Growing Trend
Alex Covert — October 28, 2007 — Luxury
References: trendhunter
The internet busted the business world wide open, creating a new universe for buying and selling venues. For years, the myth that making online purchases permeated through American homes. Although this belief still exists for some, the current trend of buying things on the internet has grown to include expensive jewelry. Part of the reason for this trend has to do with people's discomfort in bargaining with face-to-face salesmen. Folks can go to online jewelry stores like BlueNile.com and buy $60,000 necklaces or Sam's Club and buy $10,000 rings.
Trend Themes
1. Online Jewelry Purchases - The growing trend of purchasing expensive jewelry online; an opportunity for online jewelry stores to cater to this market.
2. Online Luxury Retail - The rise of online luxury retail is disrupting the traditional sales model and creating opportunities for businesses to reach a wider audience.
3. Reluctance to Bargain - The discomfort in bargaining with face-to-face salesmen has led to an increase in online purchases of expensive items, including jewelry.
Industry Implications
1. E-commerce - The growth of online jewelry sales demonstrates the potential for e-commerce to disrupt traditional retail models and expand into the luxury market.
2. Jewelry - The trend of buying expensive jewelry online presents opportunities for jewelry businesses to adapt their sales strategies and reach a wider audience.
3. Luxury Retail - The popularity of buying luxury jewelry online exemplifies the disruption of traditional luxury retail models and creates opportunities for innovation within the industry.
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