The digital age, also called the information age, is defined as the time period starting in the 1970s with the introduction of the personal computer providing the ability to transfer information freely and quickly.
Features of the Digital Age is disintermediation, agility, instantaneity, simultaneity, sharing, influence, empowerment, heterogeneity, dispersion, reconcentration is some of the characteristics of the Digital Era.
The name “iGen,” specifically the “i,” highlights one of the most important influences impacting the lifestyles and characters of this generation – the internet. iGen or Gen Z is the first generation in history in which the internet featured in their daily lives from the day they were born. iGen has never been in a world without the internet.
This more pragmatic and realistic generation of consumers expects to access and evaluate a broad range of information before purchases. GenZers analyse not only what they buy but also the very act of consuming. Consumption has also gained a new meaning. The core of Gen Z is the idea of manifesting individual identity. Consumption therefore becomes a means of self-expression—as opposed, for example, to buying or wearing brands to fit in with the norms of groups. Led by Gen Z and millennials, consumers across generations are not only eager for more personalized products but also willing to pay a premium for products that highlight their individuality.
They are aware and informed about issues like CO2 emissions, environment friendly products and are facing issues of space crunch due to the rise of population. A pandemic like COVID 19 made them search for newer options to buy products from the safety and comfort of their homes and offices. The buying pattern of the millennials bent towards the benefit of digital platform i.e., E-commerce.
The millennials, Gen Z or iGen was introduced to social media platforms like Facebook, WhatsApp, Instagram, Pinterest and twitter. The digital future is backed by the iGen as they represent self -expression and promote decisions based on conscientious-consumption.
How do you develop a trust in your customer on the digital platforms in the diamond industry?
Diamond industry had remained unchanged for the better part of a hundred years. With the advent of computers & mobile technology, the diamantaire’s moved towards Internet, website, online and e-commerce and it gave rise to a new kind of marketing, buying and selling methods in the diamond industry. Eventually traditional firms moved towards the digital marketing to sell their diamonds which enabled them to reach out globally. New start-ups emerged with their brands to compete and rapidly changed the dynamics of the diamond market from its traditional norm.
Omnichannel strategy became an integrated way to sell diamonds. The retailer could list their stocks online and generate sales. It used all kinds of channels to send a brand message. Its communication is based on buying patterns, likes & dislikes, based on the search pattern of the consumer.
The iGen consumer is sitting in the comfort of their homes and buying diamonds. They are not going to a physical brick & mortar store and buying diamonds like how their parents bought it from a trusted jeweler.
The customer makes an informed decision based on the brand value & trust, places an order for the diamond and makes a payment through available market modes of payment. The diamonds are couriered from any place in the world to the preferred address of the consumer. This way the customer receives the chosen diamond and is pleased with his/her choice.
Since the diamonds are not shown in the physically form, the visuals are very important on the digital platform. Pictures, dimensions, 4 C’s, certificates etc of the diamonds are mentioned on the social media handles and websites which develop a trust value in the buyer.
Studio quality pictures and videos are the most persuasive method to sell the products. It allows the buyer to have a clear view of the product with information & description on the diamonds. 360-degree pictures and videos give an in-store experience. The costumer can rotate the pictures and videos hence establishing the trust & confidence of the customer. By doing this the seller is signaling the fact that they are not hiding any flaw of the product. The complex diamond information is simplified and comprehensive.
The seller can promote its brand globally and can run the business from the palm of the hand. They can manage inventory, modify, add new diamonds, accept payments etc. They can respond to questions immediately. They can monitor & analyze the posts & follow up on the comments and message sections. They generate new connections & helps them to understand potential customers & educates on the brand products. Online marketing is cheaper as no physical store or office is required.
Social media branding needs to be consistent. SEO like Google & Bing makes it easier to search & follow the brands visible on the social media. Social media has become a powerful tool that retailers used to learn to create their own communities that engage consumers and make them trusted as a brand. It provides a seamless and personalized experience to the consumer.
To summarize this article, Digital platform has benefits like:
- Increased Reach – new connections are formed easily.
- Customer Driven – customer is the king formula adopted.
- Decreased Costs – overhead costs are minimized.
- Instant Connect – Connect to consumers instantly.
- Fast Paced – No waiting time required.
- Time Saving – Instant messaging anytime.
- Increased Mobility – Can work from anyplace.
- Instant Payment Options – No waiting period for cheque clearance.
- Global Presence – globally available social media handles.
- Easy Couriers – Packages are sent easily.
The millennials believe in the power of now – start your online diamond business NOW!!!
IIG has Programs like Masters In Diamonds, Diamond Graduate where you can learn about diamonds. Theoretical and practical knowledge is given in relation to the diamond market. Natural, Synthetic, CVD and HPHT diamonds are taught under a loupe & microscope.
Visit the fastest-expanding premier education institute of the Gems and Jewellery Industry at our locations at Mumbai – Opera House & Andheri (East), Bengaluru, Kolkata and Surat.
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