Despite the market going through difficult times, B2B diamond buying platform, Nivoda, has recorded 67% growth during the first half of the year.
The need for purchasing directly from suppliers all over the world, using an efficient and cost effective partner, is driving many new customers to the platform.
On top of that, Nivoda is seeing an increase in virtual selling, where both online and an increasing number of brick and mortar retailers sell diamonds they do not physically hold in stock.
Nivoda chief exec, David Sutton reports: “I think the most important thing to realise is that, the majority of the current generation of buyers search online first and the next generation in a few years couldn’t imagine doing it any other way.”
As businesses work hard to reboot their operations, competition for the customer is expected to be as fierce as ever.
Driving both online and offline traffic and being able to offer competitive prices with minimal capital outlay, will be key in getting margins back on track.
New generations tend to be more comfortable with large online purchases and Covid-19 has accelerated this process.
Nivoda is supporting businesses by launching its new iOS and Android app as well as a diamond search plugin for Shopify and Lightspeed websites. This will allow brick and mortar stores to create plug and play jewellery websites, directly connecting to UK and international diamond suppliers.
Presenting virtual stock to the consumer reduces working capital requirements, increases product range and ensures competitive pricing. Those companies successfully adapting to omni-channel and asset light business models, will stay ahead of the curve as the market recovers post-lockdown.