Let’s face it, the diamond and jewelry industry is becoming much more competitive. Businesses must differentiate themselves and stay ahead of the game in order to continue making sales. But what exactly can businesses do to stand out from the rest? Here is what’s trending in the diamond and jewelry industry right now to give you a competitive edge:
Implementing Digital Technologies
New technology is emerging every day for anything you can think of, and that includes within the diamond and jewelry industry. Those who choose to implement new software within their business are able to work more efficiently, giving them a much greater advantage over those who don’t. If you want to keep up, we suggest updating your business process and adding new technology to make things run smoothly. You’ll be surprised what kinds of software can do the work for you and you might start to wonder why you’ve been doing things manually for so long! An example is BARAK ERP, a software platform that includes inventory management, reporting tools, advanced interfaces and much more to make managing diamonds and jewelry seem effortless.
Demand From the Younger Generations
Consumers within the diamond and jewelry industry are no longer 30+. The younger generation is starting to make moves purchasing diamonds and jewelry more consistently. But the way you market the 30+ isn’t the same way you should be marketing Millennials and Generation Z, who are more influenced by reviews, popularity and what social influencers have to say. That means, having a presence on social media and collaborating with others who have a strong presence is what you need to focus on if you want to reach these new consumers. Figuring out the best ways to cater to the needs of the younger generation is key to getting your business known. It’s still new territory, so make sure you do the research and really get to know this younger audience. But, not many diamond and jewelry businesses are taking advantage just yet. Be one of the few to hop on this trend to really stand out.
You don’t need to be sitting in an office all day anymore to run a successful diamond and jewelry business. Actually, traveling for business is beneficial for your success -- Travel around the world and see what other businesses are doing. Take the time to network with other people who might become clients. Explore new territory and spread brand awareness everywhere you go. How can you still keep tabs on your business if you are always on-the-go, you may ask? Mobile devices these days are all you need to maintain your work. Plus, once you create a more efficient system using new tech, you’ll find that you’ll need to spend less time doing maintenance and more time focusing on innovating. Barak’s ERP solution is the only REAL cloud-based solution that requires no on-site infrastructure and allows you to really go mobile, having the data available at all times, as long as you have an internet connection.
With the diamond and jewelry industry becoming much more competitive, following these trends is necessary to just stay above water with other businesses. Always be informed of new strategies and find ways to make your business process as effective and efficient as possible to stay in the game.