Online shopping is in fact an upward trend in the United States and the world at large. It is not only easy and cheap to set up, but also having the capacity to reach an expanded size of the market in all corners of the world. With this opportunity, it allows the company to increase its sales while decreasing its cost particularly in marketing. Expansion into men’s market Favoring the lifestyle trends now, men are more willing to invest money and time on their looks. By launching new jewelry and accessories to the men’s market, this definitely provides Tiffany with new opportunities to grow and increase their company’s
If the economy in US has slowed down, it will depress the purchasing power of the retail customers which in another way round the revenue growth will depress and reduce the margins in Tiffany & co. As the interest rate increased, it will cause the reduction of customer on spending but it does not augur well for the retail chains like Tiffany. (Data Monitor, 2015) 3.0 Market Segmentation Market Segmentation is a procedure of interpreting and subdividing a huge homogenous industry into clearly recognizable sections having identical needs, wants, or requirement features. Its purpose is to design a marketing mix that accurately suits the objectives of clients in the targeted segment. 3.1 Recommended target
When the brand decided to launch an e-commerce site in November 2012, it had to deal with the questions that all luxury brands must deal with when considering whether to sell its pieces online: whether people will purchase online, should the prices be shown, can they continue to drive consumers in-store, and should there be a mobile version of the site? Cartier chose to respond with "just do it and do it well" (Meerson, CARTIER – New Online Store Opens in the USA – November 2012). The website includes detailed product descriptions, 3D interactive viewing, history of the Maison, customer service assistance before and after sale and shows the prices of some of the pieces. Lower priced jewelry pieces have the ability to be bought directly online and are displayed with high definition pictures as well as pictures of how the pieces look on drawn models. For its high jewelry pieces, clients must call in order to purchase these high priced items.
4.2 “The new shopper”: men as gatherers (Boedeker, 1995) 11 of the participants were classified in this category. Men as gatherers have demonstrated a higher level of involvement with the consumption of fashion. They were more fashion-conscious and in general were more interested in their appearances. Bakewell and Mitchell (2006) suggest that the increase of social and commercial demands on men make they become fashion consumers (Bakewell and Mitchell, 2006). All of the participants enjoyed shopping offline and online, as shopping was considered “fun to try new clothes” (Thomas) and a “chance to experiment” (Ryan).
Widen market online selling plays vital role in expanding the size of the market because the internet makes world global village. Many e-sellers offer their websites into different languages for creating demand for their products in various countries. List disadvantages of operating online: Disadvantage What steps will you take to overcome it? Websites costs We will cut cost making a long term contract with advertising agencies, also selecting the right place to advertise can cut extra
For young people and youngsters, style jewelry pieces that are famous frequently incorporate bright, larger pieces, and in addition charm bracelets or charm arm ornaments. For men, a prevalent bit of jewelry regularly incorporates extensive pendant pieces of jewelry, a hefty portion of which show a cross or another well known or significant symbol. Use Fashion Accessories Coupons while shopping online to get awesome rebates on your
“In the end, the factors that make jewelry an intimidating purchase for many consumers—it’s an expensive, complicated, infrequently purchased, “blind” item with security implications—also make it not easy to buy online.” “But most jewellery is visual, as well as non-branded and unique, and most shoppers still want to see and try it on before they buy. Plus, there is the education element. Shoppers don’t buy jewelry regularly and typically need assistance.” (Bates) Getting consumers to purchase jewelry online is not easy since nowadays a majority of jewelry brands try to avoid entering into the world of the digital sales. Companies have taken different approaches in trying to fight these common setbacks. Clicks-to-bricks is a popular option,
Jewelry Gifts This Valentine’s for Your Girl The time is almost up boys! No more procrastinating about your Valentine’s Day gifts for your girlfriend or wife. It’s time to pick a beautiful jewelry gift to put a smile on her diamond worthy face this year. We’ve gathered a selection of the best jewelry gifts for Valentine’s. The selection features plenty of styles and price ranges to ensure you find something amazing and affordable to give this year.
Those benefits can build a good relationship with the customer because they like to pay less and get many benefits to purchase products and services. Furthermore, customers may find lower prices or higher discounts with a small number of firms in the oligopolistic market. The others will also cut prices to prevent losing their market share when a business started to cut down its price. Firms might have to sacrifice some profits in order to keep customers or reduce the rivals while lower prices to benefit consumers. For example, customers can find discounted air fares which allow them to enjoy the best flight deals with Air Asia.