Over the past few years, online jewelry sales have been consistently on the rise! Consumers are now recognizing the dramatic benefits of purchasing online as opposed to a retail store.
When purchasing in a large walk-in jewelry store, consumers typically have between 10-30 items of each different product to browse through. This small selection does not allow consumers to see what all of their many options really are before making their purchase. Engagement rings are usually the most stocked item in retail stores, which leaves customers that aren’t in the market for engagement rings with a lacking selection. Without showroom space and inventory constraints, online jewelry stores are able to offer hundreds of choices in any type of piece for which you are shopping. A jewelry purchase is not one made every day. Whether for yourself or someone else, your purchase should be an educated one.
Online jewelry retailers know that customer service is a major aspect to every transaction. Customers primarily want be assured of when they can expect their item, how it will arrive, if it is insured and if their special requests including gift wrapping and sizing will be met. They expect constant communication since they are without the “face to face” they might experience in a store. As an online jewelers, we go out of our way to maintain the customer’s complete peace of mind.
Local stores will typically only do what is necessary to make the sale. Most do not offer warranties since repairing items contribute to a large portion of their income. They know that if a customer purchases from them, they will bring it back to them for repairs which can be costly.
Online jewelry stores offer warranties that cover the item regardless of the damage. They know that repairing the items under warranty is the ethical way to stand behind a product.
Many walk-in retail jewelry stores are unfortunately known for selling low quality products. In the business, we refer to such products as commercial grade. Commercial grade products are made of poor to mediocre quality materials and the diamonds tend to be cloudy and off white in color. This is because the staff is able to use their sales pitches to sell the pieces. A piece of jewelry in an online store has to sell itself. Our products must truly be of great quality due to the fact that they are being sold solely based on facts. Once our consumers receive their purchase, they will more often than not inspect or have their item inspected. The inspection process for an item purchased online is usually much more thorough. After this process, even the most skeptical customers are put at ease knowing that their item is of superior quality.
Online stores are able to offer higher quality items at lower prices due to a few important factors. Overhead in a walk-in store can amount to anywhere between $7,000 and $25,000 per month, which influences their pricing. Comparatively, most online stores pay between $1,000 and $3,000 per month in office overhead. This significantly lower amount allows them to offer many more items at lower prices. Another factor is volume of sales. Online jewelry stores sell hundreds of rings, earrings, necklaces and other items per month. This allows them to have lower profit margins on each item. Most walk-in stores only sell between 1-5 items per day and have to pay a commission on each to their sales staff. Because of this, their profits have to be higher.