E-Commerce in the Jewelry Industry
The jewelry industry has changed dramatically over the past decade as 800 numbers and mail order catalogues have shifted to Web sites and orders online. Jewelers are discovering new ways to benefit from investing in e-commerce to make their sites fully functional and profitable, according to researchers and small businesses experts. For retailers, they are many advantages to developing a business strategy that takes advantage of the power of the Internet (NSW, 2003).
Retailers in the online jewelry market have been able to seriously increase their revenues as a result of e-commerce (Tracy, 2000). According to recent research, the United States market will grow from $77 million in 1999 to over $1 billion in 2004. In addition experts predict that growth of the online jewelry market will be faster than that of consumer e-commerce in general and of Web adoption in the U.S. In general.
The market will defy the conventional wisdom that says consumers would want to see and hold fine jewelry before they plunk down large amounts of money," according to Jonathan Gaw, a research manager with IDC's Consumer eCommerce Major Purchases program (Tracy, 2000). "Although (the industry) faces the same challenges with regard to channel conflict and infrastructure development as those confronted by their counterparts in other industries, fine jewelry retailers will be able to apply the lessons of those that came before them to accelerate their learning curve," Gaw said.
E-Commerce Customers and Features
The majority of customers who purchase jewelry online are experienced e-commerce purchasers who are comfortable with the process. "Online jewelry consumers will know what a good Internet selling experience is, and they won't...
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