1999 is the year in which Blue Nile was founded, an online marketplace known for its disruptive methods. Blue Nile made the process of buying jewelry online much easier using technology. With a focus on customer service, Blue Nile filled a void by delivering value to customers through diamond education with a guarantee of lowest price on offer in the market. Since the new millennium, Blue Nile has grown exponentially to become a leading online retailer of high-quality diamonds and fine jewelry. A revenue of $470 million with no inventory, this success has been achieved due to the impeccable integration of Blue Nile’s business and operation model.
A company which made us all believe that we won’t be scammed while purchasing diamond or fine jewelry online.
Business Model – Dropshipping to Success!
Being one of the best in business online retailer of diamond and fine jewelry, Blue Nile is educating its customers throughout the intricate process of buying a diamond online from finger tiring search to laurel resting perch. In other words, Blue Nile helps a prospective customer in the decision-making process of buying new jewelry from search to checkout. A process followed by our local jeweler’s commission driven salesmen for centuries was smoothed by Blue Nile to provide the same product by its online experience. The online platform of Blue Nile provides a user-friendly interface to customers who are then educated to the key components of buying a diamond and comparing similar products to make well informed decisions.
Once informed, a Blue Nile customer is then offered a massive selection of more than 3,00,000 diamonds of that together are valued at a staggering $3 billion. This virtual inventory is available for customers at eye watering discount rates that range between 20% to 40% when compared to the local jewelers. Blue Nile’s innovative search algorithm allows user easy access to inventory on the website with expedient filters to search key components of a diamond purchase including filters for price, cut, color, and carats. Furthermore, a 24/7 team of sales and diamond connoisseurs on the call to help the customers throughout the buying process should a requirement arise. Once purchased the diamonds are then delivered at the customers doorstop to complete the awesome diamond shopping experience.
How does Blue Nile provide exceptional online service with no inventory at highly discounted prices?
The reason being Blue Nile’s use of the famed drop shipping model. Blue Nile’s biggest strength is its relationship with numerous suppliers. These strong relationships allow Blue Nile to display their supplier’s diamonds for sale on the Blue Nile website without any inventory of their own and procured from the supplier once a customer has made an online purchase. Due to outstanding sales Blue Nile procures diamonds in large quantities from its suppliers and is therefore able to attain a greater amount of discount which they can then pass on to its customers.
Blue Nile offers value to its customers by having an efficient grip on the
A disruptive business model allows Blue Nile’s customers to attain the benefits through the use of technology wherein a customer is able to save a minimum of 20% when compared to a local jeweler. With saturation in the online retail market for jewelry, Blue Nile continuous to grow rapidly at a pace unparalleled. With many happy couples onboard, there really isn’t anything stopping Blue Nile!