necklace design like the Radiate Solitaire Bangle and The Pearl Cloud Ring that match their personality.
Jewellers Must Reduce Dependence On Weddings
With designs like the Haiya Leafy Bangle or Raadhi Mudhra Gold Maang Tikka, the Indian gold jewellery industry has been traditionally dependent on the wedding season. Thus, the limitations on social gatherings have limited sales and profits. Many couples have had to postpone their wedding. Others have chosen to tone down the celebrations and get married in the presence of just their immediate family. Thus, the need to shop for gold has been dramatically cut down.
Another festival, Gudi Padwa, where people traditionally bought jewellery like the latest design of gold earrings was also celebrated during the lockdown. This again was a loss for jewellers as they did not find many takers for their gold bangles designs. A quick analysis of these patterns is enough to indicate the need for jewellers to reduce their dependency on such seasonal events. They may choose to project Indian gold jewellery as a way for men and women to feel better about themselves or to mark achievements in their lives.
The lockdown will not last forever. Consumer demand through gold jewellery design finder Apps is expected to grow in the latter half of 2020 but until then, jewellers must take steps to remain sustainable. Gold jewellery designs must evolve as must the mode of marketing and selling jewellery.
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