Jewelry Sales Shine Online
by Asi Erenberg - July 21st, 2006 12:43 pm
Asi Erenberg is CEO of Ecommerce Partners
With the holidays just around the corner, industry experts are warning of a serious flaw in brick and mortar jewelry and diamond retailers’ business model. This month the New York Times’ E-Commerce Report noted that conventional jewelry retailers hoping to keep pace with their online competitors “faced an uphill battle†as “a growing subset of the jewelry-buying public prefers to buy their jewelry sight unseen.†Other industry analysts agree… Jewelry sales shine online
Forrester Research found “people bought $3.4 billion worth of jewelry online last year and will spend $4 billion this year. Offline, the growth is but a fraction of that amount.†And comScore Networks, a company that monitors consumer behavior and attitudes, found that while this year’s Valentine’s Day jewelry sales were disappointing for traditional retailers, online jewelry sales skyrocketed 24 percent! “Year over year,†experts noted, the online jewelry sector has “showed the most dramatic increase†of any industry.
The bottom line is clear. The Internet provides dazzling opportunities for jewelry and diamond retailers to show and sell their latest designs and product lines, and see profits soar. And it is equally apparent that continuing to operate the old fashion way is a risky business strategy indeed.
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