Written by Yuxuan Li, a Marketing specialist at ExJewel. 2021 ESCP BIM student, lived in Paris/Beijing/Chengdu, studied at Tsinghua University, experiences with Digital and Content marketing, interested in Cultural and Entertainment VC.
Future of jewelry
With Artificial Intelligence getting smarter and more mature, we must say that who in this irrevocable tide and catch up with their minds and thoughts would indeed make a huge profit efficiently. It’s been reported, on average, the top performers are sending 900% more flow emails than the other three quartiles combined. It means that stores that have built out their automated flow emails are winning. As a fast-developing and seeking time as money society, the money tag changes every second and thus, if the company can not decide their strategy with flexible and ingenious, it’s dangerous and tough when looking into the financial report.
Increasing discretionary spending on luxurious products has encouraged consumers to purchase gems and jewelry across the border. Gems comprise a diamond, ruby, sapphire, emerald, taaffeite, black opal, topaz, quartz, pearls among others while jewelry composed of studded and non-studded jewelry. Based on the product type jewelry segment dominated the market in 2017, studded jewelry is preferred over other jewelry types among the consumers especially in the Asia Pacific and North America. In the past, asymmetric information could bring the price advantage and benefits to those elites who on top of the technology and mechanism, therefore, the middle prices fed up many agencies. After information becoming more accessible and less complicated for the mass, it reduces the bureaucracy and makes user-friendly a basic common sense for today’s retailers.
Exjewel sets up the first digital jewelry estimate that takes into account the price of materials (metal and precious stones) as well as the price of previously unquantified elements (design, production, first life, etc …). ExJewel collects all the information concerning your jewelry, thanks to our platform to evaluate as clear and transparent. Under this circumstance, we can add value to different channel products and provide better solutions. (more information here)
Exjewel’s Artificial Intelligence-powered platform analyses millions of jewelry datapoints in realtime to predict the optimal design trend for our customers by analyzing large data using Tableau. In less than one minute, our platform instantly performs a demo by calculating the jewelry’s first life’s value and the jewelry’s second life’s value including trends and prices. Given that our algorithm harvests more than 5 million intelligent data from over 20 secure sources in the field of modern jewelry. Those data are processed through our AI-powered platform by significantly and accurately improving the price of jewelry, whether vintage or contemporary. Tech-savvy consumers are inclining towards online jewelry shopping due to the benefits such as a wide range of brands easy payment options, return policies and customer services provided by the e-retailers. From our demo, our data is well-structured for over 250 characteristics. We analyze these characteristics and quantify the tide with percentage margin, which suggests our order to customers is brilliant and customized. Rather than following trends, here in ExJewel, we create and predict the trends as well. For instance, natural diamonds are expected to grow 5% by 2020 and thus Lab-grown diamonds to have faster growth. Regarding the growing middle-class population, it has increased demand for studded premium jewelry and in addition to this, several leading companies are aiming at marketing and launching new showrooms in order to expand their presence in the market.
Besides giving insights with online and offline predictions, ExJewel also uses the AI to adjust the estimation continuously according to the design trends and fluctuations of prices. “It is genius! Finally, a tool that can predict melee diamond prices” said Brilliant Diamond from Antwerp, one of our users. Very soon in March 2020, ExJewel will release a monthly report where design & price trends will be showcased, in order to become a more responsible and insightful startup in the jewelry industry.
https://www.klaviyo.com/blog/jewelry-accessory-email-strategy data-driven email marketing for jewelry and accessory retailers