Louisville, KY—Though price isn’t the only reason consumers shop online, it’s pretty high on the list, even for luxury goods. But one online jeweler found a way to turn that behavior to his favor.
In an article on RetailCustomerExperience.com, Ryan Wilson, CEO of Savvy Watch, said since consumers are going to shop different sites to find the best price, he may as well meet their expectations himself and keep them on his site, which sells moderate-price designer watches and sunglasses. Its brand list includes names like Hamilton, Victorinox Swiss Army, Gucci, Tissot, Citizen, Casio, and more.
Wilson uses a tool called PriceWaiter, which allows consumers to enter a bid price for a watch. They always had the option to call the company and bargain on the phone, but few did, he said. Most just went to another site looking for a better price, Wilson told RetailCustomerExperience. But with the PriceWaiter tool—which he originally employed to gather data, not adjust prices—one in five offers converts to a sale.