Jonas Sommer Lorentzen’s Post

💎 Last one on my list is Pandora - heard of it? Of course you have. Here's what you need to know 💰 Pandora’s annual turnover is estimated to be 27 billion krone in 2023 🛍 According to tech report it had 47.42 million monthly active users in the first quarter of 2023 💍 It’s the largest jewellery business in the world - by volume. 🤺However competition is fierce…many businesses are driving e-commerce success in this industry. But Pandora has a way forward. 🤖 The business invests heavily in advanced analytics - joining the dots between online and retail channels - talking to the customer in the same consistent manner throughout. 🤩 And it’s working! Pandora had a record breaking 2022 and 2023 isn’t looking too shabby 🧐 But the biggest pivot is yet to come. Why? 🧿The business wants to engage customers beyond their collectable charm bracelets. So what can they do next? 🧠 The answer is simple, yet significant and defining. 🌎 Completely eradicate the use of naturally mined stones 💎 Invest in lab grown diamonds with the aim to make them more accessible to the mass market. ☘️To make determined efforts to become sustainable and put their money where their mouth is Here's what has happened so far ✅ Pandora has used 100% renewable energy used in their diamond collection ✅ 100% of their products are now made with man-made stones (excl pearls) ✅ Their lab-created diamonds have a carbon footprint 95% lower than their mined counterparts ✅ 100% recycled silver and gold is used in their diamond collection ✅ There has been a 6% reduction in emissions across their full value-chain This is an excellent case study for #businessdesign and #servicedesign, to learn about designing sustainable business models, exploring supply-demand at scale and shifting global consumer behaviours. #design3 #design #servicedesign #pandora #sustainabledesign

Decoding Consumer Preferences: Price vs. Sustainability in Lab-Grown Diamonds Pandora's CEO, Alexander Lacik, sheds light on the driving factors behind the purchase of lab-grown diamonds: Price and design reign supreme over sustainability claims. Despite the growing discourse around ethical choices, it appears the allure of affordability and aesthetic appeal is what truly influences consumer decisions, especially among Gen Zs and millennials. This revelation poses a pivotal question for jewelry retailers and manufacturers: How do we balance ethical storytelling with the undeniable appeal of cost-effectiveness and design? At Tech Consultancy Pro, we delve into these market dynamics, offering insights and solutions that help you align your offerings with consumer expectations, enhancing your brand's appeal and value proposition. Discover how digital innovation can redefine your retail strategy to meet these evolving consumer preferences. 🔗 Explore Solutions with Tech Consultancy Pro: https://lnkd.in/eSdsuszz #TechConsultancyPro #LabGrownDiamonds #ConsumerBehavior #Sustainability #DigitalInnovation #Pandora #JewelryRetail #Idex #IdexOnline #DiamondConnect

Pandora's CEO highlights a key insight: when it comes to lab-grown diamonds, price and design often outweigh sustainability concerns. How can we, as industry professionals, adapt? Tech Consultancy Pro offers strategies to meet these evolving preferences through digital innovation. #TechConsultancyPro #ConsumerInsights #LabGrownDiamonds #DigitalTransformation

Pandora has shown that AR is the trendiest accessory of all! Just picture it – with AR, the charming streets of Copenhagen have turned into a digital spectacle! Is there a better way to catch a customer's eye? 🕶️💃 Pandora's AR innovation has injected a new perspective into fashion week, as if all the old-fashioned approaches have been given a tech-savvy makeover! 🦄🔮 #AR #technology #augmentedrealitymarketing #fashionweek #pandora #digitalmarketing #AugmentedReality #marketing

Nokia did not innovate. Blockbuster did not stream. Macy's did not follow the latest fashion trend. These are examples commonly used to highlight the need for businesses to innovate/change or die! However, on the other side of the coin, many companies have faced their downfall due to ill-conceived innovation. Companies like luxury brands Hermès and Rolex have thrived on consistency. Their adherence to traditional values and consistent product lines appeals to a market that values familiarity and craftsmanship. Fast food giant McDonald's, despite minor changes over the years, has maintained the core of their business, demonstrating that a degree of stability can foster customer loyalty and long-term success. In essence, the business need for innovation is not universal. Misguided or unnecessary innovation can lead to failure, while strategic consistency can lead to success. The trick lies in understanding customer needs, market trends, and the unique aspects of one's industry.

Have you witnessed the mesmerizing giant hologram of Gisèle Bündchen in the heart of London? 🌟 Or perhaps, immersed yourself in the virtual extravagance of the Gucci Cosmos exhibition online, courtesy of The Sandbox? It's awe-inspiring to see how brands are pushing boundaries to deliver a premium user experience by seamlessly blending the realms of virtual and reality. But the question is, how exactly are they achieving this fusion? Read the article below 🔗  #virtualreality #innovation #tech #fashionindustry https://lnkd.in/e3m-ZCxK

You can catch my interview with CGTN about AI and fashion as part of the coverage for NY Fashion Week!

Generative #AI with #AR is transforming #fashion, enhancing #ConsumerExperiences, and streamlining design processes. It offers personalised shopping, virtual try-ons, and #sustainability, despite challenges like data privacy and accuracy. This digital revolution promises limitless possibilities for creativity and personalisation in fashion’s future. Read it all here: https://lnkd.in/dCisWkDU