The gold jewellery industry is a very ancient industry. It is as old as civilisation itself when early humans would gift gold and adorn it on their bodies. From day one it has had a cultural and personal significance. And thousands of years later, it still remains an untapped and fragmented market where technology has yet to make it smark on this industry worth $175 billion dollar industry.
photo credit: https://pixabay.com/en/sculpture-museum-perth-gold-digger-1104196/
Today, this industry still operates in a highly fragmented and scattered manner. As a result, the industry must re-invent itself as a hub suited for the digital world.
Today in digitally dominated economies, marketplaces offer customers the opportunity to connect with one another. The Gold Jewelry industry must adopt this approach of a centralized marketplace. In a way, the marketplace is the most ancient way of trading goods. And this is also where the digital age has gravitated towards – a marketplace that is truly global in scale with thanks to technology.
A digitised centralised platform will act as a key advantage for sellers and buyers by allowing them to connect through a digitally initiated platform.
Today, digital technologies are changing the nature of globalization. The digital economy is driven by the rapid growth of a digital transformation and it’s happening at a breakneck speed.
photo credit: https://pixabay.com/en/bitcoin-money-virtual-market-3137984/
The MarketOrders platform will be an engine of innovation for gold jewellery retailers specifically and retailers in general SME’s as it will allow them to participate in international trade without the need to invest in their own technology-driven supply chain.
In the changing landscape, gold jewellery retailers and the entire industry needs to re-imagine and re-invent its position in centralised platforms and leverage its current strength in physical gold trade retailing to create a new digital trade.
Written by CEO & Founder, Ram Krishnna Rao