It is estimated that by the end of 2024, mobile apps will be generating a revenue of more than $935 billion. A rough estimate of smartphone users across the globe is 5.25 billion. So, there is no surprise that all types of businesses are now counting on mobile apps as their primary channel to connect with prospective customers and engage them personally. Diamond industry is no exception.
Overview
As technology is evolving and becoming more compact, smartphone apps have been getting into the headspace of all types of users with the level of comfort and portability they offer. You can find mobile apps now for any daily life needs. In order to outpace the competition and reach their target audience, businesses need to move really fast.
- Online sales is about 25% in value of U.S. diamond jewelry sales and by volume it is 31% as per the 2021 statistics.
- Considering the purchasing habits of GenZ consumers, about 42% of diamond purchases were online.
- Nearly 54% of the online diamond purchases in the year 2021 were form those who were buying diamond jewelry for the first time in life.
Diamond industry was running in conventional offline store-based trading mode for many years, but now there is a significant shift to online trading, and its future is surely mobile apps. This makes it essential for any diamond or jewelry trader to build their custom mobile app with high-end features and a user-friendly interface to be future-ready.
Challenges in diamond industry
Diamond trading has a very complex supply chain and traders used to face challenges with outdated inventory and management techniques, which a diamond app can handle effectively. Some of the top challenges faced by diamond industry now are;
Complex supply chain logistics
From diamond mining to taking the final product to retail stores, the supply chain involves various complex steps, which causes delays, inefficiency, and scope of mistakes.
Inefficient inventory tracking
Traditional manual approach to monitoring inventories and record-keeping may cause inconsistencies and lack of real-time visibility to active inventory.
Bottlenecks in communication
Difficulty in timely communication with the stakeholders, miners, artisans, manufacturers, retailers, and merchants causes obstruction in the uninterrupted progression of diamond business workflow.
Also read: Future On Demand App Development For All Size Business
Effects of Mobile Apps in Diamond Business
Reinventing traditional diamond industry practices, mobile apps are now revolutionizing business management, sales, and customer relations practices of diamond businesses. Mobile applications help enhance cooperation, effectiveness, and openness.
In terms of reach, mobile apps transcend geographical boundaries and offer instant and anywhere access to information to stakeholders. Mobile apps also enable smoother cooperation, accessibility, and ensure a more interconnected supply chain management.
Mobile apps streamline inventory management
Mobile apps use advanced GPS and RFID technologies to do real-time tracking to provide accurate whereabouts of the products through the supply chain and mitigate any possibility of errors or delays. Mobile apps streamline inventory management and ensure all records are updated and accurate.
Better collaboration and communication
Mobile apps enable seamless and real-time communication between the miners, manufacturers, traders, retailers, and ultimately to the customers which promotes cooperation and trust.
Increase visibility
People now use smartphones for almost every daily life activity. Having an application with the right marketing approach will benefit diamond businesses to increase their brand’s visibility and reach.
Breeding customer loyalty
Compared to websites, apps add more authenticity and credibility to your business. People consider mobile applications more personal, and it can engage better with the customers and bring in more conversions.
Also read: Best Practices for Jewelry Website Design
Next-gen marketing
Mobile apps are direct marketing channels for businesses. Compared to traditional marketing approaches like flyers, hoardings, or paper ads, technology is now revolutionizing online marketing, and mobile apps play a crucial role in it.
Considering the complex spectrum of diamond trade, smartphones and mobile apps are now bringing in a fundamental shift by enabling more transparency, efficiency, and connectivity than being just a technological advancement.
Also read our case study: Diamond Vault —Shaping the Future of Diamond Trading
Frequently Asked Questions (FAQs)
Is it possible to sell diamonds through an app?
Yes, if your app has features such as a checkout system, secure payment options for transactions, and an e-commerce storefront.
How to find a good diamond app development agency?
To find a good mobile app development agency for your diamond company, there are some factors that you check from your side. You need first to go through their professional history and expertise in developing apps for diamond companies also you should go through their feedback and testimonials, which will give you an idea of their reliability and quality.
How much a diamond app will cost?
Developing a diamond app generally depends on various factors such as platform, technology used, digital needs, and many more. You can consult a mobile app development company that can give you an approximate price that will be required to make an app as per your needs for your diamond company.
What are the major features needed in a diamond app?
To have a good running diamond app you need to make sure that your app consists of features to manage the inventory, supply, and store. It should also include modules for communication and be integral to other business management modules.
Is a mobile app necessary for a business into diamond trade?
Running a business in today's digital era requires the use of a mobile app for diamonds and other trades. According to the survey, more than 40% of Gen Z buyers prefer to buy diamonds online. An app can help simplify not only online sales but also the diamond industry's supply chain.
Conclusion
We see that mobile apps are a fundamental need of the era, no matter which industry you are in. Convenience and personalization of mobile apps is beyond all measures. A mobile app representing your diamond business acts as a one-stop solution to most of the challenges you may face in traditional business management.
If you run a diamond business or are planning to enter into this industry, the best way to boost your business performance is by building a mobile app. Now, you can get it done at best with the help of an expert diamond mobile app development company.
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