07 October,2020 06:06 PM IST | New Delhi | IANS
Photo used for representational purposes only.
Millennials don't run by cliches. They like to sing their own originals. Be it about choosing an unconventional field of study, ditching a corporate career to take up photography, or investing in experiences, their choices exude great confidence. Overall, what has been working for previous generations might fail to fascinate Millennials. Conversely, a truly out-of-the box idea can be a hit amongst them. This can be attributed to their inclination towards something unique with a hint of technology as the tech-savvy Generation Y likes to spend its time in the digital world.
Jitandar Singh, co-founder, and CEO, eJOHRI points out that according to IBEF, India is the fastest-growing eCommerce market and is expected to reach USD 84 billion by 2021. It is further anticipated to grow at 1,200 percent by 2026, he informs.
Riding on the positive figures and an upward growth trajectory, several industries are trying to step on a digital podium to catch the attention of the Millennials. So is the case with the jewellery industry.
As per a study by McKinsey and Company, the stake of the online jewellery market in Asia is slated to grow and reach 12 percent by 2020. About 18 percent of the sales are expected to be made online by 2025 shooting its value to approx. USD 79 billion annually, Singh tells IANSlife.
"Reports say, India is the second-largest consumer of gold. The demand for the yellow metal stood at a whopping 690.4 tonnes in 2019."
Witnessing the bright future in the digitally driven New Normal, many popular brands are looking at new-age technologies such as VR to augment the digital shopping experience for customers.
Singh explains how is the online factor working its charm for Millennials or vice-versa?
Changing preferences
The art of adornment in India goes back to ancient civilizations. Yet, the craze for bedazzling jewellery refuses to fade. The only difference is that the bold and heavy jewellery pieces have made the way for fine jewellery intricately studded with precious gems and stones. The lightweight pieces make the ornament more wearable as it goes with every occasion.
Rapid digitisation
The smartphones and internet penetration have ushered us into an era of online shopping. We can place an online order faster than we prepare our cuppa. With this great pull towards digital mediums and the easy accessibility, the electronic invoices (a record of digital information), and hassle-free returns are attracting Millennials to opt for eShopping, even when it comes to making big-ticket purchases.
Distinctive appeal
Customers flock online to explore different variations of an ornament. Unbridled choices which online shopping provides is something that they always look forward to. They don't have to travel from store to store, after all. So, it's obvious that the all-metal plain vanilla offerings don't excite the Millennials anymore who are open to quirky, funky, and personalized designs that shout out loud about their personalities.
Options galore
Not only do Millennials prefer the exoticness that online shopping brings, they are also fascinated with the range of assortments that digital platforms offer. This is why, as opposed to the older generations, Millennials don't blindly follow the ancestral jeweller trend that pivoted around sourcing all ornaments from a family jewellery maker. Millennials like to browse a plethora of designs to make a well-informed decision and buy from an e-tailer which offers the product that they fancy and not the one a traditional jeweller pushes you to own from a limited catalogue. Online portals have pieces to suit every need and want, be it casual, occasional, or party wear.
Multiple attractive schemes
Gold monetization scheme allows individuals, trust, and mutual funds to deposit gold with banks and earn interest on the same as a return. Besides, the availability of gold loans, easy instalment, schemes and discounts from various financial institutions and sellers are luring customers to invest in the metal.
Increased disposable income
Millennials comprise a major part of the world workforce. They have strong portfolios, handsome salaries, and prefer to get married once they are financially stable. This gives them higher purchasing power as compared to their counterparts. Little commitments and a good bank balance gives them better control over their finances enabling them to buy jewellery whenever they fancy.
Buying for personal usage
Gone are the days when people used to buy jewellery to just stack in a locker to be used in case of crisis. Millennials are quite active consumers of fashion and buy jewellery both for personal and gifting purposes. Social media has played a great role in bending the preferences of the millennials as it has moulded a culture of impulsive buying. Today, Instagram and fashion runways influence the buying behaviour. There is no doubt that the social media marketplace will be a new reality for online jewellery shopping.
One point for all types of jewellery
Single point jewellery marketplace offers greater ease and accessibility to online shoppers. Rather than sifting through multiple jewellery websites, a consumer can view thousands of designs on a single portal. Such platforms display hallmark jewellery in various forms, sizes, colours, and price range from different jewellers and facilitate easy doorstep delivery.
Road ahead
There is no doubt that Millennials can go an extra mile for better accessibility and convenience. But the quality and trust will remain the driving force for the future of online jewellery shopping. Those who provide customer-friendly policies and a wide and latest catalog will thrive in the long run. At last, make the best use of technology as this generation loves to surf experiences.
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