Social Media Emerges as Jewelers' Top Strategy

RAPAPORT... The US jewelryindustry sees social media as instrumental in overcoming digital challenges, a recent report by JCK found. Ofthe 500 respondents surveyed in the JCK's 2019 State of the Jewelry Industry Report, 46% identified connecting with clients viasocial media as their top digital strategy. Some 39% chose non-traditionaladvertising as the most effective approach and 37% considered changinginventory-buying habits to be most important. Other considerations includedimproving the in-store buying experience, which ranked highest in last year'ssurvey, and investing in technology innovation. However,confidence in the effectivenessof social media marketing fell 10% in the past year. The report said 72%expected social-media marketing to be one of their most successful businesspractices, compared to 57% traditional and 44% digital advertising. Surveyparticipants ranked the top challenges facing the industry in a similar order to 2018. Online competitionplaced first, at 28%, with 23% citing the overall economic climate, 15%choosing lack of consumer demand and 11% lack of millennial demand. The research samplecomprised manufacturers, designers and wholesalers, 81% of whom have been in workingin the trade for more than 11 years. The US jewelryindustry is strongly upbeat, with an overwhelming majority of members sayingthey were either somewhat or very optimistic about the next 12 months, just 2%less than in 2018, JCK said. "The consistency ofpositivity in the industry is exciting, with an 86% JCK Jewelry IndustryConfidence Index," said Yancy Weinrich, Reed Jewelry Group senior vice president. Among top jewelrytrends, the report listed stacked rings, alternate engagement rings, layeringand heart-themed jewels. Gaining in popularity were custom-design pieces andcolored stones, while charms were declining for 2019. As for lab-growndiamonds, 86% reported price as the leading consideration when deciding whetherto buy. Reasons for refusal to purchase lab-grown diamonds were fairly evenlysplit between preference for "real," "natural" and enduring "value." Among the types ofjewelry that produced most customer concerns, 61% of participants pointed tolab-grown diamonds, while 60% specified conflict diamonds and 37% responsiblysourced jewels. Image: Woman shopping for jewelry. (Shutterstock)