39% of the market growth will originate from North America
The latest report titled "Online Jewelry Market by Product and Geography - Forecast and Analysis 2022-2026" has been added to Technavio's catalog. The report predicts the market to witness a potential growth difference of USD 27.19 billion from 2021 to 2026. The market is also anticipated to witness a CAGR of 15.39 during the projected period. The report offers an up-to-date analysis of the current market scenario, the latest trends and drivers, and the overall market environment.
Online Jewelry Market Vendor Landscape
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Competitors have to focus on differentiating their product offerings with unique value propositions to strengthen their foothold in the market. Market vendors also have to leverage the existing growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. AURUM, CHANEL Ltd., Chopard Group, Chow Tai Fook Jewellery Group Ltd., Compagnie Financiere Richemont SA, Graff Diamonds Ltd., Hermes International SA, Kalyan Jewellers India Ltd., Kering SA, Luk Fook Holdings International Ltd., LVMH Moet Hennessy Louis Vuitton SE, Malabar Gold and Diamonds, Pan India Charms and Jewellery Pvt. Ltd., PC Jeweller Ltd., Riddles Group Inc., Signet Jewelers Ltd., Stuller Inc., Swarovski AG, The Swatch Group Ltd., and Titan Company Ltd. are among some of the major market participants.
Companies like CHANEL Ltd. offer online jewelry that has more than 700 diamonds composing the necklace and surrounds a D Flawless 55.55-carat diamond. They also offer handbags, fine jewelry, and watches in Europe countries.
Online Jewelry Market Dynamics
Innovation in jewelry design and technology is one of the key factors influencing the online jewelry market growth during the forecast period. Jewelry manufacturers are further emphasizing widening their range of jewelry collections, an extension of product assortments, and online visibilities through the incorporation of numerous new jewelry collections that have innovative designs.
Increase in the adoption of an omnichannel strategy is one of the key online jewelry market trends, supporting the market growth. Vendors are integrating their offline-online presence by implementing the omnichannel strategy in their business models to expand their customer bases and increase their revenue.
One of the key challenges to the global online jewelry industry growth is the customer preference for physical jewelry stores. Price-sensitive customers in developing markets prefer shopping offline for expensive fine jewelry. These customer preferences are challenging for players and can limit the growth of the global online jewelry market during the forecast period.
The fine jewelry market product segment held the largest online jewelry market share in 2021. The segment will continue to account for the highest market share throughout the forecast period. The growth of the segment can be attributed to growing expansion of global jewelry manufacturers such as Signet Jewelers, Richemont, LVMH, Kering, TITAN, and Chow Tai Fook Jewellery in the online medium through their own web portals as well as through third-party e-retailers.
Source : technavio