Gem and jewelry, as an industry, survived solely on the look-and-feel factor up until now. As communication evolved with technology, several Indian jewelry brands gave digital commerce and e-commerce a try, and are now reaping great benefits. 

Interestingly, it is technology that has created a level-playing field for every brand who has launched itself on the popular platforms. Generational jewelers such as PP Jewellers by Pawan Gupta, and RK Jewellers agree that current times have made it mandatory for them to adapt and adopt technology in any form, especially artificial intelligence.

Integrating AI for Biz Revamp

Pawan Gupta, Director, PP Jewellers by Pawan Gupta believes that AI improves and streamlines retail operations by automating repetitive tasks and analyzing data, thus helping retailers make informed decisions about optimizing supply chain, personalizing shopping experience, and improving overall efficiency. Ever since the brand took the leap to AI, chatbots and virtual assistants have brought new insights through mobile commerce. “It has also made payment processes easier for customers. The back-end operations have streamlined significantly, which has made managing inventory an easy and flawless task,” he says. However, he notes that implementing AI into the ecosystem of any legacy brand needed high ethics regarding data privacy.

Rohan Sharma, MD, RK Jewellers South Extension Part 2, seconds Gupta on how AI has boosted productivity and profits in a highly competitive and globally reactive market. According to him, e-commerce has completely overturned the way one shops jewelry today. “With e-commerce, one can buy without moving an inch and still avail benefits of discounts and deals that a brand offers. The websites have made it easier for buyers to transact with the agreement of their friends, spouses, and others, and recommend organically,” he says. 

Consumers are increasing their dependence on e-commerce, as e-wallets and gift cards come in handy. That process is reducing any friction during checkout. Technology has acquired people’s faith, and because of its transparency and financial security, brands want to expand on e-commerce, he adds.

Aiding Product Promotion, Packaging, Logistics

Although print advertisements, signboards, and door-to-door sales remain valid, Sharma makes a pertinent point regarding the digital customer today. “One is much more likely to see an advertisement in an email, read a tweet, or visit a website that he found through a search engine these days,” he says. 

Technology did three key improvements in the operations of PP Jewellers. It brought the products to the right audience through social media and influencer marketing, wooed customers with immersive augmented reality experiences, and made packaging easy and eco-friendly with 3D printing. 

“3D printing involves squirting molten plastic onto a base and building up a pattern, layer by layer. It offers a quick way to evaluate products and packaging before full-scale manufacturing,” explains Sharma. Wastage of raw material, electricity, and labor has reduced as data analyses help forecast demands. Transportation, international transportation (by sea and air), supply chain management, and shipment tracking are just a few examples of how the logistics industries have benefited. Next up are gamification and blockchain technology, which Gupta believes will change the way the industry operates.

VR and the Metaverse of Opportunities

Metaverse is the upcoming hotspot for buyers and sellers to trade across boundaries. The Indian economy may be significantly impacted by this industry. It is anticipated that the expansion of Metaverse business would increase employment possibilities and stimulate technological innovation.

To remain competitive and fulfil evolving client expectations, brands such as RK Jewellers have begun to gravitate towards VR and gamification to gain momentum in retail. Noting the significant investment and resource addition that gamification will pose, PP Jewellers is also making meticulous plans for a seamless and effective implementation.

Tech to Lead 

A watershed moment for jewelry retail was the technology of virtual try-ons, evident since the pandemic, which allowed prospects to have near-realistic experience of how a particular jewelry piece would look on them. Try-ons unlocked the doors to personalization and brands got access to customer data, and left no stone unturned to personalize their offerings. The tables have turned for good, as brands are now engaging with customers on platforms they are on, and delivering products to destinations they prefer.

As smartphone and internet usage increased in India, retail jewelers diversified visual and transactional experiences beyond in-store deals. A lot of these activities aimed at a successful conversion within or without the brick-and-mortar showrooms. That’s where omnichannel marketing fared brilliantly in improving top lines and bottom lines. 

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