Debra LaBudde launched Memo, an ecommerce site that specializes in fine jewelry. The name of the brand refers to the consignment practices within the jewelry and diamond industry, wich served as the inspiration for her concept. LaBudde noticed there was an untapped market for fine jewelry, “(I saw) an interesting opportunity in the marketplace that, in my mind, hasn’t been well served, and that ultimately could create a larger market.”
Many consumers still prefer to purchase luxury products, especially jewelry, in a store so they are able to feel and try on the product before making a purchase. According to LaBudde MEMO gives consumers exactly what they want by getting to feel the product like they would in a brick-and-mortar store while having the convenience and accessibility of ordering the jewelry online. Memo’s “complimentary home try-on” period bridges this gap. LaBudde’s aim is to give the Memo experience the same personal and connective quality that one might find shopping in a well-curated, independent boutique.
Clients order a piece on ExperienceMemo.com, it takes two days for free delivery and then the consumer has a three-day trial period before they are charged for the product. Should the client not be satisfied with the product, they are able to return it for free. “Obviously, we have security in place, but there’s a fair amount of trust that goes into it too and the kind of reciprocal respect that we get with clients is pretty amazing.” Memo’s primary customer base consists primarily of self-purchasing women. “When I talk about growing a market, I truly believe in women buying for themselves and the evolution of designer jewelry and designer names around a product,” said LaBudde. “I think there’s a greater opportunity to reach a new customer that really doesn’t know this world.”