JNA Nov/ Dec 2020

JNA Nov/Dec 2020 | 23 專題報道 Omnichannel focus Covid-19 hastened the adoption of digital initiatives, thereby reinforcing the online-to-offline (O2O) strategy. Chow Tai Fook Jewellery Group Ltd introduced a number of new O2O initiatives to enhance customer experience at physical stores while engaging with clients online, said Executive Director Bobby Liu. These include Cloud Kiosks that link online orders at physical stores to the group’s e-commerce platform, and Z+ Funhouse, an innovative jewellery retail space that fosters social interaction, AI and product customisation. The group is also cultivating the spirit of entrepreneurship in its staff, Liu said. Its Cloudsales 365 app encourages employees to sell jewellery products to their contacts. “The retail and O2O technology we developed and introduced have proven very effective in connecting with our clients, especially during the Covid-19-induced lockdowns. We developed our private domain to engage with customers and lead them to our online or physical stores,” he added. Covid-19 has changed the way people access information and altered their shopping behaviour, with more consumer segments growing comfortable with digital channels, remarked Angelina Lau, general manager for International Operations of Singapore’s SK Jewellery Group. “We call it omni-commerce rather than omnichannel since the goal is to eventually generate sales. But business owners must lead and spearhead changes for the strategy to work,” Lau commented. SK has introduced new digital tools and solutions including livestreaming sessions, Click & Collect services at selected stores, online payment options, and one-on- one virtual consultations. Livestreaming and TikTok are among the channels Vietnam’s Phu Nhuan Jewelry Joint Stock Company (PNJ) has explored in recent months, while Dhamani Jewels in the UAE engages customers by sending jewellery to be viewed at their homes and creating dedicated e-catalogues for specific clients. “Jewellery retailers are all trying and testing various models to navigate the new normal,” said the group’s Managing Director Amit Dhamani. “There is no single solution that will lead to success. We have to mix and match strategies for best possible outcomes.” Product development The Covid-19 era is also instituting significant changes in consumer preferences. Lower-priced items tend to move better online across all markets than bigger-ticket items, the retailers noted. Pranda Group Chairman Prida Tiasuwan said consumers are willing to spend up to US$1,000 on jewellery online; anything costlier would normally be bought at physical stores. To be successful online though, companies need to establish strong and effective brands, he added. Lower-priced items are better suited for market conditions ahead as economic uncertainties dampen consumer spend. Gold products are also in demand due to their investment value, the Pranda official continued. In Singapore, affordable pieces and gifting purchases are popular online. Essential items such as bridal jewellery pieces still sell but with couples sometimes making slight adjustments to their budgets, Lau shared. For the UAE’s Dhamani Jewels, its brand of trendy pieces, Dusoul by Dhamani, thrived in recent months as consumers – particularly millennials – sought affordable luxury jewellery. “Impromptu buying continues to do well. We have seen a slowdown in demand for jewellery purchases for life events such as weddings. This affected the classic fine jewellery and statement pieces from our main Dhamani 1969 brand. Jewellery for occasions such as anniversaries are still sought after," Dhamani revealed. Recovery will take some time; maybe the whole of 2021. We are dealing with a luxury, non-essential product. People have to spend on essentials and necessities. Jewellery is a luxury, and the last thing they will spend money on post-Covid-19. – Suttipong Damrongsakul, chairman, ASEAN Gems & Jewellery Association Phu Nhuan Jewelry Joint Stock Company CEO 首席執行官 Le Tri Thong