The internet has been a major game changer for all kinds of industries. From distribution to diamonds, aviation to automation, it has proven to be the miracle glue that binds all together on a common platform. Speaking particularly of jewelry, over the past few years, the majority of the business has taken place over the Internet. The World Wide Web has been the most promising carrier of information, starting from trends to prices to news and what not.
Stats report that the online jewelry sales have been on a constant yearly rise since 2010. The graph has prompted economists to predict that by 2020, online jewelry trading will capture at least 15% of the total market. However, that brings us to the question of what happens to the brick and mortar stores then. We are fast switching from physical to virtual shopping, and that leaves the physical stores at a risk of losing a bit of their business.
Some experts are of the opinion that the technology of web is tanking the whole jewelry industry and others too. The eCommerce stores that have very little overhead to maintain can offer products for a far smaller price than the flashy stores in up-class malls. That has been the chief reason why physical stores are finding it difficult to compete in this changing market environment. To add to that, social media is handing out an olive branch to small time traders and startup businesses to get started somewhere without having to face intense competition.
However, the switch to online buying is not entirely bad news for store owners. Almost all physical jewelry store owners now have an online window for their customers who like to make their purchases online. For their convenience, these websites are updated timely and maintained all along so that the buyers’ experience can be maximally improved.
Although this shift has been a potential cause of worry for some, for others, it opens new windows of opportunity. This shift has created new ways for sellers to reach new customers. While the social media has proven to be a highly useful tool of advertisement, eCommerce has turned out to be the newest way of expanding businesses across territories without having to set up new stores everywhere. However way you look at it, the shift from stores to website has been a positive one for the jewelry industry and its buyers.
