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

Despite the perception that millennials might prefer experiences over things, millennials still spend their money on jewelry. According to the Diamond Producers Association (DPA), millenial 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 last year, for example, JamesAllen.com opened its first-ever brick-and-mortar location in the Georgetown area of Washington, D.C. Acquired last year by Signet Jewelers, the new JamesAllen.com store is designed to offer a unique experience that integrates the retailer’s digital platform and a physical shopping experience.

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 our newly published white paper from BriteCo: “Leveraging innovative technology to reach millennials.” You can download it here for free.

We wrote the paper to explain how retail jewelers can use our innovative, cloud-based BriteCo Appraisal Management Platform 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.

Once an appraisal is finalized and sent to the customer by a BriteCo Jeweler Partner, 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, often before they even leave the jewelry store.

To appreciate how convenient the entire appraisal and insurance process is using 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

With a BriteCo Jeweler Partner using our online Appraisal Management Platform, 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.

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.

The BriteCo Appraisal Management Platform is free to our Jeweler Partners. You can sign up to become a BriteCo partner here.

Contact

909 Davis Street, Suite 500
Evanston IL 60201

info@brite.co

BriteCo LLC is a licensed insurance agency in all fifty states and the District of Columbia.
Please see the Licenses section of this website for more information. All insurance policies underwritten and issued by HDI Global Insurance Company and administered by BriteCo.