Despite the fact that 2020 has been a tough year for everyone due to covid 19, it has been good for famous businessman Adrian Cheng. He implemented several strategies that proved to be positive. You will learn more about it later in this article.
Increase in turnover and sales
The covid 19 pandemic has caused many negative consequences in 2020 all over the world. China was not spared. The trade sector experienced a sharp decline with a 25.3% drop in sales. Unexpectedly, this has been one of the best years for famed businessman Adrian Cheng. Its turnover has increased considerably. Cheng's K11 shopping malls saw a 56% increase in sales in the second half of 2020. According to Veronica Wang, partner at the strategy consultant, K11 is also performing well in Hong Kong since these shopping malls are major cultural destinations. and tourist. In addition to this, k11 offers access to many online features to customers compared to other competitors. On top of that, Adrian Cheng prioritizes local consumers a lot more. This is what shielded its business from the surge in tourists to Hong Kong in 2019 and 2020.
Digitization and the K11 loyalty program
In 2020, several shops and malls closed in China, mainly in Hong Kong. This was not the case for the K11 shopping centers. The use of full digitalization has succeeded in maintaining and increasing sales. Cheng says this was possible thanks to the dynamics of his teams. K11 Go is a feature that was launched to allow customers to shop online, participate in events and virtual art tours across China. This change in strategy increased online sales by 50%. The loyalty program put in place was also favorable. A digital currency, the K Dollar was created to make purchases. The best customers receive rewards which they can then exchange into dollars.
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