Jewelry and Watch Sales Strong for eLayaway

Anthony DeMarco, Senior Editor -- JCK-Jewelers Circular Keystone, 9/12/2008 8:46:00 AM

Internet e-commerce company eLayaway said jewelry and watches was the second best selling product category during its "Christmas in July" promotion in July and August.

Jewelry and watches strong showing is because of its overall popularity as a holiday gift along with the Tallahassee, Fla.-based company’s business model that makes larger-ticket items, like jewelry, more affordable for many consumers, according to Michael Bilello, senior vice president of Business Development.

The company allows shoppers to buy a product online and pay for it in regular automatic installments.

“While jewelry is a gift that everyone would like to give someone for the holidays, many cannot purchase via traditional cash or credit means, or would like a way to plan the purchase more effectively,” Bilello told JCK.

Overall, the promotion, offered through the company’s merchants, resulted in a 30.3 percent increase in consumer sign ups along with a 35.7 percent increase in shopping cart dollar volume.

Electronics was the most popular category during the promotion. Jewelry and watches came in second followed by appliances, furniture, and home and garden categories, the company said. 

The overall increase in numbers during the promotion are partially a sign of times, along with consumers looking for more options to pay for products, said Sergio Pinon, chief executive officer and co-founder of eLayaway.
 
"By offering shoppers the eLayaway option, you are allowing them to make purchases of all sizes and pay for them overtime with payments they can manage," Pinon said.

Non-abandoned purchases increased by 12.5 percent bringing eLayaway's completed transaction average for its registered merchants above 92-percent, the company said.

Increases in other categories for the July and August promotion included average ticket price (20.6 percent), page views (7.7 percent),and new purchases made by newly registered eLayaway members (18.5 percent).