Strategic Management case
Please list opportunities for the Blue Nile. Itemize and elaborate your list and provide complete clear specific sentences. Please also analyze the socio-cultural and technological environment of the jewelry industry.
Built on the premise of making engagement rings selection simpler, Blue Nile, Inc. (formerly known as Internet Diamonds, Inc.) has developed into the largest online retailer of diamond engagement rings. Unlike traditional jewelry retailers, Blue Nile operates completely storefront-free, without in-person consultation services. The business conducts all sales online or by phone and sales include both engagement (70%) and non-engagement (30%) categories.1 Therefore, the company focuses on perfecting its online shopping experience and “providing extraordinary jewelry, useful guidance, and easyto-understand jewelry education to help you find the jewelry that’s perfect for your occasion.” Blue Nile’s vision is to educate its customer base so that customers can make an informed, confident decision no matter what event they are celebrating.2 It wants to make the entire diamond-buying-process easy and hassle-free.3 In addition, an important part of Blue Nile’s vision, as CEO Diane Irvine said in a recent webinar with KaihanKrippendorf, is for the company to be seen as the “smart” way to buy diamonds, while saving 20-40% more than one would in the typical jewelry store. Blue Nile is working to become “the Tiffany for the next generation.”4