Jewelry ECOMM Tech
How To Drive Holiday Diamond Sales - Using A Growth Hack Formula And No Inventory Costs October 08, 2018 (0 comments)
According to Bridebook, It is estimated that approximately 100,000 proposals are likely to occur during the holiday season. Add to that, the increase in online bridal sales: Idex Online recently published a report that diamond jewelry sales hit a record $82 Billion in 2017 boosted by Millennials and Gen Z. More and more couples are choosing to shop online for their engagement and bridal jewelry. The sales potential here is mind boggling.
Right now, over eight billion in diamonds is accessible to you as a retailer. Yes, billion. You now have the ability to allow your customers to find the diamond of their dreams, within their budget - with no physical inventory. How is this possible you might ask? This can be done by creating “Instant Inventory” through Rapnet and Rockslide.
Most brands and retailers carry a small diamond inventory and can expand their offerings. By streamlining the process via a user friendly application where the consumer can browse and purchase diamonds, you have a leg up on your competition - without spending a fortune on diamond inventory.
Rockslide® was created by Nano Web Group to help retailers gain access to Rapnet's Inventory, in a way that is user friendly for the consumer. It is a streamlined and easy to use search engine built exclusively for the diamond industry and powered by Rapnet®.
Rapnet instant inventory demo.
Now that you have your user-friendly, robust diamond search, you need to drive traffic to your website. In comes part two of our holiday season growth hack formula: Align your jewelry business with a charity. You’ve heard of “Black Friday” and “Cyber Monday,” but did you know, a big day for sales is “Giving Tuesday.” For the upcoming holiday season, and in the spirit of giving, I recommend you align your store with a local charity. This goes a long way towards creating brand affinity and an overall positive vibe about you, your store and the products you sell. One such company that excels in this area is Brilliant Earth. According to their site, Brilliant Earth, ‘donates 5% of net profits to help build a brighter future in mining communities and in the communities they operate. They also donate to programs that are dedicated to improving human rights and environmental practices in the industry.’ This can also assuage concerns regarding blood diamonds and the environment when purchasing gemstones.
“Cause Related Marketing Is a Win-Win for Brands, Charities and the Consumer.” This is the title of an article published in Entrepreneur.com, and it basically states: Today’s consumers prefer brands that support causes. In addition, “research has shown that consumers believe companies should do more than return profits to their shareholders. Consumers want companies and brands to demonstrate a purpose that benefits both local communities and the world at large.”
Cause related marketing also provides a strong incentive to purchase, driving sales up. In his article titled, “Incentive: Cause marketing generates 7x more revenue than price discounts for toy manufacturer.” Daniel Burstein writes, “If you’re looking to incentivize, cause marketing can be less detrimental to your pricing power than discounts or free shipping, either of which could result in your customers becoming conditioned to a new, lower price anchor for your products.”
Find a charity in your area that is reputable and offer a proceed of sales for the holiday season. You can share this to your social media channels and contact newspapers to let them know that you’ve teamed up with the charity. Put the charity on your website with a line about sales proceeds going to that charity. Likewise, the charity itself will mention you as a partner, perhaps including you on their website and social media, and drive traffic to your site and social media channels.
Hiring a public relations and social media pro that can arrange these opportunities on your behalf and write about them, is also a good way to up your branding game. They have the media contacts and know how to make each post more impactful.
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The cost for the Rockslide® module is minimal, and if you have a Shopify® site, you only pay $15 a month for this module. It is also available for Magento® and Wordpress®. I’ve spoken to the CEO of Nano Web Group, creators of Rockslide and he would like to offer subscribers of Jewelryecomm.com a $30.00 credit towards the purchase of the Rockslide module. For more information, please contact rockslide@nanowebgroup.com
Author Bio:
Aneta-Monika Lidogoster is a branding, PR and social media marketing consultant working with jewelers for over 17 years. When she is not placing jewelry on the red carpet, she loves hitting the playground with her daughter and dogter and gets a thrill when her posts go viral. You can contact her at aneta@viewfluence.com