Personalization in luxury jewellery brands
It isn’t a secret anymore. Personalization is the most important strategy for luxury
jewellery brands in 2023. I don’t want to repeat myself. However, in case you still want
to know why
personalization is important read this
blog. Numerous success stories reveal enhanced consumer
engagement, brand loyalty and
overall business success.
However, adopting personalization can be a complex process. It requires in depth
planning and execution. Owing to lack of knowledge many brands fail to orchestrate all
the moving parts in
the personalization journey. For more on this feel free to read my blog
on 5 common
mistakes luxury jewellery brands are making while adopting personalization in 2023.
In this blog post, however , we will cover systematic steps to adopt
personalization
in your luxury jewellery brand. In the course of the post we will also discuss some
interesting use cases, success
stories and statistics that might help you make quicker decisions. So then, let us begin
without any further delay.
Life is too short to wear mass produced jewelry.
Step 1: Define Your Objectives
First things first. I am listing down a few important questions you should ask before investing time, dollars and bandwidth in personalization.
The first step in your personalization journey is to define your objectives.
This involves identifying what you hope to achieve with personalization.
Your objectives could vary from increased consumer engagement, brand loyalty or sales.
It is important to set clear and measurable objectives. These objectives will help you track the success of your personalization journey.
According to a study by Epsilon, companies that set clear objectives for their personalization efforts are 2.5 times more likely to report an increase in sales.
Moreover, a study by Accenture found that 75% of consumers are more likely to buy from a brand that recognises them by name, recommends products based on their past purchases, or knows their purchase history.
Thus, your goals could include one or multiple of these advantages. This personalization integrated with bespoke services makes the experience go to the next level.
Success Story:
Tiffany &
Co.
This is one of those luxury jewellery brands that has successfully defined its
objectives for personalization.
The brand's "Very, Very Tiffany" campaign created a personalized and engaging
shopping experience for customers.
As a result of this campaign, Tiffany & Co. saw a 6% increase in sales during the
holiday season
Step 2: Collect and Analyze Data
The second step in adopting personalization in luxury jewellery brands is to collect and analyze data.
This includes but is not limited to gathering information about your customers' preferences, behaviors and purchase history.
This data can be used to create personalized experiences for your customers.
There are numerous use cases of personalization based on consumer data. A few examples are product recommendations, preferred Categories, “Further to your last purchase” etc.
Consumer behavior further helps create personalized marketing campaigns.
According to a study by Segment, 49% of consumers have made impulse purchases after receiving a personalized recommendation.
Moreover, a study by Infosys found that 86% of consumers say that personalization plays a role in their purchasing decisions.
Success Story:
Cartier
Cartier as we all know is a luxury jewellery brand. They are a classic example of a
brand that has pulled the personalization lever to the next level.
Cartier’s marketing team collected and analyzed data to create personalized
experiences
for its customers.
The brand's "Cartier Care" programme empowered customers to register their Cartier
products online. This enabled them to receive personalized recommendations for
maintenance and repair.
This programme helped increase customer satisfaction and loyalty. The yard sticks
that
the brand used were PTO ( Proud to Own) scores and NPS ( Net Promoter’s scores) scores.
Now what are PTO & NPS scores? Write it in the comments. You will have a separate
blog
that covers both in the coming week.
Step 3: Implement Personalization Strategies
The third step is to implement personalization strategies. This involves using the data collected in step 2 to create personalized experiences for your customers.
Personalization strategies can include product recommendations, targeted marketing campaigns and bespoke services.
According to a study by Accenture, 75% of consumers are more likely to buy from a brand that offers personalized experiences.
Success Story:
Bulgari
Bulgari as we all know is a luxury jewellery brand. They successfully implemented
personalization strategies to create bespoke experiences for its customers.
The brand's "Bespoke Jewellery" service allows customers to create their own unique
jewellery pieces with the help of a Bulgari expert.
This service has helped them enhance customer satisfaction and loyalty.
A flagship Story:
Diamond Direct
Another success story ( Yes, we are promoting our product here. However, it is worth
the mention) is Diamond Direct. The brand realized that wedding rings are unique
presents.
They realized that personalized experience/Bespoke services are extremely important
if you are buying a wedding ring for your beau.
They incorporated a unique patented 3D
configurator by KiXR.
This tech enablement alone let them offer personalized bespoke services to their
consumers at a price 80% lower than any competitor in the space.
Outcomes:
The time on the website increased by 4 minutes per session on an average.
They witnessed an increase in engagement by 18% instantly.
They increased conversion rates by 3% straight.
Check out the live use case
here.
Step 4: Continuously Evaluate and Refine Your Personalization Efforts
This is typically a continuous process. In order to help optimize personalization evaluation and refining is a continuous process.
This involves tracking the success of your personalization strategies. These insights help you make adjustments as necessary.
According to a study by Epsilon, companies that continuously evaluate and refine their personalization efforts are 2.5 times more likely to report an increase in sales.
To conclude, personalization is a continuous process. However, it is best to slate a concrete plan before diving. Effective planning avoids embarrassments and helps luxury jewellery brands.
Follow me on LinkedIn to learn more about personalization in the Luxury jewellery industry.
Stay tuned to the KiXR blog page for more news and updates related to Augmented Reality, Virtual Reality, Mixed Reality and Metaverse.
Kavita has been adept at execution across start-ups since 2004. At KiKsAR Technologies, focusing on creating real life like shopping experiences for apparel and wearable accessories using AI, AR and 3D modeling