Blue Nile Turns to Discounts to Put Sparkle in the Holidays
Online retailers are rolling out the deals for "CyberMonday," and Blue Nile, an online jeweler, is no different.
"Cyber Monday," is a phrase created back in 2005 by the trade group National Retail Federation to describe the Monday after the Thanksgiving holiday. It marks the unofficial start of the busy online retail season.
Blue Nile has a promotion called the "23 Days of Christmas." Each day will feature a different item that has been steeply reduced in price. For example, today's item is a three-carat diamond eternity bracelet, which normally costs around $3,000, but is on sale for $1,900.
In an interview with "Squawk on the Street," Blue Nile President and CEO Diana Irvine said the company's status as an online-only retailer helps it to offer better deals because it saves a lot of money by not paying the overhead required by a store.
- To listen to the complete interview, click here.
Blue Nile's discounts, which range from 20 percent to 40 percent off, are a great drawing factor for potential customers.
"Today is only the beginning," she said, with certainty. Irvine expects her busiest period to be about two weeks from now, not only do many people give jewelry as gifts, but the holiday season is a popular time for marriage proposals, so engagement ring sales tend to increase as well.
Still, it's been a rough year for Blue Nile shares, which are down about 65 percent year to date.
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