We are rapidly hurtling towards a brave new world where technology itself will be integrated not just into our lives but into our bodies; the boundaries between what is machine and what is human will be forever and irrevocably blurred. It sounds like tinfoil-hat-wearing kookiness to people but you needn’t look far to see all this in action.
“What does this have to do with my business?” you ask. Let me explain.
The very technology that will be integrated into our bodies has an umbrella term: nanotechnology. This is basically a broad term applied to tiny robots working away at specific tasks at a microscopic level. It is nanotechnology that will eventually bring about the birth of the diamond that is in all respects identical to the real deal mined from the ground – something that is bound to wreak havoc in the market.
Another good example of technological change that is influencing consumer culture is the advent of affordable 3D printing at home. When this is coupled with nanotechnology in the near future – believe me, it’s coming – consumers will have the ability to download an online file and print virtually anything at home from clothing to furniture, and maybe even food.
Nano-manufactured diamonds and high-quality 3D-printed goods are only a few years away – the best predictors estimate widespread at-home 3D printing by 2019.
Something that we are facing right now, though, that has been precipitated by technological advancement is the current so-called “war” between traditional bricks-and-mortar businesses and the ever-present, ever-innovating web-based business.
These internet-only businesses are successful for a few key reasons: they make themselves prominent and accessible to the customer; they generally offer rock-bottom prices; and they work hard at earning just enough trust from customers to convince them to enter their credit card information. Web-based jewellery retailers have invested hugely into this and are decimating the competition by reshaping the standard industry sales model.
Believe it or not, you can compete; however, in order to do so, you need to take the game to their field and play smarter. Traditional retailers have an advantage over the internet-only businesses: their bricks-and-mortar store. Use your store to its fullest advantage by generating trust in your online customers.
Yes, this means you need a website in addition to a physical store. Give your website the same importance you give your storefront. Get a good high-quality, user-friendly website, then work on the core principles: sell the idea that you are trustworthy because you are just down the road and have been there for years. Repeat the message as often as possible.
Are there certain conversations you have regularly with your customers? Write a blog entry about them, add it to your website, and make it easy to find. As for visibility, make your web-advertising dollar count by targeting local consumers. You were never able to sell a ring to a customer in Iceland before, so why would you magically expect it to happen now? Target your immediate area with the full range of Google and Facebook advertising options available, as well as banner adverts and paid promotions.
Just as importantly, band together with your colleagues to make sure all business websites are sending the same message to customers about the advantages of buying local. You don’t have to trash web-only retailers to achieve this – always be classy.
As retailers and small manufacturers, we need to insulate ourselves from these market-changing factors. This doesn’t mean burying our heads in the sand, nor does it mean carrying on as usual. We know the old standard no longer works. You need to become your own technology advisor for your business, and recognise and adapt to trends before they hit the market and leave you in the dust.
Survival of business is similar to the survival of mankind – it lies in diversity. Make yourself a place that is not at the mercy of a share price or trend, and you will survive well into this rapidly accelerating technologically advanced future.
Name: Khay Amani Wahaab
Company: K. Amani Fine Jeweller
Position: managing director
Location: Auckland, New Zealand
Years in industry: four