Digital Transformation In The Jewelry Industry Statistics

The global consumer demand for VR/AR is expected to reach $58.8B in 2023 [1]

The global AR market size is projected to reach $284.3B by 2030 [2]

The global VR market size is projected to reach $86.9B by 2030 [3]

McKinsey estimates personalization can deliver 10–30% increases in sales and 10–20% decreases in marketing costs [4]

Salesforce reported 88% of consumers expect experiences to be personalized [5]

Epsilon reported 80% of consumers are more likely to make a purchase when brands offer personalized experiences [6]

Adobe found 38% of customers will stop engaging with a website if images or content load slowly [7]

Google reported that 53% of mobile site visitors abandon if a page takes longer than 3 seconds to load [8]

Akamai reported that 79% of online shoppers who are dissatisfied with website performance are less likely to buy from that site again [9]

Gartner forecasts that by 2025, chatbots will be used for customer service by 85% of customer organizations [10]

Gartner forecasts that by 2024, more than 60% of customer service organizations will use AI for at least one customer service process [11]

Twilio reported that 72% of consumers expect an immediate response from a brand when reaching out to customer support [12]

IBM found that 57% of consumers are willing to pay more for products with personalized recommendations [13]

McKinsey estimated that retailers could reduce forecast error by 20–50% with advanced analytics [14]

In Deloitte’s survey, 56% of respondents use mobile for product discovery before purchase [15]

Bain reported that a 5% increase in retention can increase profits by 25% to 95% [16]

IDC forecasted that spending on augmented and virtual reality (AR/VR) will reach $28.9B in 2023 [17]

Akamai reported that average web performance benchmarks show that improving load times can materially improve conversion (e.g., 2-second page load improves conversion by 10%) [18]

Google reported that 70% of the variance in consumer engagement is due to page speed (commonly cited from Think with Google; summary includes 70% stat) [19]

AI can boost productivity by up to 40% across industries (McKinsey estimate) [20]

McKinsey estimated generative AI could add $2.6T to $4.4T annually to global value across industries [20]

McKinsey estimated that generative AI could contribute about $200B–$340B to the retail industry annually [20]

Gartner predicted that by 2024, data quality will account for 30% of organizations’ data management spending [21]

Gartner reported that by 2025, 80% of enterprise data will be processed outside traditional data centers due to edge and cloud adoption [22]

Gartner forecasted that by 2025, 70% of new applications will be developed with AI-based features [23]

IBM reported that organizations using analytics are 2.6x more likely to be profitable [24]

Deloitte found that 49% of executives say AI is already part of their organization’s strategy [25]

SAS reported that 65% of organizations use analytics to drive decision-making [26]

PwC reported that 32% of retail executives consider AI to be among the top 3 priorities [27]

Teradata reported that predictive analytics improves forecast accuracy by 15–20% [28]

Gartner stated that by 2023, chatbots will be handling 25% of customer service interactions [29]

Accenture reported that 91% of consumers are more likely to shop with brands that provide relevant offers and recommendations [30]

Experian found that 80% of consumers say they are more likely to purchase from brands that deliver personalized experiences [31]

IBM reported that 90% of organizations say data is important to their operations [32]

NewVantage Partners reported that 73% of organizations use analytics for competitive advantage [33]

In 2023, 58% of companies implemented data governance frameworks [34]

According to a study, 61% of organizations have a chief data officer or equivalent role [35]

IDC forecasted worldwide spending on AI systems to reach $154.2B in 2023 [36]

In a survey, 85% of businesses said they use cloud for data storage [37]

LinkedIn reported that 59% of L&D professionals expect AI skills to be a key area to invest in [38]

World Economic Forum estimated that 44% of workers’ skills will be disrupted by 2027 [39]

World Economic Forum estimated that 97 million new jobs may be created due to technological and economic shifts by 2027 [39]

World Economic Forum estimated that 23 million jobs may be eliminated by 2027 due to technological and economic shifts [39]

McKinsey found that 30% of occupations can be automated [40]

Gartner predicted that by 2025, 25% of organizations will have created a digital business unit [41]

Gartner forecasted that by 2025, 80% of organizations will have adopted a product-based operating model [42]

PwC reported that 73% of CEOs think it is important to reskill employees [43]

Deloitte found that 94% of executives believe data and analytics skills are important for digital transformation [44]

IBM found that 120 million people will need reskilling due to automation by 2030 (estimate cited in IBM report) [45]

LinkedIn reported that 87% of talent professionals say upskilling is essential [46]

Coursera reported that 76% of learning and development leaders say skills needs are changing quickly [47]

Coursera reported that 74% of respondents say they need to improve employee training to keep up with digital transformation [47]

Adobe reported that 78% of marketers plan to increase their use of generative AI tools [48]

World Economic Forum reported that 54% of employees require reskilling and upskilling due to technology [39]

Microsoft Work Trend Index 2024 reported that 75% of knowledge workers use AI tools at least occasionally [49]

