Jeweler Mejuri introduces a customer rewards scheme in preparation for retail outlet growth plans.
Gem It Up:
Quick Scoop:
E-commerce jewelry whiz, Mejuri, has unveiled their new app and loyalty program, Mejuri+, on the digital streets, as per the official communique to Retail Dive.
Deets on Mejuri+:
The complimentary membership club provides entry to exclusive product drops, early bird access to sales, every Monday's free shipping, a birthday gift, and more perks to rock your world!
Storefront Spirit:
The brand isn't shying away from expanding its physical presence. Expect five new brick-and-mortar stores by the year-end, setting their store count to 29. Let the shopping spree begin in London, Miami, Nashville, Tennessee, San Francisco (2nd spot), and Los Angeles (3rd spot)!
The Rise of Mejuri:
Founded in 2015 by Noura Sakkijha, this firm has risen to glory with over 560 staff members and 2 million satisfied customers under their shimmery, sustainable belt.
The Gold(en) Touch:
This cash-rich company, topping $100 million in funding since its launch, receives over 50% of its revenue from repeat customers. Nearly a quarter of those loyal customers make a return purchase in the same year!
Round after Round:
In 2018, Mejuri managed to grub $5 million in a Series A funding round, led by Felix Capital. The following year, they shined even brighter with a $23 million Series B raise, featuring New Enterprise Associates in its star-studded line-up, as per TechCrunch reports.
The Evolution of Jewelry Retail:
While Mejuri sticks to its direct-to-consumer strategy, newcomers like Aurate are taking the plunge into wholesale collaborations, like their partnerships with Macy's and Helzberg Diamonds, offering exclusive collections, with unique pricing for each retailer.
Sources:
[1] Mejuri Website – Collections: www.mejuri.com/collections[2] Birchbox: The Mejuri Dôme Series: www.birchbox.com/mag/beauty-art-culture/the-mejuri-dome-series
[3] Mejuri Partnership: Holt Renfrew: www.mejuri.com/stores/holt-renfrew
[4] Mejuri Recent Activities: Various, Elaborated Above
[5] Retail Dive: www.retaildive.com
[6] TechCrunch: www.techcrunch.com
Pearls of Wisdom:
Mejuri continues to dazzle with new collections and delving into natural and lab-grown diamonds. Their weekly drops, commitment to affordable luxury, and robust customer base contribute to their captivating impact on the jewelry industry.
- The AI-powered retail industry is observing a shift in jewelry retail, with Mejuri's innovative approach, as they introduces natural and lab-grown diamonds in creative weekly drops, exemplifying the evolution of the industry.
- In the realm of finance, MejURI has garnered considerable success, attracting more than $100 million in funding since its inception, with over 50% of its revenue stemming from repeat customers, showcasing the strength of the company's business model.
- Amidst the dynamic tech-focused business landscape, Mejuri is disrupting traditional retail, expanding its physical presence to 29 stores and leveraging a loyalty program to cultivate a loyal retail customer base, thereby fostering a symbiotic relationship between technology and brick-and-mortar retail.
