JWA 2021 Jewellery Industry Best Practices

The activity likewise resulted in a significant coupon usage rate, which was higher than the usage rate that the brand used to enjoy. Soon after, a Livestreaming Festival was launched for Phase 3. In the age of social distancing, livestreaming grew in popularity as people sought ways to connect socially through interactive platforms. “As such, we partnered with 22 key opinion leaders and veteran social media influencers to train our frontline colleagues in engaging with our customers virtually,” says Chan. The campaign then culminated with Phase 4 on Chinese New Year 2021, wherein 10 celebrities shared their “blissful stories” through social media videos that skyrocketed to a satisfactory number of views and counting. Maximising its booming online presence, Chow Tai Fook offered shopping privileges to both in- store and CloudSales 365 customers. “We believe that physical stores and online platforms should co-exist to provide clients with a complete and multi-faceted experience,” reminds Chan. CONSUMPTION SPREE Through this campaign, Chow Tai Fook successfully captured a part of the “revenge consumption” market, which consisted mainly of consumers who held back on spending at the height of the pandemic and were ready to splurge on little luxuries once the economy returned to some semblance of normalcy. CloudSales 365 proved to be a very smart tool for the 40,000-plus sales specialists powering Chow Tai Fook’s self-operated and franchised stores. The mini-programme, which serves as a bridge between the retailer’s eShops and customers, reached over 3.7 million customers and recorded a sales conversion rate that was 10 times higher than its traditional e-commerce counterparts in financial year 2021. The average price for products sold on the platform was also 80 percent higher. Altogether, this helped Chow Tai Fook grow revenues by 23.6 percent from US$7.2 billion in FY2020 to around US$9 billion in FY2021. The Group was recognised as one of “China’s 500 Most Valuable Brands of 2021,” on top of other accolades. While its deft handling of the pandemic is no less than impressive, Chow Tai Fook stands out for its sustainable practices as seen in its “Our Centennial Commitment” programme. The 10-year strategy epitomises the brand’s pledge to sustainable development in four priority areas. These are responsible sourcing of raw materials; craftsmanship, innovation and technology; block- chain enabled diamond grading through its diamond brand, T MARK, and community engagement through its award-winning “Do Good – Caring Action” project, which delivers various forms of aid and assistance to underprivileged members of society. 1. Store interior of CHOW TAI FOOK JEWELLERY 2. ENZO Rainbow Bouquet Collection 3. CloudSales 365 4. Chow Tai Fook Jewellery Group’s executive directors 5. Experience Store 4 3 5