Gurukeerthi Gurunathan, co-founder and CTO, CaratLane believes that today’s customer expects a high level of convenience, flexibility and choice regarding time, place and shopping preferences and CaratLane took account of this over the years and invented a business model and technology that enables a seamless omnichannel experience for customers.
In an interaction with ETRetail, he said, “Most of the customers discover our jewellery through digital channels like website, app, social media and end up making a purchase either online or offline in our stores.
How are you using data to predict future trends?
The majority of our day-to-day decision-making as well as future business models are born from the insights we gather studying the data. For example, we study the customer journey and buying behaviour to determine the catalogue portfolio. We study data to find out which customer to target now vs later through our retargeting channel. Data insights help us decide which location to pick to open the next store and that’s a bible we’ve been following.
How are you customising and personalising your consumer’s needs?
Most of our designs can be customised as per the metal and diamond quality desired by the customer. Further to that we also undertake customisation of designs on customer requests. Our design and manufacturing capabilities are tuned to handle this.
Personalisation happens at various levels in the consumer purchase journey. It starts with the assortment of our product displays to their browsing needs, to curating their discounts for special occasions like birthdays and anniversaries, to specific product personalisation requests for solitaire and customised delivery experience like sending it with a gift wrap and pre-written care notes for different occasions.
What are the in-store technologies that you are adopting?
Our retail channel contributes to more than 80 per cent of our business. We use technology primarily to work behind the scenes to make the experience of our customers smoother and richer from browsing online to smoothly visiting the nearest store and making the purchase. We have a store check-in feature that helps us stitch the online and offline journey of the customer together so that we can provide them with a smooth experience at the store. We are also continuously studying consumer journeys to help us identify features or services to enable better browsing and in-store experience for our customers.
How much have you invested in technology for this fiscal?
We understand that building the digital ecosystem that will ensure a superior customer experience is not possible without aggressive investments in technology. Our tech investments are not only in technology applications but also in the right people. All investments are decided on the basis of impact on business metrics like maximising revenue through better customer experience or reduction in cost.
How has technology helped you to have an edge over the competitors?
CaratLane, is a digitally native omnichannel brand driven by tech innovation. Technology enables the customer to discover the designs in her catchment and then find them in a store near to her – thereby ensuring the smooth transition of our customers from online to offline, driving conversions.
According to you, which are the three game-changing technologies which are going to change the face of retail going ahead?
The three game-changing technologies are Machine Learning (AI/ML), any technology that helps achieve personalisation at scale and advancement in payment technologies.