The jewelry industry has always been a strong industry, with companies not affected for much of the past century. Due to COVID-19, the jewelry industry has been impacted by harshly.
Impact on Jewelry sales
Following the outbreak of coronavirus, the gem and jewelry sector has stopped in the country, where retailers and startup stories are successful only in 20-25% business because of fewer traps due to fears of spreading the virus. Demand has also already fallen, slammed by record-high domestic prices, and as the economy is leading to slow growth over 11 years in the world’s second-biggest gold consumer, India. This can largely be explained by the national lockdown that took place in March 2020 and, in any case, by the ban on social gatherings.
Reason for impact on Jewelry Sales
The main explanation for the worst effect on the gems and jewels industry is that physical retail stores are closing down across the world. In recent weeks, the government has released several relaxations but has seen a surge of optimism.
The reason for the high impact is also attributed to the vast number of well-known companies that are offline during their life cycle. This can be said in particular for companies in Tier 3 and 4 cities in India that have no incentive for retailers to take their company online.
The COVID-19 situation revealed the urgency and the suffering of companies due to the absence of the digitalization process. Sales innovation and internships in India can be expected to take an exciting turn to survive in these challenging periods – despair times call for desperate decisions.
Time to go Virtual
If the push to demonetize well-known companies to their businesses was not inspired enough, the COVID-19 pandemic indeed happens. This is the ideal chance for standard joys to make a seamless transition into the digital world with the introduction of a user-friendly website, a secure payment system, and a smooth customer feedback loop.
The period after the lockout of the new web series can also mean the jewelry industry is a high-risk period. We may expect a steady influx of orders from Tier 2 and 3 cities via online jewelry sales. Sellers need to be prepared for the future to keep their risky rules under control with useful fraud prevention tools.
Akshaya Tritya – The last hope
Some good news to the industry is that jewelers are witnessing an increase in customer support on their Akshaya Tritiya digital platforms! Customers also purchased token gold on the Hindu calendar on this excellent day.
In these times of high demand, online jewelry sellers have also come up with the following ways:
- Video calling function helps you to communicate face to face with the seller
- Website live-assisted chats
- Remote war room to resolve client queries
- Transparent payment procedure
- Delivery without contact
As we always say, the sense of hope and spirit of coexistence play a role in the revival of the industry. It is important to remember, in the meantime, that we are all together in this, and that optimism will help us to travel better in dark times.