How Jewelry Buying Has Changed!
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For as long as most of us can remember, the prospect of buying jewelry could be a daunting experience. Visiting the jewelers shop brought about a feeling of being at a disadvantage " there stood the expert jeweler in the midst of all of the fine and expensive products and only he (or she!) knew the facts and figures that enabled a true value to be placed on his products. Information was handed down to the buyer as deemed necessary by the jeweler and the atmosphere was one of privilege " in other words, you the customer were privileged to have his time granted to you so that you could be guided towards the suggested purchase.
Not only did the jeweler have all the facts on the best value for money products, he was also the only outlet where you could make your purchase. Although there was an element of competition with other jewelry stores, most of it was centered round the layout of the store and the uniqueness of the goods on offer rather than on price only. The profit margins on the retail price could be as much as 75% but it was virtually impossible for the customer to negotiate any price reduction.
With the advent of the Internet a change took place in the market. This change not only affected the jewelry business but many other businesses and industries. Because of the nature of the Net, competition increased quickly and dramatically. More worrying for the jeweler was the fact that the customer could thoroughly research the products before making a purchase, making him less susceptible to any sort of sales pitch.
All of a sudden, customers were not quite so easy to control! Many of them now came into the jewelers store already informed about technical aspects such as carat weights, diamond colors and independent appraisals. They demanded shorter delivery times and lower prices and would compare these with other Mall and online stores to make sure they got the best deal.
The traditional jeweler was confronted by an enormous change to the way business was done. He would prefer to run his business as usual - buy highly profitable pieces of jewelry and display them to advantage in the store, greet the customer as they entered the shop and provide advice and support in their purchase.
A new breed of jewelers, and especially online stores, turned this on its head. They became far more customer focused " they were prepared to match the products they supplied to the requirements of their customers and they were also happy to provide as much information as the customer wanted before reaching a decision. They were prepared to do this as a strategy to attract customers to this new way of doing business. They were also prepared to compete on prices, which they could afford to do precisely because of their lower overheads.
The customer now has more choice on where to buy his jewelry thanks to market competition brought about through the technological development of the Internet. Not only that, he is much more knowledgeable on the subject and more able to command the best deal because this new way of doing business has educated him.
Article Source: Articlelogy.com
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