IMPACT OF DIGITALIZATION ON THE TRANSFORMATION OF BUSINESS MODELS IN THE JEWELRY INDUSTRY

Abstract

This study examines the impact of digitalization on the transformation of business models in the jewelry industry. The primary focus is on changes in business approaches influenced by digital technologies, companies' adaptation to the digital economy, and the implementation of innovative mechanisms in marketing, production, and customer experience management. Author's Contribution. The article systematizes current trends in the transformation of business models in the jewelry sector, substantiates the key factors influencing companies’ activities through digital technologies, and develops a conceptual model for their adaptation to the digital space. The study explores the specific features of Ukrainian jewelry companies operating under wartime conditions and identifies how digital technologies contribute to business preservation and development. Scientific Novelty. The study identifies key business models emerging under the influence of digitalization, including digital platforms, personalized services, crowdsourcing mechanisms, and socially-oriented strategies. It demonstrates that digital transformation enhances customer orientation, expands sales channels, and integrates innovative technologies into production processes. A model of digital adaptation for the jewelry business is proposed, considering marketing strategies, consumer demand dynamics, and the specifics of operating under crisis conditions. Practical Significance. The use of digital tools such as social media, targeted marketing, automated sales platforms, and 3D printing technologies enhances business efficiency, expands the customer base, and increases the competitiveness of Ukrainian jewelry brands. The study provides practical recommendations for integrating digital strategies into business processes, which is particularly relevant given the global market changes. Main Findings. Digitalization drives profound transformations in business models within the jewelry industry, fostering the development of digital platforms, social media sales channels, personalized services, and technological innovations. Under wartime conditions, digital solutions become a key factor in business stabilization and open new opportunities for expansion into international markets. Ukrainian jewelry companies are actively implementing digital strategies, allowing them to adapt to contemporary market challenges and improve their overall efficiency.