The outbreak of Covid-19 pandemic has created havoc across the world. With weddings being postponed/ canceled, the jewelry business has also been hit hard. The Covid pandemic has impacted every sector and the businesses have seen a major downfall in the past year. However, jewelers are still hopeful that once the weddings will begin, they will start to see an increase in sales. They have already started to see a rise in sales since the lockdown has lifted.
Jewelry has always been close to our hearts. Especially, when it comes to special occasions, it has played an important part in our life.
As the pandemic impacted the entire industry, it did give jewelers also time to understand and think about their brand. It gave them time to think about their strategy, future plans, as to what they intend to do once the pandemic goes away and everything is back to normal.
A lot of the brands that did not have an online presence have started getting acquainted with the new mode of purchase – the online mode. The jewelry industry has been drastically affected by the closing down of retail stores. Although the purchases have started again because of the relaxations in the restrictions, the industry will have to give some time to consumers as well.
During this period, jewelers have also realized the importance of having an online presence on social media or a website of their own. It has also been observed that the customers have also become active on social media platforms and are also comfortable when it comes to buying jewelry.
The jewelry industry will have to wait for the consumers to settle down before their return back to their normal routine. It will take at least a quarter to six months for things to get back to the way they were. In a situation like this, cutting costs and raising awareness about the brand would surely help in increasing sales.
It has been observed that the customers are still hesitant to make a large investment. However, keeping in mind the wedding season that is round the corner, sales will increase as we all know that gold plays an important role in Indian weddings, and is considered an asset. But, we should also understand that jewelry purchase to go back to its pre-Covid level will definitely take time. The industry is expected to witness a major change once the lockdown is over.
The jewelry industry has a lot of expectations from the upcoming wedding and festive season. We do hope that they will help the jewelry industry to get back to its normal level. The e-commerce sector and social media have played an important role during the lockdown. The industry has been able to manage sales by selling low-cost, lightweight jewelry that is perfect for everyday use. This category has been consistently performing well, especially when it comes to gifting and jewelry for day-to-day usage.
The industry is doing its best to cope with this pandemic, like reaching out to their customers, supporting their staff and artisans. The industry is hopeful that this wedding and festive season prove to be a great time for the entire jewelry industry.