As with most things, consumers have been able to buy jewelry for a long old time — the first online jewelry stores, after all, were launched more than three decades ago.
But it would be wrong to say that consumers have always been enthused about buying jewelry. They may have had the option, but, more often than not, they made all major jewelry purchases in-store.
That, however, is no longer the case. Online jewelry sales have skyrocketed in recent years and are now worth more than $46 billion. And with a CAGR of more than 13.5% between now and 2023, that figure is only going to move in one direction.
So, what’s behind this staggering growth? Let’s take a look at some of the reasons why modern consumers are increasingly turning to the online world when buying jewelry.
The Trust Factor
The online jewelry market has grown, in part, due to the same reason that all other online markets have grown — there’s simply a lot more consumer trust. The leading online jewelry retailers offer features like free insured shipping, no-quibble thirty-day returns, and unbiased gemologist input, all of which help to significantly boost the buyer’s confidence, making it more likely that they’ll make a purchase. After all, they know that if it doesn’t work out, then they can easily get their money back.
Wider Range of Options
One of the issues that consumers have with searching for jewelry in brick-and-mortar stores is that they usually have to visit multiple stores to try to find the type of item they’re looking for — and even then, there’s no guarantee that they’ll actually find it. That’s because physical stores are limited in how many items they can stock, which reduces the chances that the buyer will find what they’re looking for. Online stores, on the other hand, have no such limitations — and as a result, buyers have a much broader range of items to choose from.
Better Prices
In addition to typically having more items available, online jewelry stores also usually offer better prices. That’s because, in many cases, physical jewelry stores have to add the costs of rent, electricity, staff, and other expenses to the cost of their products. Online stores, meanwhile, have significantly fewer overheads. That means that they can offer better prices for everything from rose gold three stone engagement rings and lab-grown diamond pendants to hoop earrings and beyond. Consumers always want the best price, so it’s no surprise they’re increasingly looking online.
All-Out Convenience
Finally, online jewelry sales have risen, in part, thanks to the overall experience that shopping online provides. It’s possible to browse online for jewelry at all times of the day, wherever you happen to be. There are also no sales staff standing over them while they browse, pressuring them to make a purchase. All in all, it’s a more relaxing experience that provides the same outcome — a great item — as if they had gotten dressed, gone into town, and bought the jewelry piece in-store.
