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| March/April 2004 |
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Amazon.com Launches Jewelry Store Posted: April 22, 2004 Amazon Services, Inc., an Amazon.com company, has launched an online jewelry store (www.amazon.com/jewelry) offering a selection of more than 75,000 items — rings, necklaces, pendants, bracelets, earrings, and watches — in a wide range of prices. Amazon.com has promised to match any competitors' price, providing a Web site feature that allows customers to inform Amazon.com if they find a lower price on a comparable product from another reputable seller. If a lower price is verified, Amazon.com will reduce its price on its Web site to benefit all customers — not just the customer reporting the lower price. "We are thrilled to offer Amazon.com customers an unparalleled jewelry shopping experience by making it easy to find and discover the finest jewelry at lower prices than other retailers — online or off-line," said Eric Broussard, vice president, Amazon.com Jewelry. "Our goal is to bring to jewelry the same trusted shopping experience that customers have come to expect from Amazon.com." Amazon.com claims that, while the average product margins in jewelry retailing are about 45-50 percent, the company will target substantially lower margins on jewelry sales. Traditionally, jewelry product margins are high in order to cover the costs of holding inventory, renting store space, and providing display cases, a professional sales force, and security; however, Amazon.com does not incur many of these costs and is able to offer its jewelry for lower prices. Amazon.com, a Fortune 500 company based in Seattle, opened its virtual doors on the World Wide Web in July 1995 and today offers millions of new and used items in categories such as health and personal care, jewelry and watches, gourmet food, sports and outdoors, apparel and accessories, books, music, DVDs, electronics and office, kids and baby, and home and garden. |
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