Finding Reliable Jewelry Manufacturers in Asia
Whether it’s a subtle gold chain around the neck or a loud pair of floral stone earrings, jewelry takes a good look and turns it into a fabulous fashion statement.
Outfit too plain? Throw on a pair of hoop earrings.
Need to level it up? A cheeky anklet does the trick.
Producing a jewelry line seems like a glamorous job, but it gets daunting for entrepreneurs considering everything that comes with running a business. A step that both small and large business owners alike must nail is manufacturing.
Getting a reliable manufacturer is integral to any business that sells a product— especially in the jewelry industry where quality is put on a pedestal.
With manufacturing becoming a booming industry in the East, Asia holds a goldmine of suppliers fit for any business.
But before starting the quest to find the perfect manufacturer, it’s important to have a good grasp of the industry you’re playing in. Let’s take a look at where the jewelry industry stands now.
The jewelry industry has exponentially shifted in the last decade. A recent report on jewelry industry trends highlights a major shift— from a challenging recovery from the 2008 global financial crisis, to a fast growing, multi-billion dollar global industry. A McKinsey report predicts that it would become a $280 billion industry in 2020.
And this is thanks to booming economies, developing markets, and growing populations.
With a cut-throat industry growing globally, both big household and local brands need to adapt to these changes.
Brands have to put up with the demands of more people having more money.
THE NEW JEWELRY GENERATION
A recent study by McKinsey & Company points out three types of jewelry consumers:
1. New wealth — those who are keen to flaunt their new-found affluence
2. Emerging market consumers — consumers whose trust fall among bigger and more established brands
3. Young customers — the new generation of shoppers who see shopping as an extension of themselves
The digital age has aided the evolution of the new generation of shoppers. Shopping in the digital era is what millennials have grown accustomed to. The connection between consumers and brands that is brought forth by the internet allows and nurtures the millennials’ need for instant. In their report “The Millennial Consumer: Debunking
Stereotypes”, the Boston Consulting Group (BCG) cites the importance of how brands live up to the expectation of instant gratification, saying millennials “put a premium on speed, ease, efficiency, and convenience in all their transactions."
Another millennial shopper trait that businesses have to look out for is where they seek credibility. The same BCG study explains that gone are the days where shoppers listen to experts or professionals talking about a brand’s product. What holds true to them is what is recommended by their peers, either by asking their friends and family, or looking through product reviews online.
It is then ultimately up to retailers to creatively and strategically match the rapid changes in industry trends, coupled with the distinct behaviours of the new jewelry generation.
ZEROING IN ON ASIA
Now knowing that speed and quality are at the forefront of the needs of the new jewelry generation, business owners must prioritize finding a reliable manufacturer that fits their business needs. The search for the perfect manufacturer should start in the east.
A research produced by the Asian Development Bank (ADB) claims the term “Factory Asia”, the two words that define “Asia’s phenomenal economic growth over the past two decades.” As a nation with an eager-growing population, and competitive labor prices, Asia offers an abundance of manufacturers to choose from.
But with the plethora of manufacturers available in the east, where does one start looking? And more importantly, how is manufacturing reliability promised?
We’ve identified three factors to consider when looking for the best supplier for your business— quality, speed, and design.
WHAT IT TAKES
It takes a lot of work and effort to gain consumer trust, yet it only takes one bad experience to break it. That’s why it’s important to find a manufacturer that puts quality at its core. A reliable manufacturer is one that delivers quality in terms of production, design, technology, and management.
There are serious repercussions when a supplier cannot
promise consistency and efficiency.
Sales, process flows, and overall brand reputation are all risk when you choose a supplier that overlooks the nitty-gritties of production.
From seeing a billboard during a commute to work, to having videos interrupted by those sneaky targeted in-stream ads, to actually hearing a friend raving about a product— consumers go through multiple marketing touch points before deciding on a purchase. And once that item is finally placed on the cart, there’s nothing more frustrating than seeing the words “out of stock."
Businesses have to make sure that the process of bringing a product to the shelves is done with ease and speed.
Choose a manufacturer that makes sure that items are produced and delivered before a customer hits the “Buy Now” button.
Find a manufacturer who matches your creativity. With a competitive playing field and rising demands, brands need to present more creative and unique ideas to its consumers. In the world fashion where trends come and go, jewelry designers best be on their toes to not only be in-the-know of what’s in style, but also be trendsetters of their own.
TYING IT ALL TOGETHER
The jewelry industry is thriving and is showing no signals of slowing down, and with an appetite to spend, the new jewelry generation is embracing this. The digital era has brought about new shopping behaviours for millennials, and brands have to take notice. Finding reliable manufacturers is important to match the needs of the competitive landscape of the jewelry industry and demanding expectations of consumers.
The boom of the manufacturing industry in Asia has resulted in an array of suppliers to choose from. Both global and independent brands must focus on finding reliable manufacturers that promise quality, speed, and creative and unique designs.