How Jubilee Diamond is using personal digital touch to sparkle in economic gloom
Thailand’s near century-old jewellery brand is celebrating sparkling success after wedding tradition with digitization’s personal touch.
Unyarat Pornprakit, CEO of SET-listed Jubilee Enterprise, the mother company of Thailand's leading jewellery brand Jubilee Diamond, told a press conference on Monday that data combined with artificial intelligence (AI) is helping the company meet the individual needs of clients.
"It assists our designers and marketing teams in predicting what type of design they prefer or which promotion we should use for each customer segment," Unyarat explained.
She also highlighted the importance of data digitization, stating that it allowed her brands to respond quickly during crises like the Covid-19 pandemic.
After closing all nationwide stores and counters in 2020, Jubilee launched its online channel within five days.
Currently, data digitalization is sustaining the growth of Jubilee Diamond, Unyarat revealed. The internet is now the main platform for engagement with customers.
"We now know in real time whether or not customers are satisfied with our products and services. If not, we are alerted and can correct it quickly," she said.
The CEO explained that the personal touch is powered by systematic data collection, which is being expanded via advanced technologies such as artificial intelligence (AI) and Net Promoter Score (NPS), a tool that measures customer satisfaction after using services or products. World-class brands use NPS as a business management standard.
The CEO said the results of the analysis have been very satisfying, especially when used in marketing activities and product development.
For instance, it has driven up repeat purchases among Jubilee Diamond's membership programme, which currently accounts for 55% of total revenue.
Under advanced data digitalisation, the programme has been rebranded “The Sparkling Club”, offering a whole new level of benefits.
Jubilee Diamond now has a new member base that accounts for 60% of its total 200,000-plus members. The company expects to add 20,000 new customers this year and 30,000 in the following years.
Unyarat also revealed that by the end of this year, Jubilee Diamond will have 130 branches nationwide, with 6-8 new flagship stores and counters opening in 2023.
She dismissed the idea that inflation and looming economic recession would affect her business, stating that diamonds are always in demand and that data digitisation allows her to target market segments accurately and quickly.
"The brand is growing 5-7% per year on average," she said.
Jubilee Diamond has been innovating in the jewellery trade for more than 93 years, making it the top jewellery company in Thailand. It is also the only diamond jewellery retailer listed on the Stock Exchange of Thailand.