JNA Nov/ Dec 2020

24 | JNA Nov/Dec 2020 SPECIAL FEATURES restrictions enabled SK Jewellery Group to woo local consumers who previously made their luxury purchases overseas, Lau revealed. Jewellery retail likewise benefits from discretionary income diverted from the luxury travel market and high fashion sector, the retailers noted. Changing face of retail Moving forward, the role and number of physical stores are likely to change as consumers adapt to the new normal, according to Pranda's Tiasuwan. Nine months of coronavirus-related lockdowns, social-distancing measures and containment efforts have turned people into dedicated netizens. “Even with the high-touch nature of jewellery, purchase decisions in the future will be omnichannel. Consumers will go online to research on their options, and then go to the store to buy it once they have decided,” he continued. The growing importance of investment jewellery will warrant enhanced and efficient customer service, Tiasuwan said. Retailers will need to do more to get customers into the store, and sales personnel must be knowledgeable about big-ticket items, he added. Ma of Lee Heng Diamond Group affirmed the interdependence of online and offline channels, and underscored the importance of customer experience. Online platforms enable retailers to engage with their customers, but brick-and-mortar outlets validate the brand experience through engaged and empowered frontliners. For Kashi Jewellers, the tactile and emotional nature of jewellery buying will keep brick-and-mortar stores relevant in an age of digitalisation. During the lockdown, it allowed customers to try jewellery on and installed a high-pressure steamer in its showroom to sanitise pieces handled by customers. The retailer’s new showroom will include a factory floor where customers can watch artisans create jewellery. “Jewellery buying is a high-touch and social activity. Customers want their friends’ opinion on their purchases. They want to feel the jewellery piece. Online and retail technology are all well and good but, for us, they don’t necessarily translate into sales,” said Kapoor. PT Central Mega Kencana's Alissia noted growing interest in meaningful jewellery as consumers seek pieces with significance and relevance to their lives. Millennials, in particular, want stories behind their jewellery as they ponder life in a pandemic. Chow Tai Fook is building on this trend too through jewellery personalisation tools. Its D-One jewellery customisation online platform enables customers to design their own piece while its new Art2Charm service transforms customers’ drawings or pictures into 18-karat gold charms. Opportunities amid adversity There are also still bright spots in the jewellery retail scene despite the pandemic as retailers adapted and adopted new business models and growth strategies. Vietnam’s PNJ managed to post growth during coronavirus-afflicted months by seizing opportunities in the market, revealed CEO Le Tri Thong. Through database management, PNJ sharpened its market segmentation strategy. It also optimised its retail network by moving into prime locations vacated by travel agencies and tourism services. Priority has shifted too from large numbers of shopping points to more effective points of sale. “We analysed the different market segments to identify who has disposable income and what their purchasing habits are. The approach has shifted from mass market to more detailed customisation of products and communications for specific segments. We target professionals in thriving sectors such as banking over hard-hit fields such as tourism. In rural areas, we offer products with a high concentration of gold that can be converted to cash,” Le revealed. Over in Hong Kong, the jewellery retail sector, which relies heavily on tourist purchases, is turning to local consumption to compensate for the loss of Chinese and international visitors, Lee Heng Diamond Group CEO Lawrence Ma pointed out. Meanwhile, travel SK Jewellery Group General Manager International Markets 國際營運部總經理 Angelina Lau 劉尹琪 Lee Heng Diamond Group CEO Lawrence Ma 利興鑽石集團首席執行官馬墉宜