CaratLane - A Tanishq Partnership has partnered with wesense.ai to enhance the customer experience in its 80+ retail stores across the country.
The brand uses wesense.ai’s proprietary AI-powered video analytics product which runs on the store’s existing to get detailed and accurate insights infrastructure
The product is designed to analyse the customers’ journey inside the CaratLane stores at an aggregate level and provide useful insights that will help in planning effective marketing campaigns and increasing the sales conversion.
Atul Sinha, SVP (Retail), CaratLane, said, “As a brand that has multiple retail stores across the country, CaratLane has always been focused on acquiring accurate footfall data to enhance the customer experience. By using the cameras and other available resources at our stores, wesense.ai provides us with real-time data, which helps us make better decisions regarding inventory, staffing and promotions.”
Sankara Srinivasan, Founder and CEO, wesense.ai, added “India has the largest network of retail stores in the world, which provides employment to crores of families. However, due to the lack of accurate and actionable data, physical retailers are often at a disadvantage when competing with online players. We aim to democratize visual information to retailers without adding CAPEX. We are happy to work with a brand as customer-focused as CaratLane, which aims to enhance its customer experience through data and technology.”
Jewelry Market in India
Jewelry has been a significant part of Indian culture from ancient times. Indians' love for precious jewelry can be vouched for the fact that India is the biggest buyer of gold in the world.
In India, the Gems and Jewellery industry is one of the largest in the world, contributing 29% to global jewelry consumption. Gems and Jewellery’s market size in the country contributes to about 7% of India’s GDP and has grown at a CAGR of more than 14.8% over the last 50 years.
A major shift from unorganised to organised sector
Previously, the jewelry market was largely dominated by local jewelers and unorganised players. However, with time, people became skeptical of the quality and purity of the jewelry made by local players. This has made the consumers increasingly shift from the unorganised to the organised sector.
With the rise of the urban population and increased disposable income, there has been an increase in demand for premium products and established brand names.