Marketing In The 21st Century

The author highlights the competitive nature of new version of gem and jewelry businesses + ways to improve customer satisfaction + challenges in maintaining high standards + reaching specialized and niche markets.

Pam Welborn (The Color Source, Texas, USA) writes:

In the 21st century, successful companies will have to bring their products to market efficiently. In the jewelry industry, this trend will favor those companies whose capabilities include gem rough sourcing, as well as in-house cutting, design, and manufacturing operations, and even distribution channels. Such companies can control quality and cost at every stage of production and will provide savings in terms of lower per-unit costs. Also, by controlling the design function and by associating with trusted partners in foreign markets, such companies can tailor their jewelry products to reflect the distinctive cultural designs of those markets for greater acceptance and sales. The Internet can also be used to post an online catalog of jewelry items, sell the products, and facilitate a rapid delivery service to the targeted market.

The increased efficiency of all these efforts will shorten the delivery time from the manufacturing center to the end consumer. A higher level of contact with the consumer using the Internet and call centers, located in favorable labor countries, will decrease response time and increase customer satisfaction.

Such companies are Internet savvy, computer driven, and focused on high quality standards of manufacturing. They are able to produce jewelry items for a specialized, niche market as well as produce a limited edition or an exclusive design for a national market. Global opportunities are limited for most companies. Therefore, a major upheaval in the next 10 years is likely as the jewelry industry adapts to this new paradigm.