New Delhi: The jewellery industry which is going through a slowdown in consumption demand amid the pandemic would require digital strategies for its growth post the COVID-19 crisis, according to a report by the World Gold Council.
The report noted that although the online gold market is still in its nascent stage in India, digital and social activity plays a key role in the purchase journey.
In urban India, consumers browse online/mobile apps pre-purchase and use online blogs and social media for ideas and inspiration. Mobile apps/wallets are playing a key role in the growth of Internet Investment Gold, it said.
COVID-19 has caused retailers in India to re-evaluate their brick and mortar business model and implement an enhanced digital strategy, said the report on the online gold market in India, adding that successful retailers embrace an omni-channel strategy to boost online sales.
There is a real opportunity for growth in India’s online gold market if it can improve the end-to-end gold jewellery purchase journey and thus establish the ‘loyalty loop’, it said.