As the largest online retailer of fine and fashion jewelry, Ice.com has an amazing selection of high quality products at affordable prices. We recently renegotiated lower wholesale costs on many of our most popular jewelry collections. Some companies might keep that additional savings for themselves, but that’s not how we like to do things at Ice. So what did we do? We decided to refund the difference to customers who had recently purchased those pieces. Sounds like a crazy thing to do, right? We’ll let our CEO, Brandon Proctor, explain:
Q: Why did Ice.com decide to issue small refunds to past customers after you renegotiated lower prices on some of your collections?
A: To be honest, we were incredibly excited that our jewelry manufacturers recognized the value of our partnerships and offered us reduced prices on specific collections. Without strong relationships with our great partners, none of this would be possible. After we secured the lowered wholesale prices, we realized that we had made some extra profit on a few hundred of our most recent orders. Right away, we knew the only thing to do was to pass that extra profit back to our customers in the form of a refund.
A: Look, it would have been very easy to just keep the extra margin, but at Ice we know that our customers are the reason we are successful. We’ve spent years becoming the most trustworthy and transparent online jewelry retailer, so when something good happens at Ice, we want to share that with our customers.
Q: How many refunds did you send out?
A: Several hundred orders were eligible. I think it’s close to 500 orders total.
Q: How much money are you refunding?
A: I’m not allowed to say, because that is confidential info related to customer transactions. But, the important thing is that our customers know that we are looking out for them. Everything we do at Ice begins with one question; “How do we surprise and delight our customers?” Whether it’s monitoring the quality of our products via our “Ice Certified” program, building a smooth and simple online shopping experience, or offering free shipping and hassle free returns, it all comes down to doing things that our customers will love and value. After all, jewelry is a personal and important purchase for every customer and our business needs to reflect that.
Q: Can we expect more refunds in the future?
A: We’ll see. I don’t know if there are any new negotiations at the moment, but if the opportunity presents itself, we definitely will.