During the last years, the Jewellery market knows important growth. According to figures, from China Industry development and Research website, precious metal accessory market swelled from 121.7 billion yuan in 20014 to 499 yuan in 2016. China is the second biggest market for Jewellery after the United States. There is a great potential. Therefore, the Chinese market represents approximately 40% of the world Jewellery market. To satisfy this demand, brands are opening new shops. They are different types of retail. On the one hand you have those that belong to a specific brand and on the other hand, you have multi-brand jewelry.
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Pattern of the Market
The main target of brands are mthe iddle class who ask for quality and diversity. Indeed, these consumers have travelled worldwide. Consequently, they have high expectations because they developed a serious interest for beautiful crafted pieces. Actually, these people spend billions of dollars to do trips abroad every year. In their budget, 40% are spent in accessories including jewellery and watches.
There are different categories:
Metal jewellery: It gathers jewellery made with precious metals such as, gold, platinum and silver. This category also includes a non-precious metal such as cupper and or aluminium.
Precious stones : This category of product is usually used in decoration, inlay of jewellery itself. This category is more and more popular because of the trend to make the object more beautiful. The most knows precious stones are diamond, crystal, ruby, sapphire, jade
Others : Finally, you have other materials including ivory, leather and clay.
To attract people, shops reduce their margins and offer a discount which permit them to sell goods at the same price than shops abroad such as in the US or Europe. Chinese women love Jewellery, this is a way for them to express themselves. They really appreciate diamond. It is quite easy to enter in the market because the market is not very restrictive and does not follow western countries’ rules regarding design, trends, variety and materials. As a consequence, it’s easy to be innovative and come with something new. Diamond companies have to deal with some challenges in their communication campaign. They have to stay interesting while suggesting the experience to the consumer. With the evolution of believes, marriage tend to be less important for the actual generation.
There is a clear preference for gold on the market because it represents 50% of sales. Gold has a lot of symbolic value in China because it represents financial and spiritual protection. Gold generates a huge demand especially thanks to the ROI , it becomes an opportunity for investment. This is also an element of distinction in fashion but it also shows that you belong to a certain social class. Modern Chinese consumers want to distinguish themselves from their peers. Consequently, they want exclusive and individual products. Chinese society is considered to be a former collective society but she knows important changes thanks to this new generation that favours personal expression.
Foreign brands are really appreciated on the market. Because Jewellery are part of luxury goods , local brands are in direct competition with international players. Retail chain can be divided in several types. You have jewelry in the malls, store chain, supermarkets, and specialized shops. The evolution of the market and the growth led to the birth of e-commerce in this field.
The right strategy to market your jewelry
You may do some effort and use technology in accordance of the needs of your consumers.
Even though the online market is not developed as much as the offline market, e commerce is tend to be more and more important. Actually, people are not very confident to buy jewellery on line because they cannot touch it to verify the quality. Furthermore, they are not sure about the security online. Nonetheless, the online business represents a huge opportunity for the market to boost sales because there is no doubt about the demand. It is the job of the companies of this market to raise these consumers in order to find a god way to influence them.
Your digital presence is first linked with your official website that needs to be very clear and attractive. We can help you to design it. You should only put qualitative content and very beautiful pictures of your product. All the ads and promotion you will make will lead to your website. Even if people will buy items in your shop, there is a big chance that they check your website first.
You really need to work hard on the identity of your brand and on the experience you will suggest to your consumers. Your reputation might be fed by an effective PR. You should bound with fashion magazines and make people talk about your brand. Indeed, the more people talk about you, the more you will be famous and have a premium brand position.
Because there is an important competition between brands, it is very essential to plan a solid communication and marketing campaign. Social media such as Wechat or Weibo are unavoidable if you want to success. First, you can create an official account and keep people update about the news of your brand. Secondly, It permits you to chat with your followers. In addition, you can make an appeal to KOLs and get generation leads thanks to their followers.
Some tools represent an important cost , that is the reason why you need to choose the good strategy. GMA has many experiences and can provide you a true expertise.
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