The Diamond Industry In The Digital Era
As the diamond industry is recovering from the Coronavirus pandemic’s impact, digitizing the sector has immeasurably accelerated. While the transition of a trade that has conventionally flourished through face-to-face networking to digital is not expected to be rapid, there is an increase in the number of diamond companies channeling their resources to emphasize their online abilities. With symptoms of COVID-19 not disappearing any time soon and with further waves expected, companies in the diamond sector are faced with increased pressure to refine and develop their strategies digitally. Online sales and marketing will be crucial elements in the digitization effort and an imperative growth driver.
With the digital shift, diamond marketers will face new online realities, including the psychographic and demographic cluster change and the local vs. global change. Diamond companies will need to understand the modern consumer.
Some of the most pertinent trends emerging with the digital age are on social media, including experiential marketing, virtual events, and Instagram and Facebook “lives.” Targeted and digital marketing is being used to drive potential clients to stores. Apps are also becoming increasingly common as tools that help link clients to brands.
The effect of online and offline commerce
While online commerce has continually affected diamond retailers, it still hasn’t changed it to the extent anticipated by those in the industry. However, industry leaders cannot ignore this effect. By the creation of experiential and in-store theater marketing strategies, this helps attract clients to physical shops. Even with the adoption of technology, a significant amount of diamond companies have retained the brick and mortar stores and are using digital strategies as a way to market their brick and mortar stores.