Major retailers across the country including Best Buy and Target stores have recently denounced a long standing practice among price conscious consumers who visit physical retail stores to preview a product and purchase at home from other online retailers. But should consumers who are looking for the best deal really be to blame? Should companies like Best Buy and Target focus on innovating further to offer additional services and unique products? Our CEO Vipul Lakhi was called upon to share how we’ve helped customers find the lowest price, often after they’ve already visited a local jewelry store franchise.
(Source: CBS Philadelphia - Showroom Showdown, See below for additional broadcasts across the country)
While show rooming is typically associated with physical stores, it is quite common for online retailers as well. At My Trio Rings, we must maintain a digital showroom that enhances the buying experience and better educates customers while differentiating from online competitors in the same industry. We’ve served thousands of customers by focusing on educating our customers, and providing shopping benefits like 30 day returns, free shipping, no fee layaway, online promotions, and even free ring sizers by mail. Online retailers face the same show rooming practices as brick and mortar retailers.
In the jewelry industry, high-end retailers have placed dizzying markups on diamond and gold jewelry, often creating a barrier for everyday Americans' to experience the traditions of marriage with authentic jewelry. Companies who innovate on their business models will be the only ones who can continue to operate. Our prices are 65% lower than in store retailers because we’ve focused on innovating in every aspect of the business model, from procurement and manufacturing to eCommerce and efficient inventory management. What will remain constant in the world of retail is that whether a customer is in a physical or digital showroom, they will always buy from the retailer offering the lowest price for the best quality and service. This has been a consumer practice since commerce and trade originated and it will continue to impact how physical and online retailers market in today’s mobile internet age.
See below for additional broadcasts of Vipul's interview below!
(Source: ABC LA)
(Source: WPRI Providence)