Having a strong corporate strategy is critical for the overall direction of the corporation’s success and the way in which its operations work together. By doing so, it is easier to see where Blue Nile is today, what are the future goals and how they will get there. Many aspects internally and externally have to be observed in order to find what can be changed and improved for a better success in the short to long term. To be guided into the right direction, different strategies can be applied such as PESTEL, S.W.O.T , KSFS etc... Blue Nile has won a large amount of awards in the past for its excellent online services. It is probably why it has grown to be the world’s largest online retailer of certified diamond and fine jewelry.
Issues & Problematic
In 2006, the jewelry market in the United States was estimated to be an industry worth between $55 and $66 billion. People al over the world have the habit since the beginning of time to purchase their jewelry in retail store. People gained trust with theses services because they could try and see the jewelries. Furthermore, all of their question would be answered by a trained professional. It has then become challenging for the online retail jewelry store to convince uncertain customers that it is possible to get fine jewelries at discount prices for the same quality.
The Blue Nile strategy to attract more customers is composed of two core elements:
1. Offering high-quality fine jewelries and diamonds at attracting prices compared to the competitors. -Wide selection of fine jewelry pieces.
2. Provide the jewelry shoppers with useful information, grading reports and trusted guidance to help them make their purchase with ease. - All diamonds in Blue Nile’s signature collection are grated by the GIA (Gemological Institute Of America) or AGSL and are certified by the GCAL (Gem Certification and Appraisal Lab). - Call center with highly...