Reach a New Generation of Customers
The market for jewelry is changing because a new generation of jewelry buyers, millennial and Gen Z, are here and growing in significance, especially in the all-important bridal market. In fact by 2025, young consumers in these two demographics will make up 45% of all buyers of luxury goods.
Today, every retail jeweler should focus on attracting young consumers. Because many of these consumers highly value experiences, it’s critical to make shopping engaging and interactive. Appeal to their senses by adding music and fragrance to the store environment. Using VDB over the counter to allow young consumers to search, compare and contrast, and interact with videos, photos, and reports, engages these digital natives. Playing with virtual products makes them feel at home, overcoming the natural intimidation of the white-glove hands-off formality of the traditional jewelry store.
VDB also helps boost the confidence of young buyers. Comparing a huge selection of options helps younger consumers feel that they are making the right choice. These consumers do extensive online research before setting foot in a jewelry store.
According to a 2017 survey of 14,000 engaged couples by The Knot, the average time spent shopping for an engagement ring is 3.5 months. They will immediately recognize that VDB offers them more choices than online retailers. The percentage of engaged couples who choose a local or independent jeweler to make their purchase has been rising every year and is now about half of the couples surveyed by The Knot. Combining selection with a personal local experience combines the best of both worlds.
Creating your own app powered by VDB with VDB’s White Label Program is the perfect way to attract young consumers while they are researching their jewelry purchases online. Adding VDB inventory to your website allows them to shop with you easily on all their devices. Demonstrating your impressive selection and digital sophistication moves your store to the top of their list when they are ready to buy.
VDB also makes sharing favorites easy. Engaging the social network of your customers supports their decision to shop with you. And this also is a valuable source of referrals later when their friends want to have the same experience.
And let’s not forget that there’s a new generation of jewelry store professionals also. The new generation is transforming the B2B market too. Young store buyers also research inventory online and prefer digital communication. They are more likely to connect with new suppliers online than on the phone or at a trade show. They appreciate suppliers who make their lives easy and have their inventory easily accessible in an app on their phone.