Days of the Titans
Legends like Ben-Hur and Spartacus never appeared in the same fight as gladiators. That’s what came to mind when I saw that both Amazon and Google published their quarterly results the very same day. (I won’t even talk about how Microsoft presented their report that day as well!)
If for some reason Amazon isn’t your cup of tea and you preferred not to buy there, Google is waiting for you around the corner. The company has all the data necessary and knows how to use it. They are singlehandedly refocusing our way of thinking about shopping.
You don’t need to be a financial genius to understand a clear message written on the wall: Retail business will never be the same again! There is no reason to try and circumvent their encompassing power. As I have been saying for years, the world of sales and marketing is moving more and more online each year.
Who will change your shopping habits first, Amazon or Google
My company was among the first Internet portals to offer diamonds and jewelry online. I remember when we sold a 1.10 carat, Fancy Deep Pink, for $80,000. It was the first big-ticket stone we had sold, and I didn’t believe it myself. The buyer, a bullion dealer, purchased the stone without seeing it in person or meeting me face-to-face. Today, large payments of even $250,000 and above are made online without a worry in the world.
I can tell you with full conviction that buying a product online is not just cheaper, but much more secure, clear, controllable, competitive and time saving than any form of high street shopping.
Take a 50 year old gentleman living in San Francisco. He is a lawyer and his wife, a Pediatrician. It is a months away from his 20th wedding anniversary and he knows she would love something special, something unique. She would love an anniversary diamond.
His hourly billing is north of $500. He can spend $100k, but can’t afford to spend 100 hours searching for a perfect ring. He has already spoken to five local jewelers, but both he and his wife are busy. Time is ticking away and D day is very quickly approaching.
When shopping online a user can easily apply the filters he wants in order to find the goods that work best. He can compare the prices with others and even read others reviews of the company.
There is a good reason we are successful and so many are following suit of eCommerce shopping. The Titans are powerful, and if you ask me there is good reason. They understand the important elements to a running a successful business. We can only do our best to do no less than them. After all, we learn from the best.
Leibish Polnauer, President and Founder of Leibish & Co. Fancy Color Diamonds