In this digital era, information is the new gold, and investing in big data analytics solutions can offer a competitive advantage to any business. The diamond industry is not an exception. Big data analytics enable diamond merchants to make decisions that create value. Here are five ways how diamond analytics can contribute to your business success:
1. Better, Faster Decision Making
The global diamond industry was valued at USD 87.31 billion in 2018 and is predicted to grow at a CAGR of 3.0% from 2019 to 2030. It’s beyond our power to guess the gigabytes of data that this industry generates every year. Businesses — be it a local jewelry chain or an export house — leverage diamond analytics to make a better sense out of this massive, chaotic, and confusing information in-flow. Coming from diverse sources, these data sets can be about anything ranging from region-specific customer buying behaviors to seasonal sales dynamics and more.
2. Informed Inventory Optimization
An analysis of past trends helps to understand customer preferences and predict the demand patterns for the upcoming seasons. This knowledge, in turn, helps in managing and replenishing inventory in a more efficient manner.
3. Insights-Driven Customer Segmentation
Customer segmentation based on their buying patterns and brand loyalty helps C-suit decision-makers to know for sure what different groups of customers want and cater to them accordingly.
4. More Effective Marketing with Diamond Analytics
Customers’ buying habits vary over time, and this changing pattern gets reflected in their purchases as well as their interaction with the brands. This buying journey information enables businesses to draw out customer outreach strategies more effectively.
5. Data-driven Product Development
An analysis of sales and customer engagement data can greatly help in selecting the designs, styles, cuts, or metals in accordance with target customers’ liking. This customer-centric strategy naturally results in better sales.
The diamond industry works very differently from other luxury segments. As far as diamonds are concerned, the lead-to-conversion time is considerably long. Knowing what customers want in advance can help expedite sales, and this cannot be achieved with intuition; only diamond analytics can ensure that predictive advantage.
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