The insurance company’s previous president and CEO, Scott Murphy, has split his role and will continue as CEO.
Study: Retailers’ omnichannel strategies lag
E-commerce sales growth at The Home Depot, Costco, Macy’s and Walmart surpassed the growth rate at Amazon.com in the first quarter due to continued investment in omnichannel retail, showing the importance of brick-and-mortar retailers streamlining sales across all channels, a recent report by think tank L2 shows.
New York--E-commerce sales growth at The Home Depot, Costco, Macy’s and Walmart surpassed the growth rate at Amazon.com in the first quarter due to continued investment in omnichannel retail, showing the importance of brick-and-mortar retailers streamlining sales across all channels, a recent report by think tank L2 shows.
For its 2014 Omnichannel Retail study, L2 tracked 100 retailers, including jewelry and watch brands Alex and Ani, Cartier, Fossil, Montblanc, Swarovski, Swatch, TAG Heuer, Tiffany & Co. and Tourneau as well as majors like Saks, Macy’s, Target and Walmart.
Omnichannel retailing refers to providing a seamless approach for consumers across all available shopping platforms--including mobile, digital, and brick-and-mortar, among others--that allows customers to use more than one sales channel from a retailers for any transaction.
The study found that omnichannel leadership comes from the “big box” players, such as Target, Walgreens, Walmart, Best Buy, and more, which doesn’t come as much of a surprise as they have faced the biggest threat from pure-play Internet retailers such as Amazon.
Despite the success that these major players have had integrating sales across all channels, most retailers remain stalled in this area, according to L2.
Of the 71 brands that were benchmarked in L2’s 2013 and 2014 studies, only six launched inventory visibility across their online channel (meaning the ability for consumers to see if a product online is also in stock at their local store), and an additional six brands rolled out in-store pick up for online purchases.
Of the 13 luxury brands included in the study, only one (Gucci) had added inventory visibility to their websites.
All of this comes despite the fact that 44 percent of luxury goods sales are online influenced, meaning jewelers are missing out on a sales opportunity.
The percentage of in-store sales that are being influenced by digital across all categories has more than doubled year-over-year, and the influence of mobile on in-store purchases increased by nearly four times from 2012 to 2013, now accounting for half of digitally influenced sales.
According the L2, the trend of “showrooming,” where consumers browse for products in the store, and then buy online for a better price, now has reversed itself. Data now suggests that shoppers are now more prone to “webrooming,” where they research online or via mobile before buying from a brick-and-mortar store.
When it comes to building their omnichannel strategy, many retailers said
L2 suggests that management teams that try to address challenges to growth in the omnichannel business with a single senior hire risk losing to companies that are finding ways to blend their e-commerce and in-store teams. It’s important for businesses to train their brick-and-mortar associates, who play a critical role in the execution of the omnichannel goals such as keeping track of in-store inventory.
To build or create a strong omnichannel presence, L2 noted that the following features and capabilities be included: in-store pickup for a web purchase, real-time in-store inventory that is accurate, enabling product filtering and store locator, personalizing store promotions and booking appointments, shopper wish lists, allowing for pre-orders, and offering exclusives, free shipping and expedited delivery.
The Latest

The nearly six-month pause of operations at its Kagem emerald mine earlier this year impacted the miner’s first-half results.

The addition of Yoakum, who will lead Kay and Peoples, was one of three executive appointments Signet announced Thursday.

As a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.

The necklace uses spinel drops to immortalize the moment Aphrodite’s tears mixed with her lover Adonis’ blood after he was fatally wounded.


The diamond miner and marketer warned last week that it expected to be in the red after significantly cutting prices in Q2.

Jewelers of America’s 35th annual design contest recognized creativity, artistry, style, and excellence.

The Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.

Tratner succeeds Andie Weinman, who will begin stepping back from the buying group’s day-to-day operations.

The president made the announcement via Truth Social Wednesday, adding that India also will face a penalty for its dealings with Russia.

The luxury titan’s star brand Gucci continued to struggle amid a "tough" environment.

Its opening marks the completion of the retailer’s new 11,000-square-foot store in the Texas capital.

Respondents shared concerns about tariffs and commentary on the “Big Beautiful Bill.”

“Making a Killing in Diamonds” tells the story of Mimi Rosen, the disappearance of a scientist, and the murder of lab-grown diamond CEO.

Senior Editor Lenore Fedow learned a lot when she took a behind-the-scenes factory tour with the jewelry brand earlier this year.

The first-time exhibitors, set to debut at the New York City show, share a devotion to craftsmanship, storytelling, and material integrity.

The online auction house’s September sale will feature rough Brazilian emeralds of various qualities.

She’ll lead an executive committee consisting of President-Elect Bryan Moeller, Mitchell Clark, Bill Farmer, and Larry Rickert.

Announced Sunday, the deal will set the tax on goods imported into the United States from the European Union at 15 percent.

A new edition of the Italian brand’s “Ipanema” collection has debuted with gemstones that evoke Brazil’s breathtaking views.

The retailer will refer its customers to WonderCare, founded by venture capitalist and watch collector Kevin O’Leary.

The jeweler’s largest store yet is set to open in Little Rock next fall.

Anne Hathaway was seen wearing the toggle necklace three times while filming scenes for “The Devil Wears Prada 2.”

Jewellery & Gem World Hong Kong is scheduled for Sept. 15 to 21, and buyer pre-registration will be available until Sept. 7.

Renovations at Tiffany & Co. stores ate into profits in the company’s watch and jewelry division.

Mark and Candy Udell of London Jewelers will receive the honor at the 24th annual Gem Awards next March.

While struggles continue at the mining and trading end of the pipeline, consumer demand for diamond jewelry is holding steady.