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7.52-Carat Unheated Paraíba Tourmaline Sells for $1.3M at Sotheby’s The top lot of the auction house’s Hong Kong jewelry sale was an Art Deco Mauboussin necklace with ruby beads, which sold for $2 million.
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Using Commerce Data to Outshine the Competition in the Jewelry Industry
Use these tips to create a more personalized and successful customer experience.
Brought To You By Bloomreach
For decades, jewelry standards were determined by a select few within the industry. Nowadays, they are defined differently for everyone, creating more acknowledgment of one’s personal experience, worldview, and life stage. With more voices in the jewelry industry comes a more diverse consumer base: those who are avid buyers and those who only shop for significant life events. Through these shifts, one thing remains true: each customer’s journey in the jewelry industry is extremely personal, based on their own style, preference, and need.
Since customers want various types and quality of jewelry and access those products both online and in-store, you’ll want to create a shopping experience that presents your products in a digestible, findable, and personalized way that encourages vast opportunity but also doesn't overwhelm. You’ll also want to create an experience so bespoke, those customers return again and again throughout their lifetime. With an increasing number of jewelry brands in the market, many businesses have begun revamping their e-commerce strategy to meet customer expectations and empower their marketers and in-store staff to better create personalized experiences. If your brand is behind, then it’s time to take the following actionable steps.
Understand Your Customers — Who They Are, What They Want, and Where They’re Going in Their Journey
Brands are now shifting their mindset to accommodate digital seekers, who are driving the commerce revolution. These prospective customers may start or end their journey online while visiting the store a few times in between to try on a product or get inspiration. So, marketers, merchandisers, and CRM managers need rich intelligence and purposeful insights to make all points of contact relevant and meaningful to a specific person, not just a generalized group of people.
Since there are hundreds of different attributes to evaluate when considering potential customers, this is easier said than done. Combine all these consumer variables with your product data, and it seems impossible to make anything significant out of this overwhelming amount of information. Yet, the perfect technology stack will use both product and customer data — or commerce data — to create highly personalized, end-to-end experiences at scale.
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Leverage Your Commerce Data Properly
Marketing automation platforms have served as a viable solution for many businesses looking to stay competitive, reduce manual tasks, and foster brand loyalty. To be successful in the e-commerce space, however, your business needs to appropriately leverage commerce data with a tool powerful enough to make all of this data actionable. Customer data is the personal, behavioral, and demographic intel collected by your company, while product data is the information about a product, such as pricing, descriptions, and availability.
If you only have product data, then you will miss the mark on personalizing customer journeys, and by only utilizing customer data, you will jeopardize your company’s ability to connect customers with the appropriate products. For instance, knowing a shopper’s preference for concealer doesn’t help your bottom line if you can’t direct them to a corresponding category page. You need both to work together to form a comprehensive snapshot of who your customers are, what they’re purchasing, and how frequently they shop with your brand.
Use a Tech Stack to Stay Competitive
When it comes to effectively using commerce data, your tech stack should not begin and end with a customer data platform (CDP) that simply builds and stores ethically collected data. Instead, invest in a solution that provides a 360-degree customer view, precise targeting, higher-quality interactions, and the ability to quickly respond to changes in the market or consumer preferences.
When commerce data is combined with a best-of-breed technology stack, it can help reputable jewelry brands across the globe — like My Jewellery, Pandora, and Victorinox Swiss Army— increase conversions and revenue with optimized digital experiences that build a strong brand reputation and inspire customers to purchase. Bloomreach’s data platform has a deep understanding of customers and products to put the right offering in front of the right person at the right time — over a lifetime. Our historical data assets, patented commerce-specific AI, and distinct commerce capabilities deliver customer journeys so personalized, they feel like magic.
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