DTC engagement ring retailers rise in popularity
Trend - For a long time, one needed to visit a store in-person and consult with an expert to buy an engagement ring. Today, a number of direct-to-consumer jewelers specializing in engagement rings are disrupting this process. These e-retailers appeal to Millennials in particular looking to prioritize value, convenience and in some cases, customization over an expert consultation.
Insight - As the Millennial demographic starts to plan for life’s milestones, they are looking for the most efficient approach to meet their needs. This generation is digitally fluent due to their daily interaction with communicating online. As a result, they favor the digitized experience for convenience and familiarity.
Insight - As the Millennial demographic starts to plan for life’s milestones, they are looking for the most efficient approach to meet their needs. This generation is digitally fluent due to their daily interaction with communicating online. As a result, they favor the digitized experience for convenience and familiarity.
Workshop Question - How much value do in-person interactions to your customer experience? How could this be replicated in a digital experience?
Trend Themes
1. Direct-to-consumer Retail - As consumers prioritize value, convenience, and customization, DTC e-retailers disrupt traditional in-person shopping experiences.
2. Personalized Shopping Experiences - Brands utilize customization software and in-house design teams to create bespoke engagement rings and personal shopping experiences for customers.
3. Lab-grown Diamonds - Couples who prioritize social consciousness can opt for lab-grown diamond rings, which offer identical quality to that of mined diamonds at a friendlier price point.
Industry Implications
1. Jewelry Retail - Traditional in-person jewelry retailers face increasing competition from DTC e-retailers offering convenience and customization.
2. E-commerce - E-commerce continues to expand as more consumers prioritize the convenience and accessibility of shopping online.
3. Sustainable Fashion - Lab-grown diamonds offer socially conscious options for consumers looking to purchase high-quality engagement rings with a smaller environmental footprint.
