How the Lim brothers developed SK Jewelery into a successful brand

SK Jewelery has become a well-known brand in Singapore since its establishment 31 years ago.

Formerly known as Soo Kee Jewellery, the jeweler’s origins can be traced back to a humble knick-knacks shop in Joo Chiat called Soo Kee, formerly run by Lim Poon Soo.

He has big ambitions to run his own jewelry store because he believes that the jewelry line is the best line, as its inventory never depreciates. Sadly, he never achieved his dream when he passed away at the age of 50.

However, his departure became the catalyst for the founding of SK Jewelery, as his three children – Mary, Peter and Daniel Lim – sought to fulfill their father’s dream on his behalf.

Over the past three decades, SK Jewelery has grown tremendously – from offering gold jewelry in the 1990s, to creating lab-grown diamonds and unique collections with famous designers and brands, such as Walt Disney, in recent years.

Soo Kee Jewelery 1990s
Soo Kee Jewelery staff assisting customers in the 1990s / Image credit: SK Jewelery

Daniel, co-founder of SK Jewelery said: “Our core belief is that a good piece of jewelry not only enhances one’s appearance but also brings joy as they are often given as a precious gift. price to celebrate an important moment in life. .

“We set ourselves apart from our competitors by ensuring that all of our jewelry is uniquely designed and crafted with meaning. We use only the finest materials available and only use best-in-class manufacturing techniques. For example, our gold comes from pure gold bars found in aging refineries, not recycled gold. We do not focus on quality to save costs”.

Turning to e-commerce during COVID-19

The COVID-19 pandemic has affected many businesses, and SK Jewelery is no exception. Like most other retail brands, the closure forced SK Jewelery to temporarily close its physical stores and switch to digital channels.

In addition, with the increasing consumer demand for cashless payment methods, the company decided to integrate digital payment options into their payment process.

Daniel explains: “Customers show their interest in making purchases with GrabPay, which allows them to accumulate GrabRewards points to redeem for other rewards.

He added that when “Buy now, pay later” emerged as a new payment trend in 2020, SK Jewelery saw an opportunity to capture more market share and decided to offer Grab’s PayLater as a payment option. online. This gives their customers greater flexibility and choice by allowing them to pay at the end of the month or pay in four interest-free installments.

The total number of PayLater installment customers increased by 67% from January to April this year, with nearly 40% of customers choosing to use Grab’s buy now, pay later service being men.

GrabLater's PayLater
Grab’s PayLater / Image Credit: Grab Singapore

SK Jewelery’s partnership with the homegrown supermarket doesn’t end there. It also incorporates GrabExpress as a delivery option, with auto insurance included for items to be delivered and handled by a highly trained delivery team.

“Ultimately, we realized that the needs of our customers were always changing,” says Daniel. “Grab has helped us stay agile and provide customers with a smoother and more seamless shopping experience, from checkout to delivery.”

SK Jewelery also showcased a number of innovative online-to-offline initiatives, such as video consultations to enable store staff to reach out to customers, as well as hosting live streaming events. regularly to introduce new jewelry collections.

“The pandemic has taught us that we operate in a rapidly changing business environment. Therefore, it is important to be agile and have the courage to embrace change, as this allows you to remain relevant to your customers.”

Look to the future

Since social distancing and travel restrictions were eased earlier this year, SK Jewelery has seen its sales rebound to pre-pandemic levels. Daniel notes that restrictions over the past two years have also meant that customers have more disposable income to spend on luxury items.

“With our focus on our new collection of lab-grown diamonds, Star Carat Diamonds and Disney products, customers have a reason to shop and spend with us. In particular, lab-grown diamonds make it possible for customers to purchase a much larger carat diamond for the same amount of money.”

Going forward, SK Jewelery plans to continue to improve its products and enhance communication channels with customers. To this end, they are looking to continue working with partners like Grab to reach a wider audience, both inside and outside of Singapore.

“Authenticity and trustworthiness have helped us create a brand that is recognized for its high-quality products. We also believe in innovation, identifying opportunities to better serve our customers.”

“We will continue to stay true to our corporate mission, which is to add sparkle to the lives of those around us, and through partnerships with companies like Grab we can make that’s more efficient and maintains its competitive edge,” sums up Daniel.

This article was written in partnership with Grab.

Featured image credit: SK Jewelery

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