Every store who wants to have a global brand recognition will undoubtedly want to get in on the Chinese online shopping market. Blue Nile, a company that specifically caters to the online world, is finding even more success in China than what people had originally indicated for the company.
About Blue Nile
Blue Nile was founded in 1999, and has since become the largest online retailers of certified diamonds and other fine jewelry. Research shows that the company is bigger than the following 3 companies that are dealing with this sort of retail.
Blue Nile has a reputation of delivering high quality jewelry and diamonds, and each order is guaranteed for 30 days upon purchase and delivery. The company also ships each order free, which sparks the interest of consumers. The company states that they carry only those diamonds and jewelry pieces that are considered high quality, with a color clarity that rates at J, I, H, G, F, E, and D, anything below these standards are not carried.
Blue Nile in China
Second quarter sales for Blue Nile was up by around 7%, according to their recent findings. However, what surprises most is that this is the average. In China alone, Blue Nile has seen their sales grow by around 59%, and there is no end in sight to how much the company will grow.
CEO Harvey Kanter, when asked why the growth in China, stated:
“We believe the strategic and successful investments that we have made in infrastructure, usability and awareness, such as the launch of Alipay as a payment type for Chinese consumers, and our title sponsorship of wedding shows in Shanghai, have laid the groundwork for future growth.”
What Blue Nile has done is something that other businesses can take note of. They adapted their selling approach to Chinese consumers, rather than make a one size fits all selling approach, an approach that often does not work. A prime example of this is starting to accept Alipay, as many Chinese consumers are using this payment method these days.
Learn more about Alipay here
The Future for Blue Nile in China
According to the EVP and Chief Financial Officer, David Binder:
“We see this market as a tremendous opportunity for long term growth, and we plan to continue with our investments in local infrastructure and in marketing to build awareness.”
The company has already made several marketing investments into Mainland China, and will continue to expand outwards in China. The end result is that Blue Nile saw their value rise in China, so they are doing something right where others businesses are failing.