The rise of analytics in the jewellery industry
In the last few years, the jewellery industry has witnessed a lot of disruptive innovation with advancements in technology. Earlier, the jewellery business was restricted to family owned or proprietor-run entities. However, nowadays, the jewelleryi ndustry is transforming by leaps and bounds and aligning itself with the advancing corporate culture. There used to be lesser number of stores, but with rapid growth and consumerism, there is a proliferation in the retail outlets and franchisee stores along with an increase in the presence of online players through e-Commerce websites and applications. Besides, the decision-making by businesses in this sector was purely based on instincts and unverified presumptions. With the availability of data, businesses can now take decisions based on actionable insights and calculated inferences.
With the shift in operational structure, humongous amounts of data are being generated which include sales data, customer data, expense data, warehouse data, etc. Analytics tools and methods used earlier such as the MIS are becoming less utile to handle such enormous amount of data, and are failing to analyse it for generation of insights. In order to overcome this technological barrier, advanced analytics tools are being used to provide actionable insights to enable more informed decision-making
Areas of growth
The jewellery industry is well-poised for a glittering future. Sales are projected to grow by a huge proportion in the coming years. However, the fast growing industry is at its dynamic best, and, as such, the jewellery business cannot simply continue with the status quo and expect more profits. The market has observed major changes in customer behaviour and purchasing patterns which dictates that businesses have to be proactive and responsive to the changing trends and developments in the industry. This in turn has given impetus to the adoption and implementation of advanced analytics and highlighted the need for data driven insights in the sector.