25 facts that we experienced during this epidemic
The epidemic of Covid19 came quite at a surprise for the whole world! One day we were launching our online appraisal tool worldwide, and the next day we were all stuck at home with all PR events canceled. March 16th marked the day where everyone had to stay at home. It didn’t change much from how startups team usually work, we are used from working remotely. What were the businesses that needed to change the most? Many jewelry businesses experienced a decrease in sales to up to 90%. The ones that have an online platform experienced less of a struggle to get back on their feet, and took it more of an opportunity to grow. So here are 20 things we, as a team, learned from this epidemic:
Business means a healthy relationship
What is today’s jewelers main goal: return to a state of normalcy as soon as possible, while maintaining the safety of both staff and customers. All this takes into consideration that what was considered normal before the crisis will not necessarily be thought of as normal in its aftermath. Relationships certainly changed. They became healthier in the long-term.
- 🎗 Jewelers came together to survive a crisis
- 👨👩👦 The biggest businesses helped the smallest to survive
- 📉 Gold price were very volatile
- 💰 The poor got poorer and the rich got richer
- 🤑 Online appraisal become a thing now! (Partially thanks to us 😉)
A greener planet for a healthier industry
The COVID-19 pandemic has come as a reality check, underscoring how powerless human society can be when faced by the forces of nature. The fact that, in just a matter of weeks, a virus brought the most powerful nations and their economies almost to a dead halt, should have imprinted on the consciousness of the world community the need to act responsibly. Many leaders felt the need to take action for a positive impact on the environment. It will be a lesson that is likely to influence consumers when making future purchasing decisions.
- ♻️ ‘Technology for good purpose’ was a great investment for VCs
- 🏆 24kt gold became more popular amongst jewelers, and is greener for the environment
- 💥 Unsold inventory increased to a breaking point
- 👵🏻 Redesigning old jewelry was a hot topic to follow on Google
Selling online is the new retail store
E-commerce represents a monumental shift in thinking for the jewelry industry, which had long contended that consumers would be reluctant to purchase high-ticket items without physically handling them. However, opinions are changing, in part because online sales have provided some with a business alternative during the period of lock down, but also because consumers are becoming increasingly comfortable buying expensive items through the Internet. The question still remains whether, over the long term, e-commerce platforms will be able to supply the sense of assurance and intimacy that brick and mortar retailers are able to provide their customers.
- 💎 Rough diamonds sales were bought online! First online tender ever!
- 💍 People can buy expensive jewelry online
- 📈A record on second-hand jewelry sales
- 📦 E-commerce boomed!
- ⏰ Even Facebook launched its e-commerce
Internet 4.0 is revolutionary
With disruptions in the supply chain caused the lock down in both the gemstone assortment centers and the jewelry retail markets, mining houses supplying raw materials to the industry have chosen to curtail, reduce or shut down production. Taking measures to protect the health of their workforce was a priority. Now, certain markets have begun to reopen, but with unsold inventory still deterring in the pipeline, the decision when to renew or increase production is a very difficult one.
- 👑 Diamond trading platforms online exploded!
- 🗺 Tracing goods from the source to resale became a must for many companies
- 👩🏼🔬 There was less interest in lab-grown diamonds during the crisis
- 📡 Online traffic for the jewelry industry went down around 35%
Information is gold
Over the past two decades, a handful of major trade show organizers have developed the most influential players in the jewelry industry, meeting regularly to study trends and developments, and where to invest their money for the year ahead. With international travel slowing to a bare minimum and social distancing practices being enforced to protect public safety, almost all the organizers were forced to delay or cancel major trade fairs that had been months and even years in the planning.
- 📊 Sharing business intelligence has finally risen
- 👨🏻💻 Webinar got trendy
- 📚 Forming next year’s gemologist became free, as education should be
- 🌎 Trade Shows may be virtual from now on!
Trends are not predictable
This epidemic’s most significant and enduring effect may be that companies invest in advanced systems that enable them to gather customers’ insights while operating remotely. The technological transformation of the gem and jewelry industry may finally happen! Tracking what’s hot and what’s not becomes easier, but for designers a bit harder to predict. An epidemic caused a restructuring of many gemological research labs, data scientists, and trend forecasters.
- ⛓ Rainbow colored jewelry became a unisex hit
- ◾️ Art Déco jewelry is more appreciated
- 👨🏿 Digital marketers now target all genders, colors, and sexes as one!
- ❤️ Shopping for an engagement ring was not a priority for couples
In essence, being online, sharing free information, remodeling advanced and greener supply chains, and building important relationships have been a process that has been taking place for some time already. But, one thing we all agree on is that the corona virus pandemic has accelerated it, turning it from an optional into an urgent requirement. We hope these few worlds we worth sharing, and please let us know what you think!
We also wrote a report on the three most influential trends we see coming post-covid19.
& for resources,
>>> From Stéphane, CEO & Founder of ExJewel.io, your first digital appraisal friend 😉