Online jewelry sales exploding
While COVID-19 put a hamper on brick and mortar retail jewelry sales, online jewelry sales are surging. Signet, the largest owner of jewelry stores in America, saw a 70% increase in online sales for their quarter ending Jan. 30, 2021.
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"Signet experienced a boom in e-commerce sales, too. In the quarter ending Jan. 30, online sales were up 70.5% compared with the same period last year, making up 23.4% of all sales. Comparable brick-and-mortar sales were down 4.2% in the quarter.
“I think we can continue to grow our business online,” Drosos told CNBC. “I was very pleased to see that in the third and fourth quarter, even after our stores reopened, we still saw e-commerce growth north of 60%.”
To put this huge shift to jewelry ecommerce into perspective one must only look at 2019 growth numbers. According to DigitalCommerce360, online jewelry sales grew a modest 13.2% in 2019, which was behind the benchmark growth rate of 18.9% growth.
"Online jewelry sales grew a modest 13.2% in 2019, more than five percentage points behind the 18.9% growth Digital Commerce 360 Top 1000 retailers achieved as a whole.
The 45 jewelry retailers in Digital Commerce 360’s Top 1000 ranking of North America’s largest online retailers generated $5.95 billion in online sales. This represented 17.9% of total U.S. retail sales in the jewelry category, up from 15.8% in 2018."