(MENAFN- PR Newswire)
NEW YORK, Aug. 22, 2024 /PRNewswire/ -- The global online jewelry market size is estimated to grow by USD 58.4 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of
19.98%
during the forecast period. Innovation in jewelry design and technology
is driving market growth,
with a trend towards
increase in adoption of omnichannel strategy. However,
customer preference for physical jewelry stores
poses a challenge. Key market players include Chanel Ltd., Chow Tai Fook Jewellery Group Limited, Compagnie Financiere Richemont SA, Graff Diamonds Ltd., Hermes International SA, Hstern Jewellery Ltd., Kalyan Jewellers India Ltd., Kering SA, Le petit fils de L.U. Chopard and Cie SA, Luk Fook Holdings International Ltd., LVMH Group., Malabar Gold and Diamonds, Pandora Jewelry LLC, PC Jeweller Ltd., Riddles Group Inc., Signet Jewelers Ltd., Stuller Inc., Swarovski AG, The Swatch Group Ltd., and Titan Co. Ltd..
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Technavio has announced its latest market research report titled Global online jewelry market 2024-2028
Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report
| Online Jewelry Market Scope |
| Report Coverage |
Details |
| Base year |
2023 |
| Historic period |
2018 - 2022 |
| Forecast period |
2024-2028 |
| Growth momentum & CAGR |
Accelerate at a CAGR of 19.98% |
| Market growth 2024-2028 |
USD 58.4 billion |
| Market structure |
Fragmented |
| YoY growth 2022-2023 (%) |
16.54 |
| Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
| Performing market contribution |
North America at 39% |
| Key countries |
US, China, Canada, UK, and India |
| Key companies profiled |
Chanel Ltd., Chow Tai Fook Jewellery Group Limited, Compagnie Financiere Richemont SA, Graff Diamonds Ltd., Hermes International SA, Hstern Jewellery Ltd., Kalyan Jewellers India Ltd., Kering SA, Le petit fils de L.U. Chopard and Cie SA, Luk Fook Holdings International Ltd., LVMH Group., Malabar Gold and Diamonds, Pandora Jewelry LLC, PC Jeweller Ltd., Riddles Group Inc., Signet Jewelers Ltd., Stuller Inc., Swarovski AG, The Swatch Group Ltd., and Titan Co. Ltd. |
Market Driver
The jewelry industry is witnessing a significant shift towards omnichannel distribution as vendors seek to expand their customer base and boost revenue. This trend is driven by changing shopping habits, the rise of digitally-focused consumers, particularly millennials, and the convenience of online retailing. Brands such as Signet, Titan, Tiffany & Co., LVMH, and Richemont have embraced this trend, integrating their offline and online operations. Amazon Go, Amazon's innovative retail concept, exemplifies this approach. It offers a seamless shopping experience with a "walkout" system, eliminating queues and checkout processes, and using computer vision, sensor fusion, and deep learning technology to automatically track purchases. This technology, applied in the same way as in self-driving cars, ensures a hassle-free shopping experience for customers. After shopping, they simply leave the store, and Amazon charges their accounts and sends a receipt.
Online jewelry market is booming with trends like virtual try-on experiences, secure payment gateways, customization options, ethical sourcing, and easy returns and refunds. International trade rules ensure smooth business operations. Necklaces, pendants, bangles, watches, anklets, made of precious metals and pearls, are popular jewelry products. Customer demographics include men, women, and children. Internet-based platforms, e-commerce websites, online marketplaces, and mobile applications offer high-quality images and detailed product descriptions. Interactive features, social media, influencer marketing, and social media platforms help increase sales. Jewelry brands collaborate with influencers to reach wider audiences. Online jewelry retailers ensure a seamless shopping experience.
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Market
Challenges
In the online jewelry market, price-sensitive customers in developing markets prefer purchasing expensive fine jewelry offline due to the touch-and-feel factor and the belief in trying products before buying. This preference poses a challenge for the growth of the global online jewelry market, particularly in countries like India, where many customers still prefer visiting physical stores. To address this challenge, manufacturers and retailers are integrating virtual reality (VR) and augmented reality (AR) technologies into their web portals and mobile apps, allowing customers to try jewelry virtually. However, poor technology integration, especially among small-scale online retailers, remains a significant hurdle. Issues such as wrong product assortment, improper shelf designing, misplaced orders, wrong item procurement from suppliers, and wrong item delivery to customers can lead to additional time and financial investments for online retailers. These challenges are expected to impact emerging players in the market during the forecast period.
