Online Luxury Goods Market Doing Well
November 20, 2008 by Admin
Premium Pearl, a luxury online retailer, is doing well despite the recent economic downturn causing an average loss of 10-20 percent in sales in the sector. The value of Premium Pearl’s products and services has generated a strong customer retention rate online at www.premiumpearl.com, and this has sustained the company.
Premium Pearl anticipates the return of 30-40 percent of its customers during the upcoming holiday season, and sales are expected to match that of last year.
The retailer offers quality pearl jewelry at an affordable range of prices, compared to Macy’s or Tiffany’s. Most customers are drawn to the site through various online advertising campaigns at Google, Yahoo!, and MSN.
Company founder and manufacturing director, Yan Berry, is aware of the challenge that selling a luxury product such as a pearl jewelry online can be, and makes every effort to ensure quality manufacturing. The challenge that online retailers face include consumers being used to touching and feeling the goods that they plan to buy for someone they care about. They are also more leery about getting a good value and whether or not the online store is trusting.
Yan comments, “When I put the order together, I am treating it like my own order, I am thinking the extra effort I put in making the jewelry-whether it is $30 or $5,000 order, will make someone so happy, and it is very rewarding.”
Co-owner of Premium Pearl, and graduate of GIA Pearl, John Berry, personally consults customers on the phone, and says that the experience of talking to customers is valuable, and it helps him to improve services and make wiser business decisions. Yan, who also believes that listening to customers is key, states, “Their feedback is so insightful, it helps to improve our service, our Web site, and merchandising.”
Feedback forms are sent out via email to customers several times throughout the year, so that they can offer input regarding quality, price, delivery, and service. The company believes that seeing five-star feedback is great, but they are also interested in those that aren’t. “We always carefully learn from the problems pointed by customers, and try our best to fix it,” Yan said.
This year, while media report business closing or employee laid off every so often, Premium Pearl is making good sales from not only new customers, but more importantly, from many old customers. According to Yan, “Old customers really know our quality and services, they often came back for very big purchases.”
Yan expressed that having a web site with useful resources and easy navigation boosts buyer confidence. The Web site contains detailed pearl guide that help customers make good buying decisions. Quality pictures also play a role in the company’s increased buyer assurance.
With Christmas holiday coming up, Premium Pearl predicts 30-40 percent of old customers will end up coming back to make purchases again this year. They also predict that Christmas sales will be similar to last year.
About Premium Pearl:
Premium Pearl (Web site www.PremiumPearl.com) is an online fine pearl jewelry retailer. Located in San Francisco, the company designs and manufactures pearl jewelry with its high standards of quality and style. It is also a leader in trendsetting pearls. Everyone from musical sensation Fergie to actress Tamara Braun has been spotted wearing the company’s unique designs.
