There’s a saying that does the digital rounds that says buy something for $5 and sell it for $10 online and you’ll fast have a successful business. But as any online retailer will tell you, it’s probably not as simple as that, particularly if you’re selling something as personal as jewellery.
However, that hasn’t stopped the US online retailer BaubleBar having success in the lady bling business and the company’s vice president, Amy McDowell, is in Australia revealing the secrets of the company’s fast and global success.
BaubleBar began in 2011 and by the following year its co-founders were voted in the “30 Under 30 Coolest Entrepreneurs” by Inc Magazine. Mashable even called the business the “future of retail”.
But McDowell, who just presented at Melbourne’s ecommerce Conference and Expo, said the business wasn’t without its unique set of challenges.
“One of the challenges we’ve seen with selling jewellery online is that women want really want to try it on, especially necklace,” she told B&T.
“Women’s bodies are all shaped differently so many would prefer to try on apparel or accessories before finalising their purchase decisions. The industry average for return rates in fashion apparel is about 30 per cent. That is a huge number of disappointed customers! Fortunately for us exact fit for jewellery is not nearly as critical as it is with apparel and shoes but it’s still a concern,” she said.
McDowell’s five top tips for online retailers include:
Know your customers: Your customers are your best source of information about the health of your business. Integrate their feedback to the KPIs of your company and share with your entire staff, not just customer service.
Know your employees: Youremployees are the lifeblood of your business. At BaubleBar everyone from the interns to the executive team all have the same access to the founders of the company. Build a culture of transparency where your employees feel free to speak up if there are improvements to be made or challenges to overcome. This is even more critical if you are an online business and have no direct interactions with your customers.
Measure everything: One of the best things about an online business is that all your customer interactions are trackable. So do it! Make sure all the important website KPIs (conversion rates, add-to-cart rates, bounce rates) are tracked and monitored. Data is critical to determine if the strategies your team are putting in place are improving your KPIs.
Be human: Customers have relatively low expectations when it comes to shopping online. The products just need to arrive and do what you advertised. Here’s your opportunity to WOW them! For example, at BaubleBar, we include gifts and handwritten notes in shipments to surprise and delight our customers. We try to add a personal touch so that customers realise that there are real humans behind the website.
Evolve your business: As a start-up, we recognise that we haven’t figured everything out yet. So we are always taking the inputs of our business and using them to continually improve. That’s why number 1-3 are all about data gathering. As soon as a business is confident that it is in a stable place, it’s blindsided by the competition or by market conditions.
Luisa Dalli (lead image) is a senior strategist at Havas Media Group. In this guest post, Dalli says Australia didn’t merely elect the Albanese government but it also shone a bright light on where we are and what we want as a nation… It’s been two months since Australia’s federal election, yet the underling feeling […]
In uncertain times, trusted sources become even more significant in the world of media. Elise Bennett (pictured), head of account management (APAC) at Outbrain, reveals what advertisers need to know about the new trust exchange. Instability breeds uncertainty. From bushfires to the pandemic and war, there’s been plenty of both to go around in recent […]
Independent SEO agency Optimising has further reinforced its commitment to the environment by being part of 1% for the Planet, on the back of it gaining B Corp Certification last year. Optimising continues to walk the walk around environment sustainability by being part of the global movement, which inspires businesses and individuals to support environmental […]
Media and communications staff at all levels are invited to take part in a national online survey examining perceptions and practices around cultural diversity, inclusion, and representation in the industry. The FAIR survey, now in its second year, provides a snapshot of cultural diversity in the communications industry, as well as how practitioners incorporate diverse […]
PubMatic has announced a partnership with AlikeAudience in Australia, Japan, and Indonesia, enabling advertisers to access quality audience data on the supply side. Activating data on the supply side cuts down complexity and delivers more efficiency and value for both media buyers and data owners, through higher match rates and better CPMs. The partnership expands […]
Live streaming service Optus Sport will be showing all major games of the Spanish La Liga Santander and the LaLiga SmartBank, giving football fans an extra reason to become subscribers. The Spanish Football League is considered one of the greatest in the world, containing the likes of European champions Real Madrid, Catalan giants FC Barcelona, […]
In the recently launched campaign for TVNZ+, Dentsu Creative, and Sweetshop’s Damien Shatford, have delivered an entertaining look at the new streaming brand, TVNZ+. TVNZ launched the reimagined streaming brand last week to better reflect its digital offering, repositioning the platform as a streaming destination rather than an OnDemand catch-up service.
Ruffie Rustic Foods have teamed up with Nikki Van Dijk and Surfing Australia to encourage groms to be kind to their bodies and minds through providing nutritious, plant-based meal options. Ruffie Rustic Foods are on a mission to prove that plant-based eating can be easy and convenient, without compromising on flavour. Whether you’re vegetarian, flexitarian, […]
Nestlé Australia today launched Tuck In!, a program supporting emerging First Nations creatives to establish career pathways in commercial content creation. Tuck In! invited First Nations chefs and aspiring content creators to develop recipe and video content celebrating the combination of bush foods and Nestlé products. Nestlé Oceania marketing & communications director Anneliese Douglass said […]
The UK Ministry of Defence confirmed that the British Army’s Twitter and YouTube accounts had been compromised by hackers who used them to promote their non-fungible token (NFT) products. The two accounts have since returned to normal, as the Ministry said via their own Twitter page. “The breach of the army’s Twitter and YouTube accounts […]