Hyde Park Jewelers, which has a network of luxury watch and jewelry stores serving Colorado, Arizona, Nevada and California, is working with the University of Denver to improve digital development and advanced data skills.
The company’s founder, Michael Pollak, is working with the institution’s digital development laboratory on advanced solutions and has even provided funding to the university.
“My wife and I just made a donation to the University of Denver for a digital development laboratory because I am very committed to the digital side of our business and would like to help develop skills in that area as much as possible,” he told WatchPro.
Mr Pollak sees the transformative impact of correctly harvesting and analyzing customer data among leading ecommerce giants within and outside the watch and jewelry industry, and believes he can use it to maintain a competitive advantage in his territory.
“Most of the independents, from what I can see in our market, are under-using data. I am not going to say I know more than anybody else, but I have made the strategic decision to become expert in this area and to invest in it. All of my peers have great stores and their own websites, but I do not know if many of them have the strategy to ensure they are as effective as they can be. The difference all boils down to data,” Mr Pollak insists.
Hyde Park is working on a solution that will track every contact point between its stores, digital systems and its customers. “We are moving onto a data platform so that we can tell every time somebody touches us, whether that is coming into a store, a website interaction, social media contact, a response to an e-mail; we can tie all of those touch points together and figure out a way to reach back out to each individual based on their pattern of how they interact with us,” Mr Pollak describes.