Microsoft Work Trend Index 2024 reported that 79% of knowledge workers feel AI has enhanced their productivity [49]

In 2021, global e-commerce sales reached $5.2T [50]

Global e-commerce sales are projected to reach $8.1T in 2026 [50]

U.S. e-commerce sales were $1.96T in 2023 [51]

U.S. e-commerce sales are projected to reach $2.73T in 2027 [51]

Adobe reported that 27% of online transactions were made on mobile devices in 2023 [52]

Adobe reported that mobile accounted for 44% of total online traffic in 2023 [52]

NRF reported that 2023 holiday season e-commerce sales in the U.S. were $198.1B [53]

NRF reported that omnichannel shoppers have a 30% higher lifetime value than single-channel shoppers [53]

Harvard Business Review found that omnichannel customers spend 4% more in-store and 10% more online than single-channel customers [54]

McKinsey reported that personalization-driven revenue can lead to 10–15% revenue uplift in retail [55]

Shopify reported that 79% of consumers say they will search for a product online before buying in store [56]

Shopify reported that 73% of customers use their phones to scan QR codes in stores [56]

Google reported that 76% of shoppers who search for something nearby on their smartphone visit a store within a day [57]

Google reported that 28% of shoppers who do “near me” search purchase within a day [57]

Salesforce reported that 69% of customers expect brands to use technology to create personalized experiences [58]

IBM reported that 57% of consumers are willing to pay more for a better experience [13]

Optimizely reported that 60% of marketers said they plan to use A/B testing more [59]

Stripe reported that 1 second delay in payment pages can reduce conversion by 20% [60]

Shopify reported that 70% of consumers say it is easier to shop with retailers that have good customer service [61]

In 2022, the global jewelry market was valued at $334.6 billion [62]

The global jewelry market is projected to grow to $535.0 billion by 2030 [62]

The global jewelry market is forecast to grow at a CAGR of 6.1% from 2023 to 2030 [62]

In the U.S., e-commerce sales in jewelry and accessories reached $14.7B in 2023 [63]

In the U.S., e-commerce share of jewelry and accessories sales was 26.2% in 2023 [63]

U.S. jewelry and accessories e-commerce sales grew by 4.1% in 2023 vs 2022 [63]

U.S. jewelry and accessories desktop e-commerce conversion rate was 1.85% in 2023 [64]

U.S. jewelry and accessories mobile e-commerce conversion rate was 1.45% in 2023 [64]

International Data Corporation forecasted worldwide spending on digital transformation to reach $3.4T by 2026 [65]

Gartner reported that global enterprise software spending is expected to reach $676.2B in 2024 [66]

In 2023, U.S. retail shrink was $112.1B [67]

NRF estimated that shrink as a percentage of sales was 1.6% in 2023 [67]

NRF estimated that organized retail crime accounted for 39% of shrink in 2023 [67]

Global retail fraud is forecast to reach $246B in losses in 2023 [68]

Association of Certified Fraud Examiners reported median loss due to fraud was $1.5M [68]

IBM reported that the average cost of a data breach was $4.45M in 2023 [69]

IBM reported the average time to identify a breach was 207 days [69]

IBM reported the average time to contain a breach was 74 days [69]

Forrester reported that automation can reduce operational costs by 30% [70]

McKinsey reported that digitally enabled supply-chain transformations can reduce costs by 15–20% [71]

Gartner reported that by 2026, 60% of supply chain leaders will have adopted AI-based forecasting [72]

Gartner predicted that by 2025, 25% of organizations will have implemented supply-chain control towers [73]

World Economic Forum estimated that blockchain can reduce supply chain costs by 10–20% [74]

Deloitte reported that 94% of surveyed companies said they use or plan to use blockchain [75]

IBM reported that 42% of supply chain leaders cite data inconsistency as a top challenge [76]

SAP reported that 71% of businesses believe sustainability impacts their supply chain [77]

Gartner reported that by 2024, 75% of organizations will use IoT in operations [78]

Gartner predicted that by 2025, 80% of enterprises will have adopted some form of IoT [79]

Verizon’s Data Breach Investigations Report (DBIR) 2023 stated that phishing was involved in 74% of breaches [80]

Verizon DBIR 2023 reported that credentials were used in 26% of incidents [80]

Microsoft found that 2023’s average global cost of cybercrime increased to $8.93T [81]

Microsoft estimated that 43% of cyberattacks target small businesses [81]

In 2022, 64% of small businesses had suffered at least one cyberattack [82]

Gartner predicted worldwide spending on public cloud services would total $675B in 2024 [83]

Gartner predicted that by 2026, 25% of customer service organizations will use AI for quality management [84]

Gartner predicted that by 2025, 80% of organizations will use continuous controls monitoring [85]

IBM stated that the average cost of compliance with GDPR was about $1.46M per company (estimate from IBM analysis) [86]

Identity theft and fraud accounted for 51% of all fraud in the U.S. in 2023 (FTC data) [87]

The FTC reported $10B in identity theft losses in 2023 [87]