POESIS, a 3D printing startup based in Hong Kong, recently closed its successful crowdfunding campaign on Kickstarter for a smart 3D printing jewelry system which anyone can easily utilize to create customized, resilient and creative rings and bracelets.
Over the past few years, studies have found that the demand for jewelry has significantly increased among millennials, while sales of high end jewelry substantially declined. A study released by YouGov, a prominent big data and research firm, indicated that the efforts of marketers and high end jewelry firms to appeal to millennials are proving to be inefficient as today’s millennials only spend about $49 billion in luxury categories.
$49 billion is still a significant revenue stream for the luxury goods market. However, the study states that that $49 billion includes expenditures in luxurious apparels, bags and cars, among other products. Thus, the amount of money being targeted to the fine jewelry market is very limited.
In a survey, the YouGov research team researched 5,196 individuals from 11 countries, including the UK, France and South Korea, mostly countries that have high demand for high end jewelry. According to YouGov, millennials’ spending has increased by 8 to 10 percent over the past year but a 9 percent decrease is presumed in the luxury goods market in 2016. The YouGov team also emphasized that fine accessories and apparel markets will see the largest decrease in revenue in 2016 at 11 percent.
With demand for high end jewelry decreasing and the spending of millennials surging on a yearly basis, there exists a potentially huge market for the jewelry industry. Marketplaces like Etsy have already seen exponential growth in terms of revenues and number of uses, due to the rising demand for cheap but resilient and creative accessories.
One limitation with marketplaces like Etsy is that accessories generally aren’t customizable. Millennials will have to search through the platform to discover rings and bracelets of their preference. Also, since marketplaces are often dominated by individual merchants, quality is not guaranteed.
POESIS is entering the jewelry market with a completely new concept revolving around 3D printing technology. The company’s smart 3D printing system enables anyone to create bracelets or rings of their preference within 5 seconds. More importantly, POESIS is a cloud-based platform that does not require users to purchase expensive 3D printers to produce metal, gold or silver-based jewelry. Instead, it allows users to fully personalize their rings and bracelets through a web-based app. Users can customize text engraved onto the jewelry, materials like silver or gold, and ring size for perfect fit.
“We developed a smart cyber-physical system, a harmonization of the IT, cloud processor and advanced technology of 3D printing. Our system streamlined the whole process from the mass individual customization of design to the final production and delivery,” the POESIS team stated.
For enhanced productivity and time efficiency, the POESIS team also created four design collections or sample frameworks which users can rely on for guidance. Once the design is submitted through the POESIS platform, the company, led by designer Ken Too, uses 3D printing to produce the jewelry.
At the moment, the company is working on delivering rewards to the backers of the Kickstarter campaign, which raised HK $4,868 out of a $1,000 goal. Using the funds acquired from the campaign, the company aims to expand its operations and continue to focus on new product development.
“The aim of this Kickstarter campaign is to help us raise much needed funds to cover the costs of the on-going new product development. We have already soft-launched in Hong Kong and received very good feedback. Therefore, we hope through this campaign, more people around the world can share the joy of easy customization of their unique gifts,” Too noted.
On its Kickstarter campaign, the company emphasized that the first batch of rings will be distributed to its customers by December 2016. Once all the rewards are settled and the year of 2016 comes to an end, POESIS envisions a fresh start in 2017 with new product launches, financial stability and additional funds to back future operations.
With its 3D printing system in place, POESIS could potentially expand into other markets within the luxury goods industry, such as customizable bags, apparels, car parts, and more. The benefit of doing so with the POESIS smart 3D printing system is that it grants a higher level of transparency to its users, since users will be able to choose the types of materials to be used in the production phase.
Furthermore, the utilization of 3D printing technology significantly optimizes manufacturing processes, saving time for both the company and its consumers. Discuss in the POESIS forum at 3DPB.com.