Despite the wealth of opportunities digital content represents many brands struggle to truly capitalize on its potential—and this is evident in our new BCI analysis (click here to learn more about the BCI and the five key dimensions we assess).
In our latest BCI we examined 20 jewelry and watch retailers, and found that there is much work to be done before the companies can harness the full potential of their digital content. As the chart below illustrates, Pandora, the leading brand in the category, received a cumulative BCI score of just 50 percent. Compared to other categories we’ve studied, such as beauty, department stores and footwear, this is a relatively low score for the top performing brand, highlighting that the sector is not as advanced as others in its use of digital content.
Interestingly, the three leading brands—Pandora, Alex and Ani and David Yurman—are all relatively young companies, founded in 1980 or later. Similarly, many retailers towards the bottom of the list are more mature brands—for example, Tissot and Tag Heuer, which both have been around since the mid 1800’s. This suggests that newer market entrants are nimbler in their response to changing retail trends, and able to incorporate rich media and other innovations into their ecommerce strategies more effectively.
This is not to say that all older retailers are outpaced by their younger counterparts, however. For example, Tiffany & Company, one of the most iconic and established brands in the category, came in 5th overall and was one of only four retailers to score at all in the User Generated Content (UGC) category. The company was also one of the leaders in social media, with a score of 80 percent. Tissot, founded in 1853, also performed well in social media at 60 percent and received the second-highest score in UGC at 34 percent.
Alex and Ani bested Tissot by seven percentage points to be the category leader in UGC with a score of 41 percent. This is perhaps not surprising, given that the company’s signature charm bracelets typically appeal to a younger, more social media savvy demographic. Overall, though, the jewelry and watch retailers assessed are missing a huge opportunity to engage with shoppers and drive revenue through UGC.
Guided selling was another area where many brands struggled. Scores ranged from 0 to 46 percent, with the majority falling in the teens or 20th percentiles. This suggests that companies could be doing more to recommend jewelry and accessories based upon shoppers’ needs and preferences.
Of course, taking advantage of guided selling and other retail innovations necessitates that retailers reengineer their approach to digital content. This is not without its challenges, but it’s an essential step for remaining relevant in today’s crowded ecommerce landscape. If you’re interested in learning how Amplience can help you overcome the Big Content Challenge, click here to get in touch. And keep an eye on this blog for future BCI posts examining other retail sectors!
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