Blue Nile and Pandora are two of Tiffany's biggest competitors because of the similar price range, product range, and the target market in which they all compete for in terms of attention, time, and money.
Blue Nile is the largest online retailer of diamonds in the United States, offering more than 60,000 diamonds on its website. It is currently an international online jewellery retailer and has a dedicated site for the Singapore market. With no physical stores, no intermediaries and offering products four times cheaper than rivals, Blue Nile has proven to be a highly successful in its business model, with Forbes naming Blue Nile its favourite online jeweller.
Pandora Jewelry is a fast growing and unique jewellery company which offers consumers the opportunity to design their own distinctive fashion creations. Originally from Copenhagen, Denmark, Pandora Jewelry has quickly spread across the globe to become one of the most well-known and popular contemporary jewellery designs. Inspired by Greek mythology Pandora uses hope and inspiration as the basis for their characteristic style.
Strengths:
Weaknesses:
Blue Nile is the largest online retailer of diamonds in the United States, offering more than 60,000 diamonds on its website. It is currently an international online jewellery retailer and has a dedicated site for the Singapore market. With no physical stores, no intermediaries and offering products four times cheaper than rivals, Blue Nile has proven to be a highly successful in its business model, with Forbes naming Blue Nile its favourite online jeweller.
Pandora Jewelry is a fast growing and unique jewellery company which offers consumers the opportunity to design their own distinctive fashion creations. Originally from Copenhagen, Denmark, Pandora Jewelry has quickly spread across the globe to become one of the most well-known and popular contemporary jewellery designs. Inspired by Greek mythology Pandora uses hope and inspiration as the basis for their characteristic style.
Strengths:
- Strong Local Presence and Positive Brand Image - Tiffany & Co. has larger retail stores than Pandora and the stores re located in high human traffic locations. First opened in 1991 in Singapore, it has the longest history standing as compared to Blue Nile and Pandora. Over the years, the company has created a strong local presence, as many Singaporeans are well aware of the brand. It’s exclusive and elegant brand image consistent of that as reflected internationally.
- Well-Known Sterling Silver Jewelry - Sterling silver jewelry is highly popularized and donned by many women. It is also one of the top products that people purchase as gifts for others.
Weaknesses:
- Limited product and design range - The US stores enjoy a larger range of designs and limited edition jewelry. While sterling silver jewelry range is strong in Singapore, the company should not over rely on it, but should spend its efforts to promote other line of jewelry to maintain consumer interests.
- Increase of Imitation Goods - Recently, Tiffany & Co lost its attempt to sue Ebay, in its bid to prevent trademark infringement for selling counterfeit goods on its website. As Ebay cannot be held liable for fraudulent vendors; the company will find difficulty in penalizing individual vendors as they come in vast numbers.