Creating a unique business model can become a complex task in this era. Before beginning the process, a goal must be selected. After selection comes the process of innovative thinking that helps create new ways to achieve that goal that others would not think of. Blue Nile has placed a goal to become the leader in online jewelry sales, and developed a business model that separated their company from others in the industry. After attaining their goal, many factors have been set in motion to challenge whether Blue Nile will remain at the top in their industry. Due to changing conditions and new developments Blue Nile will not be able to solidify their role in online jewelry sales because of their business model being duplicated by competitors and the evolution of the jewelry industry. There are some contributions that Blue Nile may be able to do in order to make sure that they solidify their role.
The once prestigious business model has been compromised. One of the key …show more content…
Evolution is a process that humans are quite fond of. Humans had to adapt in order to survive in the world that they were stationed in. Blue Nile has not adapted to the evolving jewelry industry. Brick-and-Mortar stores have increased their numbers over the last decades, gaining a higher percentage of the jewelry market share. Among those rising numbers, top retailers such as Walmart and Target have entered into the ranks. Top retailers have been retained in the top ten spots of the market share. Aside from the physical stores in the industry, many companies have shifted their focus away from brick- and-Mortar stores, toward their online sales. The focus of the Blue Nile is online stores with customer satisfaction. While Walmart tends to retain its statement of “lower Prices” this is going to cause a conflict with the Blue Niles statement of having the lowest prices of high end
The once prestigious business model has been compromised. One of the key …show more content…
Evolution is a process that humans are quite fond of. Humans had to adapt in order to survive in the world that they were stationed in. Blue Nile has not adapted to the evolving jewelry industry. Brick-and-Mortar stores have increased their numbers over the last decades, gaining a higher percentage of the jewelry market share. Among those rising numbers, top retailers such as Walmart and Target have entered into the ranks. Top retailers have been retained in the top ten spots of the market share. Aside from the physical stores in the industry, many companies have shifted their focus away from brick- and-Mortar stores, toward their online sales. The focus of the Blue Nile is online stores with customer satisfaction. While Walmart tends to retain its statement of “lower Prices” this is going to cause a conflict with the Blue Niles statement of having the lowest prices of high end