Global dominance of Ecommerce and Business over the Internet - The Changing face of the Gemstone and Jewelry Industry
Who could have thought at the beginning of the 90's that the Internet will be a force to reckon with in the global business arena? Circa 2008, almost all global companies have diversified their operations to suit the requirements of the internet market portfolio. This is the dawn of a new age where net savvy consumers are willing to make a $50,000 purchase at one click of a mouse. The reach and impact of conducting business over the internet has been nothing short of phenomenal. From a miniscule percentage of people who took up buying and selling on Ebay.com in early 1996 to the millions of online transactions being conducted globally today, it has been a long journey.
Post 2000, the internet became a much more cost effective medium whereby businesses could cut costs in half while doubling their profits. This is the era in which online giants such as Amazon.com, BlueNile.com and Ebay.com set the benchmarks for other's to follow. Knowing the pulse of the online consumer became the industry buzzword. Research and technological innovations allowed websites to offer greater comfort and convenience to the online consumers. Consumers were often lured to internet stores in search of bargains and 24/7 customer service. Today the internet has become a part of our everyday life and businesses are more than willing to take advantage of this medium to further their business operations.
Conducting business over the internet came to be known as ECommerce and serving millions of customers at the same time all over the world was one attractive proposition which businesses simply could not refute. The Gemstone and Jewelry Industry has been no stranger to the internet boom starting with the early days with Ebay.com to the current success of online giants such as BlueNile.com.Over the years the perception of online consumers buying jewelry and gemstones over the internet has also taken a quantum leap. Customers are now more confident while buying jewelry online and are even going for big ticket purchases over thousands of dollars in value. Part of this change can be attributed to the fact that being faceless business medium, online businesses had to delve much deeper to ensure that quality and consistency in service and sales should be the prime focus areas.
In this current decade, online sales have permeated across all business areas be it manufacturing,textiles,jewelry,apparel,cars,stocks,property,travel,music,technology and a whole lot more. All these diverse yet consumer driven business models have found their own unique ways of selling over the internet. Since the inception of the Web, online commerce has enjoyed hypergrowth, with annual sales increasing more than 25 percent overall and far more rapidly in many categories. The biggest money spinner is the Holiday season which has always been the driving force behind raking in sales of billions of dollars in just a couple of months. In 2003 the US market had a total of $13.8 billion dollars in online retail sales and that figure has gone up year on year by 25%. In 2007 it has touched a whopping $31.1 billion dollars. “Green Monday” (Monday, December 10) was the season’s heaviest spending day online, ringing up $881 million in sales, a hefty 33% increase over the same day in 2006.
Post 2000, the internet became a much more cost effective medium whereby businesses could cut costs in half while doubling their profits. This is the era in which online giants such as Amazon.com, BlueNile.com and Ebay.com set the benchmarks for other's to follow. Knowing the pulse of the online consumer became the industry buzzword. Research and technological innovations allowed websites to offer greater comfort and convenience to the online consumers. Consumers were often lured to internet stores in search of bargains and 24/7 customer service. Today the internet has become a part of our everyday life and businesses are more than willing to take advantage of this medium to further their business operations.
Conducting business over the internet came to be known as ECommerce and serving millions of customers at the same time all over the world was one attractive proposition which businesses simply could not refute. The Gemstone and Jewelry Industry has been no stranger to the internet boom starting with the early days with Ebay.com to the current success of online giants such as BlueNile.com.Over the years the perception of online consumers buying jewelry and gemstones over the internet has also taken a quantum leap. Customers are now more confident while buying jewelry online and are even going for big ticket purchases over thousands of dollars in value. Part of this change can be attributed to the fact that being faceless business medium, online businesses had to delve much deeper to ensure that quality and consistency in service and sales should be the prime focus areas.
In this current decade, online sales have permeated across all business areas be it manufacturing,textiles,jewelry,apparel,cars,stocks,property,travel,music,technology and a whole lot more. All these diverse yet consumer driven business models have found their own unique ways of selling over the internet. Since the inception of the Web, online commerce has enjoyed hypergrowth, with annual sales increasing more than 25 percent overall and far more rapidly in many categories. The biggest money spinner is the Holiday season which has always been the driving force behind raking in sales of billions of dollars in just a couple of months. In 2003 the US market had a total of $13.8 billion dollars in online retail sales and that figure has gone up year on year by 25%. In 2007 it has touched a whopping $31.1 billion dollars. “Green Monday” (Monday, December 10) was the season’s heaviest spending day online, ringing up $881 million in sales, a hefty 33% increase over the same day in 2006.
