DESPITE A TOUGH CLIMATE BESPOKE TAILORING IS WAY FORWARD IN 2024
Despite the global and national challenges, according to Forbes, the overall luxury market is around 25% above 2019 levels.
Recognising the conversions in market trends will enable retailers to navigate the current climate. Crucial to this is acknowledgment of a desire for longevity in value for money and decline in impulsive purchasing. Navigating this requires pinpointing effective strategies that will predict patterns and implement a targeted approach. These shifts calls upon progressive action by retail management to ensure that consumers are being directed accordingly.
Diamond jewellery, although always a luxury purchase is often superficially polarised into commercial affordable jewellery contrasting with high end premium acquisitions. Successful retailers are adopting a segmented targeted customer service. At NB Diamonds we have witnessed our clients partition buying between low and high end items to accommodate this approach.
Having a better understanding of clients purchasing behaviour, facilitated by technological advancements, enables hyper personalisation and a tailored approach to sales.
On a basic level, incorporating marketing strategies that enlist personalisation and storytelling create a memorable client experience with every encounter. Crucial to generating a commitment to retailers is building trust through clear information in turn enhancing perceived value. Alongside this, consumers are drawn to added incentives within purchasing habits such as premium packaging and loyalty discounts on additional purchasing. Ensuring that retailers have available low cost items to propose as additional sales not only increases purchasing alongside primary purchases but increases appeal of more prominent items.
Successful retailers have moved to incorporate technological advancements to support sales. We have seen the enlistment of virtual bespoke services allowing consumers to ‘create’ pieces. But most notable, within the premium end of the jewellery market technology data analysis has enabled direct clienting. A better understanding of buying behaviours and client purchasing history is utilised to tailor marketing to client profiles. This hyper personalisation goes beyond enlisting storytelling to formulate a new era of ‘vip’ customer services. Events, bespoke services utilising technology as well as more broadly having offerings that are exclusive and preferential. To this end, fancy shaped diamonds; oval, pear shaped and emerald cut diamonds are prominent sales at NB Diamonds, creating outstanding designs to enhance appeal within jewellery design.
Further utilising the approach of personalisation is the surge in offering bespoke second hand services. Remaking of jewellery items, featuring customers own ‘old’ diamonds and gems, enhanced with new stones and metals, incorporates story telling whilst enlisting an intimate client service and secures client loyalty. A key segment of NB Diamonds services is our in-house workshop offering premium craftsmanship, including CAD, setting, creating handmade pieces and providing desirable items of jewellery.
To conclude, trust NBDIAMONDs for your bespoke creations and investment in unique designs. In addition we would love to work in conjunction with our retail partners to participate in exclusive diamond evenings for your clients in store. CONTACT US NOW FOR MORE INFORMATION.
