IBS to deploy AI in jewellery retail for first time

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"With custom designed AI software from IBS, Krysaliis would know exactly which  designs and lines of jewellery to stock in each of its stores, tailoring this inventory to prevailing fashion trends and the demographics of the area, thus matching supply perfectly with demand," said Dr Kaustubh Chokshi, CEO of Intelligent Business Systems. "We are working to provide them with the capability of changing jewellery lines and styles every six to nine months-a turnaround time that's unprecedented in the jewellery trade anywhere in the world. It is only with AI-based software that Precision Marketing can be taking to this degree of accuracy."

 

The gems and jewellery market is a key emerging area in India and has significant potential. While Indians continue to shop with unbranded jewellery stores, the organised sector is offering branded solutions to meet the demand for quality and value, as consumers move away from traditional retail settings reliant on family retailers. Technology advancements, coupled with the booming retail sector and proliferation of e-commerce in India, are offering the Indian consumer a plethora of choices in brands, quality, service and convenience. To be successful, a vendor needs to engage the customer at multiple levels and offer every possible convenience to facilitate purchase and encourage loyalty. The back-end procedures to handle such high levels of convenience require sophisticated and highly complex technology. Brute force marketing, wherein every customer is bombarded with every possible offer, can hardly be successful in such a scenario. What's required instead is perfectly targeted Precision Marketing that caters to the individual needs of each carefully carved out target segment of the customer base-made possible through AI-based software. 

 

"We are excited at the prospect of being the first in India to implement the sophisticated Artificial Intelligence based software solutions from IBS, and are confident that this technology will give us an unbeatable edge in the marketplace," said Unmesh Kantawalla, CEO, Krysaliis. "In addition, we will be the first jewellery chain in India with a virtual presence on the Internet completely integrated with a physical presence through the jewellery store chain." 

 

Krysaliis has decided to take the inorganic route for its retail foray and the company plans to open 100 stores across India during the last quarter of 2006. These stores, branded "Krysaliis Jewels" will essentially operate under the franchisee model. Subsequently, Krysaliis plans to expand its chain to Dubai and a few select countries in Europe.  

 

 

Sourced From: Adfactors Public Relations Pvt Ltd