5 Tips for Traditional Jewellers To Woo Generation Z
Gems & Jewellery
Gems jewellery | By: Mansi Soni
The world has experienced a radical shift in the last decade. Quoting the famous Philip Wollen, “Twitter has not just been a bird sound and www not just a stuck key on a keyboard and cloud is not just in the sky.”With changing times, we need to evolve to make a mark in the world, we must change the way we function.
The target groups for all businesses have undergone a radical change. Digitalization has been the cause of this dramatic shift in people’s perspectives, tastes, preferences and behaviour patterns. One can purchase just about anything online from groceries to a yacht with only a few clicks. Due to the digitalization of transactions of goods, transparency, comfort and economic convenience have increased.
What’s the need for traditional jewellers in the industry to understand target audience or terms like Millennials or Gen Z? How is it relevant? According to the latest insights by the De Beers group, The Gen Z generation, currently up to 20 years of age, is going to be the biggest diamond jewellery consumers after 2025, the De Beers Group has said.
In fact, Gen Z is a larger consumer generation that represents 35 per cent of the world's population and will come of age as gems and jewellery consumers over the coming decades, according to the recent findings.
When talking about the jewellery industry, it is imperative that retailers/wholesalers realize that majority of their target market comprises of Generation Z, which means that several traditional marketing methods will not work. To put it simply, each B2B and B2C marketer has to go digital and stay updated with the popular culture and pop psychology. In order to reach where your customers are, you need to start thinking how they think.
Generation Z is the current ruling youth all over the world, those who are born after 1995 while Millennials are the ones born from 1982 onwards. Here, we shed some light on you can identify with, relate to and understand your Gen Z target group for ease of business:
1. Generation Z is practical
Millennials enjoyed growing up in a cosy environment during economically sound times while Generation Z has experience quite the opposite. Generation Z were born and raised during the times of recession. That’s why Gen Z primarily focuses on saving money, planning smart investments and long term value. These are some of the phrases that can help you relate stronger and build loyalty for your brand when it comes to Gen Z. That’s why it’s important that as a gems and jewellery business, you take your young customers seriously and focus more on value.
2. Unlike their predecessors, Gen Z believes in saving money
Millennials were all about the brand experience, customer service and brand loyalty. Since Gen Z has been accustomed to tough financial conditions, it is natural that they are more inclined to saving money at this age. They like to maximize the value of every rupee, whereas the millennials are more interested in the whole walkthrough of buying that ruby necklace, from looking at the kind of finish on the stone to knowing what kind of emotions they cause in the wearer.
Gen Z is not materialistic unlike Millennials – they don’t live for the rush they get from shopping their favourite things. They are very mindful of their money running out. When marketing to them, jewellers should stress on high-quality investments and offer plentiful deals and bonuses (like discounts, free shipping or freebies) if one wants to successfully make a jewellery brand popular among this younger demographic.
3. Gen Z like Millennials take originality to a whole new level
Millennials supported and were loyal to brands that supported causes and had a transparent functioning. On the other hand, Gen Z prefers brands that make them feel authentic through their marketing. This means they do not relate to photoshopped hyped-up branding and prefer to see the truth and reality. They like original content that is closer to ground reality. Gen Z has strong radar for authenticity. In order to integrate your jewellery brand with Gen Z’s way of life, it’s wise to utilize influencer marketing because that adds a layer of trust and originality to their purchase. Moreover, Gen Z likes to follow choices advocated by trendsetters that they already know.
4. Gen Z like the brick and mortar shop experience
One of the reasons that brick and mortar shops suffered in the last decade is because Millennials enjoyed and relied more on online shopping than making that purchase from their local store. The great thing about Gen Z demographic for jewellery businesses is that they actually like going to the actual shop and experience the product before making the purchase. If you give the Gen Z a social media worthy experience at your store, they are likely to highly recommend you and keep coming back. So it is important that your jewellery business has a unique digital presence that the Gen Z can easily access. That’s why many industries are now adopting the O2O, Online to Offline business model, which drives the target customer from an online recommendation to a brick and mortar shop offline.
5. Gen Z is fiercely independent even when it comes to brands
During the times that millennials were growing up, it was all about brands and the status they carried. Now that they have grown up, they still don’t mind paying additional for their brands. On the other hand, Gen Z does not like to be identified with the brands they consume. They rely more on the community experience and the world of social media where they can find the connection with like-minded individuals. Gen Z likes everything customized to their tastes and thinking. As a jewellery business, it is important to have variety of creative, quirky and innovative designs that the Gen Z finds unique and expressive.
This is an excellent guide to garner a loyal following with Gen Z for gems and jewellery marketers. However, the important takeaway from this guide is about building and maintaining an online business presence. When your target customers are glued to their smartphones, it makes sense for you to be present on their smartphones as well. The leading gems and jewellery platform with the largest network of industry buyers and sellers, Jewelxy, gets you the best tools to get everything you need to woo your target market. Sign up today on jewelxy.com.