Jewelers can join the sharing economy.
(Press Release) MAHWAH, NJ – Jewelers unBLOCKed, a proprietary insurance portfolio developed to provide solutions for the jewelry industry, is rolling out the newest of its programs targeted at helping the jewelry industry grow business and service the consumer in the new shared economy. The program is designed to provide their qualified jewelry clients the ability to offer a new option to consumers other than sole purchase, by providing insurance coverage for the rental of fine jewelry.
According to “Investopedia” in an article by Brent Radcliffe, a “Sharing Economy” is defined as “an economic model in which individuals are able to borrow or rent assets owned by someone else. The sharing economy model is most likely to be used when the price of a particular asset is high and the asset is not fully utilized all the time.” AirBnb and Uber are two examples of the many companies using the sharing economy businesses model.
According to Patricia K. Low, president/CEO, “In the past decade we’ve seen huge success for companies such as Rent The Runway, Style Lend and Le Tote, who rent high-end fashion items to consumers. We are now seeing this phenomenon extend lucratively into the jewelry category. Therefore, we developed our program as a way to provide another valuable tool to assist the industry in meeting the needs and desires of the new consumer while minimizing the risk involved.”
Timing for the introduction of this program is perfect for the jewelry industry to benefit from the new consumer mentality. According to a recent PricewaterhouseCoopers survey, 86 percent of respondents agree that the sharing economy makes their lives more affordable. Further the company predicts that the sharing economy will grow to a $335 billion industry by 2025. Additionally, Time Magazine states that 44 percent of U.S. adults have already participated in the sharing economy in some fashion.
Although the basic characteristics of the program are set across the board, Jewelers unBLOCKed will work with each client individually to tailor parameters that will best fit specific needs, as the logistics of implementation may vary depending upon the jewelers products and values.