JWA 2021 Jewellery Industry Best Practices

60 | Jewellery World Awards 2021 When business slowed down in the first half of 2020, BOJEM founder Joyee Zhao wasted no time in developing innovative strategies that could help mitigate the negative effects of the pandemic. As a result, the company behind BOJEM Jewellery was able to sustain its growth and even increase its annual profits by 10 percent. To accomplish this, Zhao had to take on a more active role, not as a decision-maker, but as a leader in the frontlines. “In the past, I was more involved in managing our operations and safeguarding the supply chain. In light of the pandemic, however, I immersed myself in day-to-day operations to gain valuable insights on how to further improve our company,” she says. UPGRADED INNOVATIONS Being on the ground with her team helped Zhao understand the shift in consumer attitudes. “In times of uncertainty, people would understandably shy away from investing in high-value items such as jewellery. As such, we reintroducedour repurchaseand freeupgrade policy to attract more customers,” she narrates. The free upgrade allows customers to exchange their BOJEM jewellery with items of the same price without having to pay additional fees. Should a client choose a more expensive product, the company will only charge for the difference. BOJEM’s repurchase policy, on the other hand, assures customers that the store would buy back their previously purchased jewellery, and even factor in its appreciated value. “These assurances encourage buyers to invest in jewellery even in the time of the pandemic. It also serves as a value-added service that increases trust between the brand and the customer,” explains Zhao. Joyee Zhao BOJEM CATEGORY: Young Entrepreneur of the Year (age 40 and below) COUNTRY / REGION: CHINA 1