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Technology Helps Le Vian-Signet Partnership Boost Sales Rates | November 04, 2020 (0 comments)
Great Neck, NY—As the ongoing COVID-19 pandemic has driven so many aspects of life into the virtual realm, a retail tech collaboration between celebrity jeweler Le Vian and Signet, its major retail partner of 22 years has helped both not only weather the effects but improve business through it. The jewelry brand also recently won one of Asia’s coveted JNA Awards for its retail technology innovations. Image: A Le Vian "Pomegranate" ring.
An early adopter of retail technology, Le Vian’s approach to digitization, in collaboration with Signet, is an industry-leading example into the next frontier of selling. One of the first examples was the Le Vian Style Bar, introduced in 2015. Initially it allowed customers to see thousands of Le Vian pieces via tablets, but in 2019 Le Vian added eight-foot electronic in-store totems to the program, allowing customers to choose from all of the brand’s pieces instantly while still in the store. Le Vian CEO Eddie Le Vian told The Centurion more than 250 of the totems are in use; about 200 in Kay stores, 50 in Jared stores, and a dozen or so in independent retail jewelry stores. Every banner using the totem gets its own specific content.
This year’s lockdowns sped up Le Vian and Signet’s omnichannel migration. A positive outcome is increased appointment show-up rates, from 50% a decade ago to nearly 100% today. As a result, private appointments—both virtual and in-store—and appointment-only trunk shows are now central to the Le Vian/Signet omnichannel model, resulting in buyers not only showing up but also purchasing in almost 100% of cases.
Le Vian and Signet’s live online virtual assistance was a big part of what won the company’s recent JNA Innovation Award. In July, Signet CEO Gina Drosos singled out the virtual events it hosted alongside Le Vian as a notable merchandising strategy for Signet, helping it become a more efficient and effective omnichannel retailer, while in a September conference call with investors and press, Signet CFO Joan Holstein Hilson named the brand a 'best performer' among the retailer’s merchandise mix.
During April’s Le Vian LOVE event with Signet, brand sales at Signet’s Kay and Jared stores jumped fourfold and contributed to significant increased sales at Signet overall.
During the pandemic, Signet introduced immediate phone assistance for website visitors and help via screen sharing. Consequently, Signet now closes online sales in 17% of cases, compared to 1% beforehand. The technology will be installed in 180 of Signet’s Ernest Jones and H.Samuel stores in the UK.
The Le Vian Style Bar totem.
Other strategic moves the Le Vian brand made during the pandemic:
- Instituted a reservation system on Levian.com in which customers are able to preview and reserve one-of-a-kind pieces.
- Le Vian TV had launched in January 2020 and by April its interactive online shopping shows had garnered a reach of 1.5-million people per show during primetime.
- The brand made a successful digital pivot for its annual Le Vian Red Carpet Revue trend forecast and fashion show, shooting it in a living room, and presenting the trend forecast on Le Vian TV, supported by a digital clickable flipbook.
Related: Le Vian Names “Symbols Of Protection” As Jewelry Trend Of The Year; Addresses Adaptability
- Le Vian Smart Stores and Virtual Vaults have yielded handsome sales, including a $60,000 ring.
- The company took advantage of temporary drops in demand to acquire top-quality diamonds and gemstones, and tap some of the leading [furloughed] jewelers and bench workers in New York, allowing it to forge ahead with its new High Jewelry Collection, also launched via digital flipbook.
- In September, Le Vian launched geo-fencing technology to assist independent retailers and drive sales. This highly targeted technology digitally alerts Le Vian collectors' smartphones when they enter a specific mile radius of a participating independent Le Vian retailer. It sends the customer a pop-up digital advertisement featuring exclusive Le Vian designs only available to purchase via independent jewelers. Its initial rollout revolved around its Chocolate Diamonds 20thAnniversary Jubilee collection.
