Custom engagement jewellery e-tailer Taylor & Hart, formerly known as Rare Pink, has decided to drop the e-commerce element of its company, in favour of a lead generation business model.
Following its rebrand to Taylor & Hart, the company launched its new website without an ecommerce platform.
Despite technology still very much being at the heart of the business, Taylor & Hart decided a lead generation business model would work best for its consumers.
Chief executive officer Nikolay Piriankov explains: “Despite the fact that we are a technology we decided to drop the e-commerce element of our business. We basically found that our of the 5% of our customers who would come on the website and make a purchase without any conversation what so ever, so it was a very small number in the first place who would be confident enough to do that, they would often make poor decisions and we would end up having to deal with them in the aftercare process.”
Piriankov gives the example of a consumer not understanding the 4C’s and therefore not being unable to make the best decision within the price bracket they were working with.
“So we abandoned the ecommerce element, and instead we are an entirely a lead generation business model.”
At its core, a lead generation business model generates leads for a specific business of company. What this means for Taylor & Hart is that consumers can make enquiries, online or over the phone, and then following an enquiry they go through to the sales process.
“A large part of that sales process is online, so we are totally enabled to that that with the technology that we use, but the difference is that we are able to guide the customers into making the best decisions for their price points in a way that wasn’t possible with e-commerce,” explains Piriankov.
He continues: “What that meant that is while everybody that sells engagement rings online offers an opportunity to choose the ring, choose the diamond and check out, we are seeing that that process isn’t necessarily the most effective and we are going to go our own way because our data is suggesting that there is a better process.”
To aid consumers, Taylor & Hart has integrated all of its supply chain into a live quoting system called the quoting tool or design lab, which consumers can use online and it will give an accurate quote for their designs.
“One of the things that we have focused on is our commitment to custom. In doing that, we took a leap of faith and said even though we are very much a technology company, and we believe we are leading the way, especially in the UK, are really focused on how technology makes the experience better.”