On Jewelry Business Model Under The New Retail Concept

The development of Internet has provided scientific and technological support for the development and transformation of the retail industry.At the same time,the changes in people's consumption habits have also put forward new requirements for the retail industry,which is a also trend for jewelry retail industry.This requires jewelry companies to adapt to the current situation meeting new challenges.The new retail is a consumer-centric omni-channel retail connecting online and offline channels.In the traditional jewelry retail industry,making such a change will inevitably face many difficulties and resistances.However,there are still some companies that have the courage to take the lead and actively respond to the general trend of new retail,not only accepting the concept of new retail at the ideological level,but also restructuring their business models practically.Through the combination of business model canvas theory and new retail's theory,Chow Tai Fook Jewelry Group Co.,Ltd.was sorted and analyzed through this model,with further comparison and analysis with other typical companies in the industry.First of all,after summarizing traditional retail and new retail of the entire retail industry,the new retail theory and widely-accepted business model canvas was narrated and combined.Then,the industry environment of the jewelry retail industry is analyzed,followed by the comparative analysis of the traditional retail and new retail in the current jewelry retail industry.In the process of combing and analyzing the business model of Chow Tai Fook Jewelry Group Co.,Ltd.,it can be seen that this company has a big advantage in its brick and mortar stores.Accepting the new retail concept,this company is also actively building its online channels and linking its online to offline,which has shown some positive results.While analyzing the advantages and disadvantages of the business model of Chow Tai Fook Jewelry Group Co.,Ltd.,a horizontal comparison was also conducted with other companies that have corresponding practices in new retail.On the whole,the development of new retail in the jewelry retail industry is just at the beginning,there is still a long way to go.In the practice of“consumer-centered”,jewelry retail enterprises still need to improve their insights and make proactive responses to consumer needs,so as to provide consumers with satisfactory jewelry pieces in appropriate channels.In short,reconstructing user cognition,recognizing product innovation and continuous dynamic operation are the ways to change the business model of jewelry retail companies.