To attract millennials, retail jewelers can up their game with BriteCo technology

April 11th, 2019

Understanding millennial consumers

Despite the perception that millennials might prefer experiences over things, millennials still spend their money on jewelry. According to the Diamond Producers Association (DPA), millennial consumers spent $16 billion on diamonds in 2017, of which 50 percent was wedding and engagement jewelry.

Millennials represent an enormous market potential that retail jewelers need to understand and attract if they are to thrive in the years to come. Online retailers are already reaching out to millennial buyers by creating a tech-driven in-store experience. At the end of 2018, for example, opened its first-ever brick-and-mortar location in the Georgetown area of Washington, D.C. Acquired last year by Signet Jewelers, the new store is designed to offer a unique experience that integrates the retailer’s digital platform and a physical shopping experience.

How jewelry retailers can compete

How should more traditional brick-and-mortar jewelry retailers compete? By focusing on how to leverage technology to reach millennials, get them in your store, and make their shopping experience more exciting, engaging, and convenient. That’s the subject of BriteCo’s white paper, “Leveraging innovative technology to reach millennials.”

We wrote the paper to explain how retail jewelers can use our innovative, cloud-based BriteCo Appraisal Management System to deliver accurate appraisals quickly and efficiently to customers. At the same time, BriteCo enables customers to protect their purchases immediately with convenient replacement insurance coverage.

The BriteCo way

Once an appraisal is finalized and sent to the customer via the BriteCo system, we contact the customer directly via text or email with a custom insurance quote based on their appraisal. The customer can be fully insured in a matter of a few minutes on their smartphone, before they even leave the jewelry store.

To appreciate how convenient the entire appraisal and insurance process is when you use BriteCo, consider how it’s done currently. A recent Brides online magazine article advised its readers that there are “9 Things You Need to Know to Insure Your Engagement Ring.” Here’s their list:

  1. Get engagement ring insurance as soon as possible
  2. Choose a coverage provider
  3. Understand how the price of engagement ring insurance is determined
  4. Ask the right questions
  5. Get an appraisal
  6. Get a diamond certificate or grading report
  7. Make sure your appraiser has the right credentials
  8. Remember to reappraise
  9. Reevaluate your overall insurance needs
BriteCo-free appraisal software for jewelers

When a BriteCo jeweler partner uses our appraisal software, those labor-intensive nine steps can be bypassed, and the customer’s engagement ring insured in a matter of minutes. Once the appraisal is finalized, the customer gets an email from the jeweler with a PDF of their appraisal. At the same time, the customer gets a separate text or email directly from BriteCo with a customized insurance quote based on their appraisal.

The customer clicks on the link in the insurance offer message from BriteCo, answers five questions, confirms the jewelry insurance annual premium cost, pays by credit card, and they are done! What currently could take several hours or even days to accomplish is now completed in minutes. And because BriteCo updates insurance replacement values every year, the customer doesn’t have to worry about reappraisals in order to keep their insurance coverage current.

Also Check:

Keep customers engaged with BriteCo Virutal Reappraisals
BriteCo introduces Resource Hub for retail jewelers

BriteCo makes insuring an engagement ring faster and easier than ever before for everyone involved. For the millennial shopper, it’s an in-store experience that’s dramatically better than what they might expect. The winning formula for retail jewelers to attract and delight millennial shoppers?

Expert appraisals. Immediate coverage. Ultimate convenience.

BriteCo Jewelry Insurance Coverage


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