Why Don't Women Shop More Like Men?
It's interesting to keep Robertson's comments in mind when you watch a Web site that has catered to men try to broaden its customer base to women.
A good example is online jewelry retailer Blue Nile (NILE). The company is in the midst of upheaval. The company recently reported disappointing earnings and the surprise resignation of its CEO, which led to the stock losing about a third of its value.
Vijay Talwar, who recently took on the CEO post on an interim basis, recently told CNBC.com that Blue Nile is trying to broaden the company's base to include more women customers.
In the past, the bulk of Blue Nile's business came from men who were purchasing a diamond engagement ring. To woo customers, the company focused on a few basics: It tried to provide shoppers with an education about how to purchase a diamond, it tried to make it easy to customize an engagement ring, and to allow shoppers to browse engagement rings that had recently been purchased. All these options were designed to make the "search" for the perfect ring quick and easy.And indeed, if you go to Blue Nile's home page, you will even see the words "search for diamonds" very prominently displayed in several places so you can't miss it. Now, however, the company wants to win more business from women because more women means more repeat business, Talwar said. "Men are not normally looking for jewelry," he said. "More women are buying for themselves, they come back to buy for gifts. That means they have higher repeat rates and lifetime customer value." To win her business, the company has added more gemstone and silver jewelry, and more products at a wide range of prices. They've also made tweaks to the Web site's design. Talwar said the company added a section called "New Trends," which shares some of the major jewelry trends the company is seeing. Most of the women who come to the site look at that section, Talwar said. "It is a good way to browse, and then they see the new products," he said. The company also has worked with daily deal site LivingSocial on a recent Cyber Monday offer, where shoppers could buy $200 worth of merchandise for $100. According to Talwar, the mix of men and women customers redeeming the offer appears to be split about 50-50, men and women, at the time that we spoke earlier this week. If this trend continues, Blue Nile may be on its ways to meeting its goals. -- Written by Christina Cheddar Berk, News Editor at CNBC.com
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