‘Jewellery industry has the potential to completely transform to digital’
Industry experts at a conclave spoke about the need to adopt technology in the jewellery industry, and reinventing brand & advertising strategy in the digital world
To lead and stay ahead one needs to adopt technology and the jewellery industry under the luxury segment has come a long way in enhancing the same. While technology in the form of AR/VR, Artificial Intelligence and Blockchain has made inroads to help marketers in other industries, the gem and jewellery industry still runs, by and large, offline in the world of digitization.
At a conclave held in Mumbai, Gaurav Singh Kushwaha, Founder, Bluestone and Murugavel Janakiram, Founder and CEO, Bharat Matrimony, discussed how the touch and feel factor plays an important role for a consumer. Kushwaha said the jewellery industry has the potential to completely transform to digital, and offline stores can attribute to the growth. Bluestone is one of the few brands to have an online presence and has enjoyed greater success after going digital.
According to Janakiram, as far as leveraging technology is concerned a brand can use advanced technology using mobile phones, WhatsApp, data collection, Blockchain and 3D printing. These can be used by the brands depending upon a consumer’s buying habit and one can leverage on this to increase traction by providing better choices.
Reinventing brand and advertising strategy in the digital world was another key trend that industry stalwarts Bhaskar Ramesh, Group Head, Branding Sector, Google India, K V Sridhar, Founder and CCO, Hypercollective, and Kaacon Shethi, CMO, Dainik Bhaskar Group discussed. They spoke about how digitization is the new buzz word and there is a need for brands to reinvent to reach to consumers in small and medium enterprises like the jewellery industry.
According to Ramesh, digital is becoming the new norm and India is the hottest internet market today. Earlier, the three key trends witnessed in the internet industry were Millennials, Male users and Metro cities. However, this trend has shifted to 3Vs - Video, Vernacular and Voice.
“We truly have become the video-first country. Many Indians are actually paying less than Rs 5 to Rs 10 per GB of data. The cost of data in India has come down 20 times in the last 18 months. Video has become the first point entry. Almost one-third of searches on Google app is the voice. The internet used to be only in English but you see today it has become vernacular. More than 48 crore people are on the internet and almost 35 crore are using smartphones. So, when you think of advertising, in every home that has a TV set, there on an average three to four smartphones. So, fundamentally the challenge is how you connect as a brand to the consumers in the digital age.”
For Sridhar, in the digital-led industry, the mindset of marketers and advertisers has changed. In today’s time, the relationship brand categories like airlines and insurance have built with consumers is transactional. In the power game, the brands have cut their own premium and that’s the biggest fallout of making everything transactional.
The panellists concluded the discussion saying brands need to reinvent and need to build on a great experience. Also, authenticity, on what purpose your brand stands for, good content, adoption of newer technology, newer formats of storytelling should be the key factors to be kept in mind.
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