Embracing Omnichannel: Jewellery Goes Phygital
Swarovski’s new hyperphysical retail store in Mumbai is an emblem of jewellery embracing omnichannel. A marker of the need to create experiences that force consumers to come out of their houses, hyperphysical jewellery stores, are probably one of the best emerging trends of jewellery retail.
Picture source:- vouge
A decade ago the majority of Indian consumers didn’t rely on online stores, the absence of a solid store to guarantee value for money and the lack of opportunity to touch, feel, or test the product made people believe that such a model wouldn’t survive. Fast forward a few years, and the tide has turned. With the opportunity to surf multiple options from the comfort of your home, get the best deals, and instant peer reviews, online markets started catching up. Especially in terms of fashion and jewellery, people discovered that they could give a concrete picture to a look of their dreams with just a search.
Now the switch from physical to digital might look quite simplified but it’s actually not. With fashion, if one finds a reliable marketplace or site, the worst thing could be getting the wrong size or colour which you can return easily, but when it comes to jewellery, a form of hard luxury, with significantly higher prices the stakes are much higher too. Hence justifying the slower transition of jewellery to online marketplaces. Nonetheless, it's essential for jewellery brands to establish an online presence for an audience that's permanently on their phones and likes to browse through options before they go ahead and buy something. However, in today's competitive market one must also put thought behind the question, is just a store and a website enough? The answer would unsurprisingly be no.
The Growing Phygital Market
Picture source:- vouge
According to GJEPC, Signet Jewelers said that 80% of its sales take place in its stores but 65% of its customers visit at least one of its digital sites throughout the phases of their shopping journey. This solidifies the need to build a strong online presence, while also giving consumers a chance to visit brick and mortar stores to complete the purchase. Especially in India, where the audience puts a huge emphasis on buying jewellery from a reliable source as it's a big one time purchase for most people. At the same time, options of getting gorgeous yet valuable jewellery at accessible prices, or studying more sustainable options are always a plus for today's audience. For example, CaratLane and BlueStone- two prominent eCom jewellery brands increasing their retail presence. Growing eCom also gives brands the space to grow in a specific niche. Mina Jaipur, a Jaipur-based jewellery brand sells only enamel or meenakari jewellery and Shayagrams by CaratLane specialises in silver jewellery.
The need for hyperphysical jewellery stores
As things go digital, there’s a need to cut through the noise and build credibility more than ever before. A hyperphysical store is equivalent to a hoarding at New York Times Square or at Bandra-Worli Sea Link. The best part, a store is there forever. It forces people to get out of their beds and come around and experience what it has to offer apart from the jewellery. Brand owners the likes of Sabyasachi Mukherjee have expressed that such a store's main aim is to create a memorable experience. Although Hyperphysical stores have been a major thing in the West with Tiffany opening a pop up store which looks like a life-sized version of its jewellery box, with Sabyasachi’s new Mumbai Emporium which “Feels like a painting” as reported in Business Today and Swarovski’s new store that brings to life the hyperphysical experience of being inside a Swarovski crystal, India is embracing the hyperphysical trend as well.
Swarovski Store: Get Inside A Crystal
Picture source:- vouge
Swarovski is known for its signature crystal jewellery. The sparkling crystals in a myriad of unique shapes and designs, specifically its signature octagon can be identified even from miles away. For instance, Swarovski’s collaboration with Disney has given our favourite characters a dazzling makeover. Swarovski is also a trailblazer when it comes to establishing a retail presence with 27 stores across the globe. Now, as Swarovski has moved to the courtyard of Palladium Mall in Mumbai, a prime location, with a new store, its allure is 10x more, as everything from shelves, counters and ceiling everything is in Swarovski’s remarkable octagon shape, brand colours, velvety fabrics, it metaphorically feels like stepping into a crystal. The store is designed not just to sell jewellery but also to give users a remarkably immersive experience, and to solidify the brand image in the user’s mind. Cool or serious, vintage or modern Swarovski's hyperphysical store has set the tone of how to infuse your brand voice in every corner of your store.
The jewellery market is experiencing a shift to O2O- online to offline, and jewellers and brands alike are expanding space dedicated to experiences. Swarovski's octagonal dream is India’s first step towards creating retail escapades, and as the online jewellery space grows it’s bound to translate into the creation of more marvellous jewellery retail experiences.
