Five Takeaways for Evolving Jewelry Businesses
October 13, 24
(IDEX Online) - Jewelry businesses stand at a crossroads and must evolve to face new consumer challenges, says a new report by consultants Hill & Co.
Its 29-page Breaking The Chain, available for free online, identifies five key takeaways for businesses facing diminishing returns, the disappearance of some illustrious brands and customers who are increasingly sophisticated and well-educated.
"I see the jewelry supply chain shortening and businesses struggling to maintain their share, let alone grow," says Elle Hill, CEO of Hill & Co.
"We chose the theme of shortening supply chains for our first report because we believe it underpins so many of the challenges impacting global B2B jewelry and diamond businesses."
The report - the first in a quarterly series entitled The Business of Jewelry Report - concludes by suggesting that jewelry businesses should develop a strategic and adaptive business model, build a better understanding of your target customer, embrace technology and digitization, explore and implement direct-to-consumer (D2C) strategies, and enhance collaboration within your supply chain.