The Evolving Technological Relationship

Our relationship to technology is constantly evolving; so too are concepts in retail technology.

It's well accepted that the millennial generation is changing the face of retail. Check out a snapshot of statistics from the 2015 Thanksgiving holiday sales. While Black Friday sales were only slightly down, Cyber Monday sales were up by 24 percent. So, while Internet shopping is indeed going strong, it's also clear that the traditional store is holding its own.

Despite dire predictions of the Internet making the in-store experience obsolete, today's jewelry shoppers still seek out and enjoy the bricks-and-mortar store and all it involves – such as the tactile display, the personal attention and the trust engendered in face-to-face interaction. But buyers are not entering stores empty handed – they have their smartphones with them.

The burning question for retailers is how to harness this omnipresent five inches of palm-held technology to the benefit of your in-store sales process and brand identity.

There's much buzz around the idea of “omnichannel” retailing, which simply translates to the streamlining of all your marketing channels: your physical store, online store, mobile site, social media campaigns, email marketing and more. It means giving your guests multiple avenues to experience and interact with your brand; to browse, explore and research your products; and – with the advent of frictionless mobile payment – even to make the final purchase. The omnichannel approach enables your guests to drive their interactions with your company in the way that best suits them, giving them greater choice, control and satisfaction in the customer experience. 

What's more, omnichannel retailing provides an opportunity to create a powerful pool of “big data” via tracking and analytics of your guests' online activity, from which you can derive immediate insight into shopping behaviors and patterns. Ongoing monitoring of your guest data – which products they looked at and when, which products they returned to over and over, which product is viewed by the most people in a particular region and much more – provides the key to driving more focused and meaningful marketing campaigns.

For a generation accustomed to instant visual stimulation, new retail visualization technologies are bringing virtual reality to life. Based on precision 3D scanning and modeling techniques, jewelry store guests can view accurate, dynamic, high resolution diamond images on their mobile devices, providing far more intimate detail of the diamond than simple viewing with the naked eye.

Advanced 3D diamond imaging enables guests to truly “try before they buy,” viewing diamonds that are not physically in stock. Via “virtual inventory,” retailers can vastly expand their available stock at a fraction of the cost, and satisfy guests with a broader selection to choose from. Coupled with insights gleaned from data analytics, you can customize a range of virtual stock to meet the preferences of various target markets, providing a personalized browsing experience that leads to increased sales.

Widespread mobility – the access to information and communication via mobile devices – is disrupting many aspects of life. Once, there was the chunky street directory in the glove box of the car; now there's GPS, Google maps and community-driven navigation apps such as Waze. Similarly, once there was the printed catalog, the store display, and the friendly sales staff. Today, guests are using their smartphones to do instant price comparisons, check product availability, find similar products, and they are even placing orders – all while in store.

IKEA Israel recently ran a mobile campaign in conjunction with a leading credit card company, providing discount vouchers on purchases over a certain amount, redeemable at the checkout counter with a code delivered to the guest's smartphone. As news of the deal traveled down the queues, numerous guests were seen downloading the app and redeeming their coupon on the spot.

The challenge for jewelry sellers, members of a specialized luxury goods market, is how to engage with customers on their individual journey in your retail world – from the early stages of research and browsing, through to the purchase stage and beyond to after-sales marketing, both in store and online. The latest advancements in retail technology are breaking new frontiers to help you make your customers' journey one the will want to repeat again and again.