Online jewelry sales in the U.S. market hit $2.45 billion in 2006, an increase of 20 percent from 2005, according to data from IDEX Online Research. Online sales comprised 3.9 percent of all jewelry sales of $63.0 billion in 2006.The conventional wisdom at the start of e-commerce was that online sales of merchandise would never be a major factor. Online shoppers now buy a wide range of merchandise online besides books and CDs. They also spend more per purchase. With the current growth rate, sales will represent over 8 percent of the industry total by 2010, up over 100 percent from 2006.Around half of the average specialty jeweler's sales are diamonds. Blue Nile, the largest online jeweler in the U.S. sells about 90 percent diamonds. In 2007 their sales totaled $305 million. They also sell more than double the engagement rings as most off line jewelers.
Although the huge gains of the jewelry and watch industry in online sales of 2006 could not match up in 2007 it still goes to show that consumers are definitely looking to buy more and more jewelry over the internet. In the Gemstone industry although Ebay.com has been a traditional favorite among sellers and buyers, consumers are looking at more options in terms of a broader selection to buy gemstones over the internet. The Gemstone and Jewelry Industry was introduced in 2006 to GemTradeNet.com, an online B2B as well as a B2C website dedicated wholly to buying and selling gems and jewelry.GemTradeNet.com brought forward a new perspective in terms of buying gemstones and gemstone jewelry over the internet. It has sought to tie up with a huge number of independent sellers who display their inventory through the innovative product search and display options available on GemTradeNet.com.
Buyers and sellers within the Gems and Jewelry industry converge like never before to discuss and negotiate and buy goods over the internet. In a way the exclusivity accorded to only Gemstone, Jewelry and Diamond products serves to merge the online Gemstone and Jewelry buyers and sellers bringing them together under a single roof. The Website has well over 15,000 unique pieces of gemstones, diamonds and jewelry on display and its advanced search tools enable a buyer to zero down to a gemstone of his or her choice. Easy to use selling tools allow sellers to upload their products together with the images and details onto their own unique seller pages. Buyers can put forward enquiries or can simply search and buy gemstones. Each member of GemTradeNet.com has an account which allows them to keep a tab on all buying and selling activities conducted by them on GemTradeNet.com.
The website is based out of Bangkok, Thailand and takes pride in calling itself a gemstone buying and selling medium which brings customers directly to the source. Mr.Anil Oberoi CEO of GemTradeNet.com speaking at a recent trade conference remarked " Our ultimate goal was to offer a medium which would transcend the physical barriers being experienced within the Gems and Jewelry Industry.GemTradeNet.com is not only meant to be an online buying and selling medium, but one which brings the Gemstone and Jewelry community together. We have tried to offer solutions and tools which are much more compatible and acceptable within the Gems and Jewelry community. Since its inception in 2006 we have constantly strived to innovate and provide better selling opportunities to sellers registered on GemTradeNet.com.As we move ahead in 2008, our strategy will be to market the website globally so that more and more gemstone and jewelry buyers and sellers can converge to create a successful path for the future of Gemstone and Jewelry Trade Online".
In 2007, GemTradeNet.com has taken its innovation and technological ingenuity to new heights. Having already earned the unique distinction of being a pioneer in the online B2B Gems and Jewelry marketplace, GemTradeNet.com is constantly striving to introduce new features and tools to streamline buying and selling. It is with this vision and mission GemTradeNet.com has launched the Auctions category. Online gem and jewelry auctions are a very popular way of selling over the Internet. Sellers can add items to the auction listings by choosing a starting bid price, a reserve price and a Buy it Now price. All auction listings are featured in the main category pages, as well as in the Auctions section. Buyers view the details and can enter their bids to participate in the auction. Sellers can choose the number of days they wish to run the auction, and also schedule it for a particular date and time.
GemTradeNet.com has revolutionized the online Gemstone and Jewelry industry and its efforts to bring buyers and sellers together has not gone unoticed.The website has now over 1500 registered Gemstone and Jewelry sellers who use it to display their inventory online. GemTradeNet.com has recently opened a new office in Chantaburi to leverage the unique opportunity of reaching the gem trading hub of Thailand. With this initiative GemTradeNet.com is fulfilling its promise of bringing gemstones to buyers directly from the source. GemTradeNet.com's ever increasing popularity in the online gem and jewelry market has enabled it to focus more on industry specific needs and requirements. Gem and jewelry sellers are growing in confidence, and are regularly participating in the trading opportunities offered on the Gem Trade Network.
