Almost two years ago, Pandora Jewelry was one of the first companies to enter the online jewelry market. As a result, it forged a reputation for offering high quality jewelry at competitive prices. Its success came as a result of a few key factors, including its ability to connect with customers, the quality of its product, and the strength of its brand. The company continues to expand into new jewelry categories and platforms, with management focusing on omnichannel commerce.
Management Prioritized Omnichannel Commerce
Founded in 1982, Pandora Jewelry is the world's largest jewelry brand in volume. Its products are hand-finished and feature recycled silver and gold. It designs, manufactures, and distributes jewellery in more than 100 countries.
Pandora has been investing in advanced analytics to improve customer service. Its digital initiatives have helped fuel e-commerce success. In fact, the company doubled online sales in 2020. It's also investing in the future with a new Digital Hub in Copenhagen.
Pandora also joined the Science Based Targets initiative, which encourages companies to reduce their emissions across the value chain. Pandora also uses social listening to better serve its customers. The company recently appointed Luciano Rodembusch, who was most recently senior vice president at Tiffany and Bristol-Meyers Squibb, as President of Pandora Jewelry.
Charm Development is an Art and a Science
Having launched over 30 years ago in Copenhagen, Denmark, Pandora has risen from a small local jewellery shop to a global jewelry brand. It is currently the world's largest jewelry brand. The company's charm bracelets, necklaces, and rings are sold in 100 countries and the company employs over 27,000 people worldwide.
Pandora is known for its collectability of charms. A wide selection of charm designs are available, ranging from $25 to $35. Pandora is also known for its "ring bar" concept, which encourages customers to stack several rings on one finger.
Pandora also has a new store concept, the Expressions Store, which allows customers to create their own custom jewelry. This is done by using a touchscreen to display blown up 3D images of charms. The store also has a treasure table highlighting new designs and best sellers.
Gen Z is a Gen Z Audience
Having lost their appeal, Pandora decided to launch a new campaign for Gen Z, called Pandora Me. It aims to appeal to younger consumers by focusing on the new digital language of the generation.
The campaign features TikTok videos, favorite creators, and endless product remixing. Pandora has tapped celebrities to represent the brand, including British singer Charli XCX and American musician Addison Rae. It also features a bespoke graffiti wall, interactive elements, and a gaming arcade.
Pandora's new branding is aimed at targeting Gen Z, which is a demographic that is more likely to spend. The company also has a younger customer base that includes teenagers, millennial women, gift-giving men, and young working women.
Pandora Me is the new product line for 2021. The collection reflects the innovative mentality of Gen Z. It incorporates 90s and 00s fashion influences, and is fully customizable. The jewels can be customized to match any style, with custom colors, font styles, and metallic shades. The collection also features a word link, which connects two different pieces of jewellery.
Expanding Into New Jewelry Categories and Platforms
Founded in 1982, Pandora Jewelry is one of the world's leading jewelry companies. With sales in more than 70 countries, Pandora designs, manufactures and sells hand-finished jewellery. It is listed on the Nasdaq Copenhagen stock exchange.
The company's business model is vertically integrated, allowing for flexibility and scalability. It employs approximately 26,000 people around the world. Its products are made from recycled gold and silver, and are crafted at two LEED-certified manufacturing facilities in Thailand.
Pandora's online sales are on the rise. In the second quarter of 2020, online sales increased by 176% compared with the same period of the previous year. The company plans to expand its ecommerce presence around the world. It also plans to open more stores in the U.S.
Making its Stores More Interactive
Despite Pandora's success in its online business, its physical store locations had not performed well. Pandora was investing heavily in rebranding its offline presence.
Pandora launched an augmented reality feature called "Virtual Try-On." The feature allows consumers to try on almost all of Pandora's jewelry without downloading an app or making a purchase. The feature also doesn't require additional technical equipment, so it's fast and easy to implement.
Pandora's "Art of You" campaign launched in April, launching in the US on April 13. The campaign is aimed at driving consumers to visit Pandora stores more frequently. The campaign also encourages shoppers to create their own looks using Pandora jewelry and other jewelry they have. The campaign will run through the end of the year.