According to the Malaysian Book of Records, Lazo Diamond, is the largest white gold and diamonds specialist retail chain in the country. Founded in 2003, Lazo Diamond has developed into a prestigious brand with over 33 retail outlets nationwide, intending to make diamonds contemporary while remaining accessible to the masses.
Lazo Diamond has integrated the Giftee Malaysia’s eGift System in 31 of its branches nationwide. The eGift System is an eGift sales system that streamlines all technical aspects of eGifts, from issuance to distribution, while catering to business-specific needs. The eGifts can be purchased by customers from their website, pick a design for their gift cards and personalize it with special messages to their loved ones.
The Lazo Diamond eGift vouchers will also be available for purchase via Giftee Malaysia’s “giftee for Business” solution. This enables companies to send eGifts to consumers as a reward or incentive for participating in their promotional activities or campaigns.
“At Lazo Diamond, we believe that owning a diamond is no longer a dream as people can get their diamonds with us at such affordable prices, without compromising our quality and services,” shared Lim Wai Seng, CEO of Lazo Diamond. “With this Giftee Malaysia partnership, we are able to establish a culture and practice of casual gifting of diamonds in the form of eGifts in a fuss-free manner.”
Acceptance of eGifts in Malaysian consumers
Despite rising at a steady rate of nearly 20% from 2015 to 2019, Malaysia’s physical gift card sector has been severely impacted by the pandemic. The loss of traditional gift cards, on the other hand, has hastened the use of eGifts, which is predicted to grow significantly in Malaysia at a compound annual growth rate of 26.4 percent, reaching US$787.6 million from 2020 to 2024. By 2024, Malaysia’s gift card industry will have grown from US$ 1,015.0 million in 2019 to US$ 1,846.6 million. The gift card industry’s expansion can be ascribed to the country’s overall increase in e-commerce, corporate incentives programmes, and gig economy payments.
Ryo Okubo, Chief Operating Officer of Giftee Malaysia, said “Giftee Malaysia assists businesses in the country’s digital transformation, which is currently one of the economy’s primary aims. Although our eGift System service is mostly used by the food and beverage industry, there is potential for us to partner with other industries, such as jewellery, whose products and services would make wonderful presents. We’ve also increased the volume of eGift distribution to develop and satisfy the expectations of businesses through giftee for Business as part of our growth strategy.”
