Online jewellery marketplace JewelStreet is finalising a major revamp of its website as part of a wider shift in strategy to increase the average transaction value of each purchase.
Speaking exclusively to Professional Jeweller, the company’s co-founder Rob Passmore said the aim is to reposition the JewelStreet online marketplace to push upmarket into more fine jewellery from the world’s most creative designers.
The website is expected to re-launch in the summer with a more “curated” feel, so that customers can more easily browse and buy from collections grouped as fine, designer or fashion jewellery, Passmore explained.
A sneak peek at the new designs for the website revealed a considerably more luxurious environment, with the market’s 300 designers given space to sell the lifestyle and story behind their jewellery.
“The average order value today is around £100. We want to move that to more like £200-£250 over the next 12 months,” Passmore said.
JewelStreet is also going global with its marketplace. Today, only 10% of sales are generated from outside the UK. Passmore hopes to make this closer to 50/50 with a particular focus on more affluent regions including the Middle East.
Although this will increase the complexity of JewelStreet’s logistics, neither consumers nor jewellery designers should notice thanks to improved fulfilment systems.
The company has created a system with DHL so that as soon as jewellery is bought from the website, it triggers an order to pick up the jewellery from the designer and then deliver it straight to the customer anywhere in the world.
Passmore explained: “The whole thing is automatic, so that the designer and the customer know exactly what is happening and can track it.”