Studies show the fact that, by the end of 2024, mobile apps are going to gross a revenue of $980 billion across the globe. Number of smartphone users is more than 5.25 billion now and it is on a constant rise day by day.
There is no surprise that every business, how big or small it is, now turns to mobile apps which they find the easiest and most valuable platform to connect with potential customers. However, it is not all about the potential revenue generation, but there are many advantages for mobile apps being an international business platform.
Diamond industry is always known for precision, perfection, and luxury. It is a centuries-old industry, and the ways of diamond trading were more of traditional and custom-styled throughout the times. However, we can see lately, over the last couple of decades, that the diamond industry is slowly shifting towards online trading and e-com store apps prevailing.
As diamond industry welcomes new technological advancements, there is a rising demand to revamp the industry management approaches too. This change from the conventional approaches to latest technology-driven processes is critical for the survival and prosperity of any business competing in this sector.
In this excerpt, we will discuss the challenges in traditional diamond trading process and how the invent of mobile apps can tackle those effectively.
Considering the complexly networked supply chain and the delicacy of the products, diamond businesses always faced challenges with the old-styled management practices. Let’s explore some of such most common challenges of the traditional diamond industry.
With various steps and complicated logistics, the supply chain for diamond businesses is very complex. It happens in several stages from mining to extraction, processing, and retail, the complexity increases at each stage. This is too much to handle for the management which often causes errors, delays, and inadequacies.
Proper inventory tracking is essential for any business to ensure product availability and ensure customer dissatisfaction. In traditional diamond trading, inventory tracking is mostly done manually which ends up in delays and inconsistencies with lack of any real-time view of the inventory.
Without a common platform for information sharing and communication, the coordination between the miners, production team, traders, and retailers is broken and insufficient to meet the demands of the market. With a chance of miscommunications and misinterpretations, the business workflow is obstructed, ending up in poor decision making and big losses.
These challenges have now become more pressing as the trade is now mostly online and global. This made it necessary to think of more innovative solutions to tackle these challenges for sustainability.
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Over the last decade, mobile applications have made a significant advancement as a transformative tool in reshaping online business and customer experience. This app revolution had influenced the diamond industry too. Adoption of mobile applications has brought some vital changes in the diamond industry management practices.
Nowadays, a Diamond app acts as the catalyst of transformation in diamond trading by offering innovative solutions to the long-impending challenges we discussed above. Adoption of mobile apps now makes this trade more effective, open, and cooperative to help everyone grow. As we can see, mobile applications bypass geographical boundaries and offer the stakeholders and customers anywhere access to information.
Unlimited accessibility of mobile applications now enables smoother operation among various parties in the trade as miners, manufacturers, and retailers. This smoothens the supply chain and makes it more interconnected and livelier.
Considering the impact of mobile apps in diamond industry, it is essential for any business into this sector to think of a possible mobile app. Let’s discuss what advantages a mobile app can offer you.
The challenge of real-time inventory management can be fully solved by a mobile app. Right from the app, using technologies like RFID scanning and GPS tracking etc., real-time monitoring and logging of the products can be done from anywhere.
This will provide accurate information about the whereabouts of the diamond products across the supply chain and avoid possibility of any latency or failed deliveries.
Mobile applications can automate the inventory updating as in an ERP and can ensure accurate document processing. With automation, the chances of manual errors and delays can be fully eradicated.
On a mobile app, all the stakeholders can be on the same page to avail the most updated information from anywhere. They can also communicate with one another in real-time and effectively without missing out on any important info. End customers can also get the feel of being closely connected to the providers through the mobile app.
Enabling one-stop solution to many of the long-existing challenges in the complex diamond industry sector, diamond mobile app development had brought in a fundamental shift in the trading process by assuring more transparency, efficiency, and interconnectivity.
Global Diamond is a known name in Indian diamond industry, who built their own diamond application and custom web apps to streamline their online trading process.
Diamond application enabled inventory tracking for all stakeholders to get real-time updates about the diamond supply chain to leverage the market opportunities at best.
Mobile app also made their communication channels between the stakeholders and with the customer more effective and intimate.
The mobile app had brought a significant increase in the acceptance of the brand and effective communication and coordination helped them out the reduce cost and increase profitability.
DeBeers is a well-known global brand in the diamond sector who built a customized mobile application, which makes their supply chain handline a breeze.
The app enabled easy monitoring of the movement of their precious diamonds through the supply chain, right from the mining process to the retail stores.
As a result, their overall process efficiency increased by 40% and decision making and sales planning for them became easier and enhanced.
DeBeers mobile app also facilitated smooth communication with customer and stakeholders ending up in more visibility and acceptance to the brand.
Mobile apps are now considered as an important technology tool for any businesses trying to make their mark in the digital landscape. Mobile apps can act as a personalized channel of communication with the customer and stakeholder, enabling businesses to engage in real time. Along with enabling stronger customer relationships, mobile apps can also enhance brand visibility and recognition.
Internally, mobile apps can help enhance convenience and accessibility for the business stakeholders to coordinate supply chain, inventories, business communications, services, and access to information anytime, anywhere. This will boost the performance, growth, and sustainability of the business.
For a diamond business, mobile app can serve to various industry-specific requirements. It can act as a convenient platform for sellers, buyers, and business stakeholders to connect and interact timely and securely. From mining to retailing, mobile applications can enable effective communication, supply chain management, and real-time decision making.
For customers, from purchasing loose diamonds or jewelry to accessing diamond-related services, mobile app can act as a personalized platform to browse the inventory, compare prices, and make purchases anywhere. A mobile app also acts as a center for customer engagement by offering various features and customization options. Overall, mobile app can also act as a communication and collaboration channel in the diamond industry.
Advent of mobile applications has enabled a transformative revolution in the diamond trading industry. With increased popularity of smartphones and constantly changing mobile technologies, businesses in the diamond sector are now taking advantage of mobile apps to streamline operations and enhance customer engagement.
Mobile applications offer a multitude of advantages, including streamlined inventory management, elimination of manual processing, and improved communication channels. By leveraging the power of mobile technology, businesses can gain a competitive edge in the market and enhance their overall operational efficiency.
In conclusion, the future of diamond trading lies in embracing mobile technology and harnessing the capabilities of mobile applications. Mobile apps offer a pathway to greater efficiency, transparency, and profitability. By developing customized mobile solutions tailored to their specific needs, diamond traders can unlock new opportunities for growth and innovation.
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