|
News
Ritani's new clicks and bricks business model explained online
Jeweller combines new with old selling methods
 3.0 k views | Posted October 23, 2012 | By Jeff Salton • Assistant Editor
In an ever-evolving market, one online engagement ring retailer is embracing traditional shoppers, too, by partnering with a network of trusted local bricks and mortar stores.
Ritani – an engagement rings, loose diamonds and fine jewellery brand in the US and, until recently, an online only retailer, has combined its popular ecommerce business with traditional bricks and mortar outlets.
The company now offers consumers an all-encompassing ‘brick to clicks’ experience whereby it provides visitors to its website the option of purchasing on-line or choosing a ring or loose diamond from one of its 380 partner retail outlets. Ritani has roughly 700,000 Facebook fans but no traditional stores, hence its partnering arrangement with selected jewellery retailers.
Thanks to a $15 million injection of new funding led by Cantor Ventures, and a new 30-man ecommerce team and manufacturing and retail partnerships, customers can browse the website for the ring they like or even design their own. This can be paid for and delivered straight to their residence or viewed at a local bricks and mortar store for a final check before purchasing the bespoke piece.
“We officially launched our new ecommerce website linked with a network of premium local jewelers to unify consumers' online and in-store engagement ring purchase experience on October 11 and have already seen a tremendous amount of interest, both through purchases online, as well as in-store foot traffic at our local partners,” Ritani’s newly-appointed president, Brian Watkins, told Jeweller.
Watkins’ ecommerce experience stems from stints at Blue Nile, Nordstrom and Bain & Company. He believes the online sellers have missed an opportunity to fulfill customers’ natural desire for personal service during one of life’s most important buying decisions.
“First generation online engagement ring shopping focused on presenting vast selections at the lowest price,” he said. “The next generation jewellery retailer will not only deliver selection and value, but will go further.”
Ritani's strategy is to enable buyers to choose between two loose diamonds or two engagement rings that will be sent to the affiliate store closest to them to allow them to see and inspect the jewellery in person.
Watkins explained that the retail partners would have a chance to form long-lasting relationships with consumers if these customers chose to view rings or diamonds in-store, prior to purchase.
“We'll continue to expand our integrated partner network of high-end local jewelers, all of whom earn revenue on every online Ritani transaction, to help customers everywhere experience the ideal way to shop for diamond jewelry,” Watkins said.
Watkins said Ritani was: “leading a consumer-driven transformation of the jewelry industry that recognises the value of each sales channel, especially the vital role and knowledge of the trusted local jewellery retailer to make the shopping experience personal again. Our success will be judged by our ability to unify consumers' online and in-store engagement ring purchase experience in a way that inspires the utmost consumer confidence.”
Ritani will absorb the cost of rings that are not collected or bought in-store, believing that the quality of the pieces will still attract buyers.
According to Watkins, jewellers in the partnership program also receive a share of proceeds from Ritani sales in their local area, even if they were not involved in the sale.
More reading
|
|
|
|