Jubilee, a jewelry brand that has grown from looking for new things and thinking differently, has allowed the business to grow and survive in every crisis for 92 years.
The turning point of the business occurred in the 3rd generation when Viroj Pornprakrit There is a concept to change the traditional diamond sales, which is that the owner is the seller himself. Seeing that people's shopping habits are becoming more dispersed, they have created new distribution channels and also created a new profession in Thailand called Diamond Advisor (DA).
"If you go back 20-30 years ago. This is unlikely. Opening 10 diamond shops at once This means that sales will not be caused by the owner, but nowadays we see a lot of diamond shops and jewelry sales in shopping malls, and we are the pioneers of this channel." Anrat Pornprakrit, Chief Executive Officer Jubilee Enterprise Public Company Limited Open an interview with us
Anrat He continued that his father is a person who is always looking for new things and thinks differently. In 2009, Jubilee was also the first diamond sales company to be listed on the MAI Stock Exchange. (JUBILEE) The idea was born 5 years ago, in an era when there was no social media, the perception of news was not the same as it is today. The company must seek knowledge and talk to various financial advisors.
Three years before entering the market, it was a serious road map because the transition from a family company to a public company would require a considerable adjustment of the work system. Fortunately, family members can easily talk to each other and understand what the rules are for changing to a public company. It was a major turning point that allowed the company to grow to this day.
Thinking differently and seeking new opportunities is part of Jubilee's DNA, developing new products and enabling customers to get the best. People in the diamond industry know that D Color diamonds are the best and clearest diamonds, also known as water diamonds 100, so the company is looking for ways to make water diamonds 100 accessible at an affordable price.
"For the past 12 years, we have been the only retailer in the business of selling jewelry on the stock exchange."
Join hands with partners Adjust your brand image to reach new customer groups
"People often wonder who will buy diamonds because most people tend to think that they only buy when they get married once, but nowadays it is found that the largest group is buying diamonds, buying them to wear as jewelry, as well as buying clothes and new collections of bags, so buying diamonds is no longer a big agenda in life."
In addition to making it easy for people to access distribution channels, Jubilee does not limit its customer base to wealthy people. Collaborating with LINE FRIENDS is an opening up to the new generation because LINE FRIENDS is a character that everyone accepts and knows. There is a fan base of the new generation. This allows the company to automatically reach the new generation. This makes the brand more attractive.
Many millennials used to see diamonds as an adult commodity. Instead, she has the first real diamond jewelry in her life from buying this collection.
Penetrating the online market Expand your customer base
Online shopping is already a normal thing for Thai people, especially after the COVID-19 crisis, but with some products, online trading may still be difficult. Especially jewelry that costs money like diamonds.
Anrat He said that before the COVID-19 crisis occurred, the company had not thought about fully penetrating the online market. Because the branch is still selling, and there are plans to expand more branches.
"We look back at our business and sit down and think about whether we can do it online, which in the U.S. is normal for selling diamonds online, but in Thailand it hasn't happened yet, so we just have a platform and a back-end system in place, but we haven't set a date to start."
The collaboration with LINE FRIENDS in 2019 (before the COVID-19 crisis) was a trial of selling diamonds online along with in-store sales, and began to see the direction of incoming purchases, but after the COVID crisis in Thailand and the first lockdown, the company had no choice because 127 branches out of 130 were closed, leaving only 3 branches that were still open.
Anrat It only takes 5 days to get the products up and sell them all online. Learn to sell online and solve problems over time.
The main problem I encountered was the ring size. The company has an online measurement platform for customers, which can be done completely on the e-commerce platform, as well as videos teaching how to measure sizes, and a team that comes to answer problems for customers through online channels in real time.
"When we do online sales channels, most of our customers are new customers rather than old customers, so providing information is something that we need to add regularly. We must always improve a good experience for customers."
Another problem is the frequency of stocking. There is real-time data to check which collections are coming from. How much does it cost and where do customers order it from? This makes it possible to solve customer problems and also choose to do promotions. You can choose the right audience.
“Jubilee There is a way of thinking from both angles that make the jewelry industry in Thailand change. Whether it is about distribution channels. Product quality and understanding consumer needs. As a result, the business has gained new customers.
By doing this, we can scale and grow the business because consumers have the understanding to buy the products they really want." Anrat In conclusion