Time may be running out for luxury jewelry and watch brands as they continue to fall behind nearly all others retail sectors in using digital platforms to gain a presence in an area where consumers continue to turn, according to a follow-up study by L2.
Nearly two-third of the jewelry and watch brands surveyed were classified as “Challenged” or “Feeble,” based on the findings of the “Digital IQ Index: Watches & Jewelry.” Only two brands, Tiffany & Co. and Swarovski, achieved “Genius” and “Gifted” classifications, (respectively).
“The Watches & Jewelry industry is running out of time online,” says Scott Galloway, the founder of L2, a membership-based consultancy that bills itself as a “think tank for digital innovation.” “Although these brands are beginning to invest in social media and mobile, transaction-orientation and digital marketing competence such as search, email, and retargeting lag other industries.”
Gray market concerns, counterfeit fears, limited pricing transparency, and retailer conflict all present obstacles for watch and jewelry brands to build and sell their brands online, according to the survey by L2, “However, with 67 percent of consumers in the EU and half of those in the U.S. indicating that they research luxury goods online before making a purchase, do watches and jewelry brands really have a choice?”
In August, L2 did a study comparing the digital competencies of eight specialty retail industries. Jewelry & Watches came in seventh, but the survey noted an improvement. This follow-up survey that focused on luxury jewelry and watch brands found that despite the improvements, the industries—with noted exception such as Tiffany & Co. and Swarovski—the industries run in danger of becoming irrelevant in the digital realm.
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