Since the epidemic, jewelry sales have been relatively weak, but with the help of e-commerce, the jewelry industry has begun to regain its glory. Recently, Signet Jewelers announced the performance of holiday sales, the most eye-catching is its new breakthrough in online business.
With the help of e-commerce transformation and upgrading, the online business of jewelry industry giant Signet has made breakthrough progress. During the peak holiday season, Signet’s total sales were $1.8 billion, almost the same as last year. Same-store sales increased by 5.6% year-on-year, while online business increased by 61%.
Gina Drosos, CEO of Signet, said: “As part of our strategic transformation, we have closed hundreds of physical stores in the past year and vigorously developed e-commerce, and the growth of online business has also It proves the correctness of our transition to e-commerce."
At a meeting, the department manager of Kay Jewelers under Signet revealed the growth of the jewelry industry. He said that during the epidemic, jewelry sales have not slowed down. Even if they can only celebrate online, consumers still buy souvenirs for major life events. Such as graduation ceremony, birthday and engagement.
Under the suppression of the epidemic, Signet has seized the opportunity of e-commerce and rapidly developed its online business, providing online consultation, virtual wedding planning and shopping appointments, and increasing roadside delivery options. These have accelerated the process of Signet's e-commerce, and also brought Signet a huge competitive advantage.
It is worth noting that among all the categories, the bridal and fashion categories have the fastest growth in jewelry sales. In fact, Signet's online business is still in its infancy, and there is still a lot of room for development.
Signet's next focus is to accelerate the shift from physical stores to online stores, continue to close stores with low traffic, and expand online channels. The company also stated that its current e-commerce fulfillment capacity is 5 times that of 2019, and it is even able to deliver more than 98% of North American orders on time.
In ordinary people’s minds, jewelry as valuables is often considered unsuitable for online sales, but this is not the case. Signet's eye-catching online performance confirms the potential of online jewelry sales.
The explosive growth of online channels has also accelerated the digital upgrade of all jewelry sellers, constantly introducing new marketing models, and launching innovative products to meet the needs of young online customer groups.
