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Diamond Trading

Why Diamond Industry Businesses Need App Development?

Feb 8, 2024
Why Diamond Industry Businesses Need App Development?
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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Diamond trading has a very complex supply chain and traders used to face challenges with outdated inventory and management techniques, which a diamond app can handle effectively.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

FAQ

1. Is a mobile app necessary for a business into diamond trade?

As the question is being asked in this decade, we can confidently say that it is a necessity now rather than a choice. As we have seen in the report mentioned above, more than 40% of the Gen Z customers prefer to buy diamonds online. An app will not only facilitate online sales but can also help streamline the diamond industry supply chain.

2. What are the major features needed in a diamond app?

A diamond app should have inventory management, supply chain management, and store management features. The app needs to have communication modules and it should also be integrable to other business management modules.

3. How much a diamond app will cost?

The development cost of a diamond app may vary based on different aspects such as the platform, technology used, features to be included, design needs etc. On sharing your requirements with a professional mobile app development company, they can give you a customized quote for your development project.

4. How to find a good diamond app development agency?

To choose A GOOD diamond app development company, you need to first look at their professional history and experience in diamond app development. It is also ideal to look at customer feedback and testimonials to get an idea about their service quality and reliability.

5. Is it possible to sell diamonds through an app?

Yes, online sales can be done through diamond apps. To facilitate online selling, the app needs to have an e-com storefront, easy checkout, and secured payment gateway to facilitate transactions.

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.

Boost sales, streamline processes, and connect with customers.

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