With gold rates being all time high, how have you adapted your business strategy to navigate the challenges posed by the current economic climate?
To navigate the challenges of the current economic climate with gold rates at an all-time high, we’ve optimised our supply chain and sourced alternative materials to control costs.
We’ve diversified our product lines and invested in advanced manufacturing technologies to enhance efficiency and reduce cost. Enhancing customer engagement through transparent communication and flexible payment plans has helped maintain loyalty. We’ve also strengthened our financial management to ensure stability. These strategic adjustments have positioned us well for resilience and long-term growth amidst economic uncertainties.
How many stores does Rizan currently have? What are the growth plans (in terms of new stores and new markets) for the year 2024?
So far, we have 28 stores worldwide including bullion wholesale and retail shops. Our growth plan for the gold jewellery brand focuses on several key strategies.
Firstly, we aim to expand our market presence by opening new stores in high-demand locations and enhancing our online shopping experience with a user-friendly website and mobile app.
We are investing in digital marketing and social media campaigns to reach a broader audience and engage with younger customers. Diversifying our product offerings to include contemporary and traditional designs will cater to a wider customer base.
Additionally, we plan to collaborate with influencers and launch limited-edition collections to create buzz and exclusivity. Strengthening our supply chain and sourcing will ensure sustainability and quality, positioning us as a trusted brand.
Finally, continuous staff training and exceptional customer service will enhance customer loyalty and satisfaction.
What is the demand for varied jewellery products? Anything specific or any collection you want to mention?
The demand for varied jewellery products has seen a significant shift towards personalised and unique pieces. Customers are increasingly interested in bespoke designs, custom engagement rings, and personalised name jewellery.
Collections featuring traditional designs, ethnic designs, and seasoned collections are also highly sought after.
Additionally, vintage-inspired jewellery and pieces featuring coloured gemstones, such as sapphires and emeralds, are in high demand. These trends reflect a growing desire for distinctive, meaningful, and responsibly crafted jewellery.
Could you provide insights into the approach to enhancing the in-store shopping experience for customers interested in diamond jewellery?
To enhance the in-store shopping experience for customers interested in diamond jewellery, we have introduced personalised services such as one-on-one consultations with expert gemmologists.
We’ve upgraded our store layout and lighting to showcase the brilliance of our diamonds effectively. Interactive displays and virtual try-on stations allow customers to visualise their selections. Our staff undergoes continuous training to provide knowledgeable and friendly service.
Additionally, we offer complimentary cleaning and inspection services for purchased items. Special events and exclusive previews of new collections further engage our customers. These efforts ensure a luxurious and memorable shopping experience.
What are the consumer preferences and behaviour of jewellery buyers? Are they looking at Italian, French, German brands?
Consumer preferences and behaviour among jewellery buyers are increasingly diverse and sophisticated. Many buyers seek high-quality, unique, and personalised pieces, reflecting their individual styles and values.
Italian was always preferred, but there is a growing interest in Turkish, Malaysian, Indian, and Singaporean brands, known for their craftsmanship, elegance, and innovative designs. The German and French brands have lower demand than the ones named above but still have their own unique audience and buyers.
The demand for vintage and antique jewellery is also on the rise, driven by a desire for timeless and distinctive pieces. Online shopping and social media influence purchasing decisions, with buyers often seeking inspiration from fashion influencers and celebrity endorsements. Overall, the trend is towards a blend of tradition in jewellery purchases.
What are the marketing/promotion activities most effective in attracting and retaining customers and boosting sales growth?
To attract and retain customers while boosting sales, we’ve implemented a multi-faceted marketing strategy. This includes targeted digital marketing campaigns across social media platforms, utilising influencers and fashion bloggers to reach a broader audience.
We offer exclusive promotions, discounts, and loyalty programs to reward repeat customers. Our personalised email marketing provides tailored recommendations and updates on new collections. In-store events, such as jewellery workshops and VIP previews, create engaging experiences.
Additionally, the collaborations with popular brands and limited-edition releases generate excitement and urgency.
Our commitment to continuous sourcing and sustainability resonates with socially conscious consumers, enhancing brand loyalty and attracting new customers.