Are Millennials Buying Jewellery Online?

Millennials dont run by cliches They like to sing their own originals Be it about choosing an unconventional field of study ditching a corporate career to take up photography or investing in experiences their choices exude great confidence Overall what has been working for previous generations might fail to fascinate Millennials Conversely a truly outofthe box idea can be a hit amongst them This can be attributed to their inclination towards something unique with a hint of technology as the techsavvy Generation Y likes to spend its time in the digital worldJitandar Singh cofounder and CEO eJOHRI points out that according to IBEF India is the fastestgrowing eCommerce market and is expected to reach USD 84 billion by 2021 It is further anticipated to grow at 1200 percent by 2026 he informsRiding on the positive figures and an upward growth trajectory several industries are trying to step on a digital podium to catch the attention of the Millennials So is the case with the jewellery industryAs per a study by McKinsey and Company the stake of the online jewellery market in Asia is slated to grow and reach 12 percent by 2020 About 18 percent of the sales are expected to be made online by 2025 shooting its value to approx USD 79 billion annually Singh tells IANSlifeReports say India is the secondlargest consumer of gold The demand for the yellow metal stood at a whopping 6904 tonnes in 2019Witnessing the bright future in the digitally driven New Normal many popular brands are looking at newage technologies such as VR to augment the digital shopping experience for customersSingh explains how is the online factor working its charm for Millennials or viceversaChanging preferencesThe art of adornment in India goes back to ancient civilizations Yet the craze for bedazzling jewellery refuses to fade The only difference is that the bold and heavy jewellery pieces have made the way for fine jewellery intricately studded with precious gems and stones The lightweight pieces make the ornament more wearable as it goes with every occasionRapid digitisationThe smartphones and internet penetration have ushered us into an era of online shopping We can place an online order faster than we prepare our cuppa With this great pull towards digital mediums and the easy accessibility the electronic invoices a record of digital information and hasslefree returns are attracting Millennials to opt for eShopping even when it comes to making bigticket purchasesDistinctive appealCustomers flock online to explore different variations of an ornament Unbridled choices which online shopping provides is something that they always look forward to They dont have to travel from store to store after all So its obvious that the allmetal plain vanilla offerings dont excite the Millennials anymore who are open to quirky funky and personalized designs that shout out loud about their personalitiesOptions galoreNot only do Millennials prefer the exoticness that online shopping brings they are also fascinated with the range of assortments that digital platforms offer This is why as opposed to the older generations Millennials dont blindly follow the ancestral jeweller trend that pivoted around sourcing all ornaments from a family jewellery maker Millennials like to browse a plethora of designs to make a wellinformed decision and buy from an etailer which offers the product that they fancy and not the one a traditional jeweller pushes you to own from a limited catalogue Online portals have pieces to suit every need and want be it casual occasional or party wearMultiple attractive schemesGold monetization scheme allows individuals trust and mutual funds to deposit gold with banks and earn interest on the same as a return Besides the availability of gold loans easy instalment schemes and discounts from various financial institutions and sellers are luring customers to invest in the metalIncreased disposable incomeMillennials comprise a major part of the world workforce They have strong portfolios handsome salaries and prefer to get married once they are financially stable This gives them higher purchasing power as compared to their counterparts Little commitments and a good bank balance gives them better control over their finances enabling them to buy jewellery whenever they fancyBuying for personal usageGone are the days when people used to buy jewellery to just stack in a locker to be used in case of crisis Millennials are quite active consumers of fashion and buy jewellery both for personal and gifting purposes Social media has played a great role in bending the preferences of the millennials as it has moulded a culture of impulsive buying Today Instagram and fashion runways influence the buying behaviour There is no doubt that the social media marketplace will be a new reality for online jewellery shoppingOne point for all types of jewellerySingle point jewellery marketplace offers greater ease and accessibility to online shoppers Rather than sifting through multiple jewellery websites a consumer can view thousands of designs on a single portal Such platforms display hallmark jewellery in various forms sizes colours and price range from different jewellers and facilitate easy doorstep deliveryRoad aheadThere is no doubt that Millennials can go an extra mile for better accessibility and convenience But the quality and trust will remain the driving force for the future of online jewellery shopping Those who provide customerfriendly policies and a wide and latest catalog will thrive in the long run At last make the best use of technology as this generation loves to surf experiencesCatch up on all the latest Crime National International and Hatke news here Also download the new midday Android and iOS apps to get latest updates MidDay is now on Telegram Click here to join our channel middayinfomedialtd and stay updated with the latest newsThis story has been sourced from a third party syndicated feed agencies Midday accepts no 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