Shenzhen’s multi-brand jeweller Ideal has transformed its 18-year-old traditional business model to a New Retail business virtually overnight in light of the coronavirus crisis.
The retailer rolled out a transformation initiative dubbed “Thousand People, Thousand Stores” by establishing ‘online cloud stores’ through live streaming, turning its ranks of sales associates into live stream broadcasters.
The jewellery industry traditionally has a high dependency on physical brick-and-mortar outlets due to the nature of the high-ticket items it sells. However, with the pandemic forcing stores to shutter and consumers to stay home, Ideal fast tracked its New Retail plans originally scheduled for launch in May to navigate the coronavirus crisis in February.
With several brands under its umbrella, the group had first trialled community marketing with its sister brand Cemni where it garnered more than 100 fan-community groups engaging with more than 50,000 people within three days of launching online. The retailer has admitted it was difficult to turnaround multiple subsidiaries and sub-brands, resulting in a huge test of agility and resilience as it created a virtual ‘store’ experience to replace physical shops.
