Jewellery World Magazine - March 2022

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for the convenience of the customer but also for the company's competitiveness. Baby Jumpie, Belle Fever “Each of these payment providers also has an exceptionally large user base, so some customers look for a particular payment method they already have an account with.” Matthew said Zip is not just a payment provider, it’s a pathway for businesses to drive growth, increase sales and also offers an avenue for credit adverse customers. “Zip is uniquely ideal for the jewellery industry because it is an evergreen vertical for Zip customers and it enables those customers to purchase jewellery products without being charged excessive fees,” he said. Brent noted that humm is seeing a trend towards BNPL for large purchases, “As people become more familiar with the ease and value of BNPL we’ve seen jewellery purchases over $2000 increasing, with the average transaction now $2233.” Conversely, Catherine said that while she feels it’s important to have BNPL options on offer, My Jewellery Shop customers rarely use them for purchases over $500. “For us, our higher priced sales such as diamonds are paid to us directly via direct deposit or credit card, not BNPL,” she said. Keeping ahead of payment tech innovation humm When remarking on the consumer study, Sinisa Sambolic went on to say that jewellers ought to keep an eye on what their competitors are doing, keep expanding their reach digitally, via social media and if it is a good fit, through these kinds of BNPL services. The call to keep innovating and expanding when it comes to payment tech is a sentiment all our respondents agreed with. Nicola said the Showcase marketing teams have been steering their membership into the online world for the last five years. They provide innumerable assets for members to implement full digital campaigns across, website set up and subsequent support material including landing page content, blogs, eDM, white papers, digital brochures, downloads, and magazines etc, and support for social media content. “Digital marketing is an area in which we continue to develop and expand our offering monthly,” she said. Catherine said her team at My Jewellery Shop certainly keep an eye on other BNPL providers and have spoken to most of the others including humm, MoneyMe, and Klarna. “After consulting our clients, we have chosen to stay with the two providers we have now,” she said. “We will continue to monitor this and we are certainly open to embracing any future changes in payment tech offerings.” Sarah feels that, as businesses, they need to constantly innovate and keep ahead of the times. “We're always looking for new tools and ways to serve and appeal to our customers,” she said. “The payment tech industry is set to evolve in such a way that customers will benefit from ease and convenience as well as the ability to shop online. “Using crypto as part of this ecosystem is also anticipated.” My Jewellery Shop 32 jewellery world - March 2022
Calling all Suppliers Calling all Suppliers Calling all Suppliers
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Jewellery World Magazine - March 2022

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