Online jewelry market is booming with exclusive discounts and promotions, attracting a large number of customers. Collaborations with popular brands and influencers enhance the shopping experience. Online interfaces, user-friendly designs, and intuitive websites make jewelry shopping convenient. Product videos and virtual try-on features allow customers to see how pieces look before buying. AR technology adds an interactive element, but authenticity concerns persist due to counterfeit jewelry and poor-quality products. Trust is crucial, and physical examination is still necessary for high-value items. Online shopping, mobile commerce, and app-based shopping are popular, with fine jewelry and fashion jewelry, including necklaces, pendants, rings, earrings, bracelets, brooches, diamonds, gold, platinum, silver, and gemstones, available. Companies own websites offer a wide range of items for women, catering to fashion trends. However, issues like late delivery, fake jewelry, and poor-quality products can affect customer satisfaction. E-commerce platforms use 3D printing and augmented reality to create eye-catching designs and ensure durability.
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Segment Overview
This online jewelry market report extensively covers market segmentation by
Type
1.1 Fine jewelry
1.2 Fashion jewelry
Product Type
2.1 Rings
2.2 Earrings
2.3 Necklaces
2.4 Bangles
2.5 Others
Geography
3.1 North America
3.2 Europe
3.3 APAC
3.4 Middle East and Africa
3.5 South America
1.1
Fine jewelry-
The global online jewelry market is experiencing significant growth due to several factors. First, the rise in Internet and smartphone penetration enables consumers to shop for fine jewelry online 24/7 at their convenience. Second, advancements in technology, such as computer-aided design (CAD), allow for 3D printing and customization, attracting consumers to online platforms. Third, changing purchasing behavior prioritizes convenience and ease of access, making online shopping an attractive option. Leading jewelry manufacturers, including Chow Tai Fook Jewellery, Titan, and PC Jeweller, are expanding their reach by selling online. Consumers are drawn to the convenience of expert advice, fast delivery, easy returns, and customization options. Online platforms offer a wide range of fine jewelry for various occasions and holidays. Major players, such as Signet, Richemont, LVMH, Kering, Titan, and Chow Tai Fook Jewellery, are entering the online market through their own websites and third-party retailers, further encouraging sales. The integration of omnichannel strategies enhances customer engagement and increases online traffic for fine jewelry.
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Research Analysis
The online jewelry market is a thriving segment of the e-commerce industry, offering consumers a wide range of high-quality jewelry products through internet-based platforms, e-commerce websites, and online marketplaces. Mobile applications have also become essential tools for shoppers, allowing them to browse and purchase eye-catching designs from the convenience of their smartphones. With fashion trends constantly evolving, online jewelry retailers provide detailed product descriptions and high-quality images to help consumers make informed decisions. However, the online market is not without its challenges. Fake jewelry and poor-quality products pose a risk to consumers, making it crucial for retailers to ensure authenticity and maintain high standards. Late delivery, lack of customization options, and ethical sourcing are other concerns for working women and fashion-conscious shoppers. Innovative technologies such as 3D printing, augmented reality, and virtual try-on experiences are transforming the online jewelry shopping experience. Secure payment gateways, returns, refunds, and customization options are essential features that online retailers must offer to remain competitive. Overall, the online jewelry market is an exciting space, offering endless possibilities for consumers and retailers alike.
Market Research Overview
The online jewelry market is thriving as more consumers turn to internet-based platforms for their jewelry needs. E-commerce websites and online marketplaces offer a wide range of jewelry products, from high-end fine jewelry to fashion accessories for women, men, and children. Mobile applications and app-based shopping have also gained popularity, allowing users to browse and purchase jewelry items on the go. Online jewelry retailers provide high-quality images and detailed product descriptions to help customers make informed decisions. Interactive features, such as social media integration, influencer marketing, and exclusive discounts, add to the shopping experience. Virtual try-on features and AR technology enable customers to see how jewelry pieces look before buying. However, authenticity concerns remain a challenge in the online jewelry market. Counterfeit jewelry and poor-quality products can be a risk, making trust and physical examination essential. Online shopping platforms prioritize secure payment gateways, customization options, ethical sourcing, and transparent returns and refunds policies to build trust with customers. Product type diversity is vast, with necklaces, pendants, rings, earrings, bracelets, brooches, watches, anklets, and more available in various materials like diamond, gold, platinum, silver, and gemstones. The market caters to different customer demographics, including working women, fashion-conscious individuals, and children. Online interfaces are designed to be user-friendly, with intuitive website designs and product videos to showcase jewelry items in detail. The online jewelry market continues to evolve, with trends such as 3D printing, augmented reality, and virtual try-on experiences shaping the future of online jewelry shopping. International trade rules and company-owned websites also play a role in the market's growth and development.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Type
Fine Jewelry
Fashion Jewelry
Product Type
Rings
Earrings
Necklaces
Bangles
Others
Geography
North America
Europe
APAC
Middle East And Africa
South America
7
Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email:
[email protected]
Website:
SOURCE Technavio
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