Consumer Engagement and Brand Loyalty
3D configurators for personalization have strengthened consumer engagement with brands. Obviously, it is helping brands level up their PTO ( Proud to own) and NPS (Net promoter Scores).
According to a study by Deloitte, personalized experiences lead to a 12-15% increase in consumer engagement. To add to this, the study revealed personalization results in a 10-30% increase in customer loyalty. Today, brands are leveraging personalization to build stronger relationships with their audience.For example, Tiffany & Co. launched a personalized engraving service. It allows the audience to add a personal touch to their cart.No prize for guessing. The service is a huge success. In fact the brand reported a 50% increase in online sales since launching the service.
In other words, let’s say if you have not tried personalization in your jewellery purchases
yet - “ You are obsolete”.
To add to this, Diamonds Direct took the personalization of engagement rings to an all new level. They incorporated KiXR's patented 3D configurators for personalization that helps their audience :
Customize products with dynamic pricing in a realistic 3D view that results in an increase in engagement by 18%.
Design their own digital assets that help increase conversion rates by 3% and save dollars on inventory.
Experience an immersive journey thereby enhancing average session time by 4 minutes. Try the experience yourself here and here
Jewelry is something that has to do a lot with emotions. Personalization and Customization help jewelry and emotion integrate seamlessly.
Higher Perceived Value and Premium Pricing
Personalization instantly increases the perceived value of luxury jewellery products. This allows brands to stand out in the crowd. According to a study by McKinsey, personalized products have a 20% higher perceived value than non-personalized products.To add to this, the study claims that consumers are willing to pay a premium of up to 20% for personalized products. This trend is clearly visible in the luxury jewellery space.
Today, brands are leveraging personalization to offer high-end products that command premium pricing. For example, Cartier has launched a "Juste un Clou" collection that allows customers to customize their own nail-shaped bracelet.The collection resulted in a 25% increase in sales since the launch. Similarly, Bulgari has launched a "Serpenti Seduttori" collection. They allow customers to choose from a range of different materials, colors, and diamond settings.The collection reported a 30% increase in sales since the launch
It is not a secret anymore. Personalization positively impacts consumer experience. This results in brand recall. Let’s keep the long-term benefits for brands for some other post. According to a study by Accenture, personalized experiences lead to a 41% increase in customer satisfaction. In fact, CMOs are observing a 49% increase in brand loyalty.Many purpose driven Luxury jewellery brands are leveraging personalization to improve customer satisfaction and build stronger brand reputations.
For example, Chopard has launched a "Happy Diamonds" collection that allows customers to customize their own jewellery with floating diamonds.The collection has done better than other collections as expected. The brand reported a 15% increase in customer satisfaction since launching the collection. Similarly, Graff launched a "Graff Custom" service. This service allows customers to design their own jewellery from scratch.The brand reported a 20% increase in their proud to own scores since launching the service.
To conclude, personalization is transforming the luxury jewellery industry in a positive light. Higher engagement, loyalty, higher perceived value and premium pricing are the key benefits with personalization.As the trend continues to grow, it will be interesting to see how brands continue to innovate and leverage 3D configurators for personalization to drive growth and build stronger relationships with their customers.
At KiXR we are writing about our findings throughout our journey of implementing Augmented Reality/Virtual Reality in the Luxury Jewellery Space. If you would like to know how KiXR's patented 3D configurator platform is helping luxury jewelry brands write to us on firstname.lastname@example.org