Blue Nile doesn’t hold any inventory but places orders to diamond suppliers only after receiving orders from customers. This has enabled Blue Nile to offer cheap products to its customers. It also provides all the valuable information about the diamonds on its website. After reading all the information about Blue Nile, I have come up with a strategy that will enable the company to increase its market share and also the revenue. Blue Nile has been very successful since it was established and has also received numerous awards. Some of these awards are highly recognizable in the jewelry industry.
But because of cut throat competition in the market, Blue Nile has to improve continuously to take full advantage of the opportunities in the market. Company has been able to satisfy its customers over the years but the lack of brand recognition in International market of diamonds has restricted Blue Nile to perform as per its potential. By increasing the visibility of brand, Blue Nile can increase both its market share and its revenues. To increase the visibility, Blue Nile can advertise in posters, magazines, online media, social media, and in billboards.
Blue Nile can also expand its business to Asian countries. To market its product in Asian countries, Blue Nile should also think about introducing its website in multiple languages. This will help the company to maximize its exposure in various countries. Diversification of products will also be a good option for Blue Nile to increase its sales. Designer bags, wallets, gold plated watches with embedded diamonds in dials and clothes with gold or silver embroidery etc. will be good options that Blue Nile can offer to its customers.