Jewellery businesses are at a crossroads and need to evolve to meet new consumer challenges. That's according to a new report from consultants Hill & Co.
Breaking The Chain's 29-page study, available free online, identifies five key findings for businesses facing diminishing returns. Such as the disappearance of some prominent brands and customers who are increasingly sophisticated and educated.
«I see the jewellery supply chain declining and businesses struggling to maintain their share. Let alone grow,» says Elle Hill, managing director of Hill & Co.
«We chose the theme of shortening supply chains for our first exhibition. Because we believe it underlies so many of the challenges affecting global B2B jewellery and diamond businesses.».
The report - the first in a quarterly series entitled The Business of Jewelry Report - concludes by suggesting jewelry companies develop a strategic and adaptive business model. They should still better understand their target customer and embrace technology and digitalization. Also to explore and implement direct-to-consumer (D2C) strategies and strengthen collaboration within their supply chain.
Source: thejewelrymagazine.com
