Key success strategies for jewelry retail business in Thailand

Abstract

In the highly competitive and fragmented jewelry retail market of Thailand, many jewelry retailers have struggled to survive, and several of them, including SupSiam Gems, ultimately had to close their businesses. Meanwhile, Jubilee Diamond and Ravipa Jewelry became successful players in this industry. This research aims to explore the differences between these winners and losers to identify key success strategies for jewelry retail business in Thailand. The study employs qualitative methods, including public data review and in-depth interviews. Findings reveal that successful retailers in the jewelry industry effectively implement various business management principles, particularly in marketing and financial management. The research identifies four key success strategies for jewelry retailers in Thailand: (1) establishing a clear brand identity and offering value-added products; (2) effective communication for excellent products; (3) data-driven and customer-centric approaches; and (4) strong financial management. The study also provides recommendations for jewelry retailers, such as adopting a blue ocean strategy, brand modernization, and market development.