As small and mid-size jewelry brands build their online presence and prepare their inventories to meet holiday demand, it’s essential they understand who their target audience is, how they behave and the strategies that will get them to convert. In a recent webinar for jewelry brands, Platinum Guild International, Rakuten Advertising and Affiliate Marketing Dynamics covered trends in jewelry e-commerce and how to drive revenue during the holiday gifting season. Read on for some of the main insights from the webinar:
Jewelry is outpacing other retail categories.
In the beginning of the pandemic, e-commerce growth exploded as consumers replaced in-person shopping with online shopping. In the past year, that growth has slowed as brick-and-mortar stores open up and welcome back shoppers. However, the Jewelry and Watches category has managed to sustain that growth—keeping almost double the pace of the rest of retail. On top of that, 29% of holiday shoppers are planning to increase their budgets this season, providing an opportunity for even more growth.
Jewelry buyers are starting holiday shopping earlier.
The holiday gifting season is huge for jewelry brands, and now the lead up to the holidays is just as important. Data shows that shoppers looking for jewelry online are becoming active earlier each year, starting as early as September. In 2021, the lead up to Black Friday was critical for capturing dollars, with target buyers spending more every day through October. Despite the early start, many shoppers still look forward to Black Friday for the best deals and then continue shopping through the rest of Cyber Week, with peaks on Black Friday and Cyber Monday.
Reaching your target audience is paramount.
Most of all, getting in front of the right customers is essential. Tony Duda, Senior Director of Business Development at Rakuten Advertising, believes the data shows that not all buyers are equal, and proper targeting is key.
“There is a ton of revenue opportunity that you can tap into just by selectively targeting the right buyer,” he said. “And when matters. This certain buyer that we identified is actually in the market very heavily at a certain period of time. This concept of who and when matters.” Finding and converting these target consumers during the holiday season pays dividends for jewelry brands.
According to data from the webinar, new buyers from the holiday season carry over into the next year and make additional purchases during following seasonal events like Valentine’s Day and Mother’s Day. In fact, shoppers who made jewelry and watch purchases in 2020 made up 60% of buyers in 2021. Engaging the right customers at the right time requires the right data and customer insights. Rakuten Advertising has years of experience in jewelry and luxury affiliate marketing and works with some of the top brands around the world.
To learn more about jewelry affiliate marketing strategies and how we build an e-commerce presence for jewelry brands, reach out to your Rakuten Advertising account representative or visit rakutenadvertising.com.