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Chow Tai Fook taps into China consumer and digital retail trends to bolster growth

Asia’s leading jewellery group is launching the CTF • HUÁ Collection and investing in digital retail technologies to tap into the latest consumer trends and digital retail market opportunities. 

Against a backdrop of challenging headwinds in the retail industry, Chow Tai Fook Jewellery Group (“Chow Tai Fook” / the “group”) showed remarkable resilience and closed the financial year with HK$94,684 million in revenue. The group attributes its success to a proactive focus on digital and product innovation, creating tailored customer experiences, and deepening its online and offline reach with its audiences. 

In recognition of Chow Tai Fook’s performance this year, the group has been awarded Jewellery Retailer of the Year – China at the 2023 Retail Asia Awards.

Uncovering Opportunities in the China Market 

Chow Tai Fook has strategically expanded its retail footprint, achieving a network of over 7,600 points of sale worldwide. In China’s emerging cities, Chow Tai Fook is opening its doors to offer exceptional products and services to its customers. As of 31 March 2023, the jeweller had a total of 7,269 POS under its flagship brand CHOW TAI FOOK JEWELLERY in the Mainland.

Capturing the vast opportunities available in China’s luxury market, the group is tapping into the latest consumer trends like the “Guochao” trend to offer exquisite products and experiences to the region’s consumers. To keep up with this growing appetite for traditional Chinese culture and craftsmanship, Chow Tai Fook has launched new products and initiatives that celebrate Chinese culture and artistry. The group’s CTF • HUÁ Collection was designed to pay tribute to traditional Chinese culture. The collection features design elements inspired by symbols, pictographs, and decorative patterns that carry the meaning of blessing in ancient China. Time-tested gold working techniques are meticulously employed to make these smooth and intriguing gold jewellery pieces that pass on the sincerest wishes from one person to another.

Enhancing Customer Experience through Digital Innovation 

The pandemic reignited the pace of digitisation for many businesses as more customers moved their purchasing online. Chow Tai Fook places a strong emphasis on digital innovation in both product innovation and customer engagement, as it leverages cutting-edge technology to stay ahead of industry trends and enhance customer experiences.

The jeweller’s approach leverages technology to support its teams at the point of sale as well as unleash new possibilities and creativity for consumers through services for product customisation. In recent years, the group has launched industry-leading tools and capabilities  like automated logistics and distribution centres that shorten the replenishment cycle at our stores and improve inventory management; CloudSales 365, a platform that connects customers to its online store; and Smart Tray, an RFID-enabled jewellery tray used at physical stores that offers timely insights into customer behaviour by recording popular items or customer traffic patterns. The group has also innovated its operations by introducing its jewellery customisation platform, which offers customers an exclusive experience to create unique pieces.  

Chow Tai Fook was one of the first jewellers to implement a livestreaming marketplace. Aside from livestreaming on self-operated platforms, the group has collaborated with online influencers to boost sales. For instance, one of the partners with whom it collaborated achieved record sales of 5,000 products within 30 seconds during a livestream. The group is innovating to meet consumers in new forums to grow their audiences. Through new digital initiatives and an omni-channel approach, Chow Tai Fook is working to drive sales further whilst enhancing the customer journey.

With Chow Tai Fook’s latest retail and digital strategies, the group is capitalising on the latest market trends and opportunities of the past few years and redefining jewellery and culture amongst younger audiences.

 

The Retail Asia Awards is presented by Retail Asia Magazine. To view the full list of winners, click here. If you want to join the 2024 awards programme and be acclaimed for your company's exceptional products or initiatives in the retail industry, please contact Jane Patiag at [email protected].

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