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IBS to deploy AI in jewellery retail

Announcement  |  Companies & Industry 

Mumbai, 5 October 2006: Intelligent Business Systems (IBS), the Artificial Intelligence (AI) software specialist firm, and Krysaliis, the Indian jewellery major, today announced a tie-up that is likely to have wide-ranging impact in the jewellery retail trade, and forever change the concept and face of the neighbourhood jewellery store in India and elsewhere around the globe.
Krysaliis has plans to expand into branded jewellery retail, setting up one hundred exclusive branded jewellery stores across India, largely through the franchisee model. With its state-of-the-art AI Enterprise Solutions, Intelligent Business Systems will enable Krysaliis to bring the exclusivity of "haute couture" jewellery""hitherto available only to the rich and famous""down to more affordable "prêt-à-porter" (readymade) lines and designs, within the reach of a wider audience, yet without any compromise on style or quality.
Thus far, IBS has implemented its cutting-edge Artificial Intelligence Enterprise Solutions and proprietary ICPA Engine within Europe in sectors spanning travel, tourism, pharma, government, etc. The same superior functionality in end-to-end enterprise management systems and AI-based customer profiling and relationship management will now be made available to Krysaliis, enabling the jewellery manufacturer to hone in to its target market with razor-sharp accuracy, dynamically optimising its inventory based on fashion trends and local demographic considerations at various stores in the chain.
IBS will be taking charge of the entire technology backbone for Krysaliis, and among the key AI Enterprise Solutions to be deployed will be REMS (Retail Enterprise Management System) and ICPA (Intelligent Customer Profiling and Advertising).
"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.
About Intelligent Business Systems (www.intelligentsystems.biz)
Intelligent Business Systems Ltd. (IBS) is a futuristic and ultramodern company that provides innovative AI Enterprise Solutions and analytic applications for business, incorporating cutting-edge Artificial Intelligence (AI) technologies. The foundations of IBS are firmly embedded in academic research, and the company continues to have a strong R&D focus in everything it does. The core competence of IBS lies in Artificial Intelligence, with a sharp focus in applying the latest AI models to intelligent business solutions customised to specific client needs.
IBS also has expertise and interests in a range of AI-related disciplines, such as Robotics and Bioinformatics. The core AI engines developed at IBS can be applied in Business Intelligence areas such as risk management, fraud detection, trend analysis, forecasting, decision automation, etc. IBS software can be customised for organisations in any industry segment. The software utilises vast amounts of historical data from the organisation's databases, coupled with expert opinion and robust analytics, to ensure real-time execution of the organisational decision strategy and facilitation of a high degree of reliable decision automation. A whitepaper on the ICPA Engine is available at:
http://www.intelligentsystems.biz/whitepapers/ICPA.v1.1.pdf
About Krysallis
Krysiliis is from the house of India's exclusive and famous jewellery designing company Kantawala Jewelers. The Krysiliis range of jewelry is designed with attributes of eternity and enchanting, precious and unique, perfection and feminity. This fine range of jewellery symbolizes the right blend of traditional and contemporary styles to make Krysiliis a brand perfect for every occasion, age, mood, personal identity and attitude. Its prices ranging from Rs. 600 right upto 10 lakhs and further custom made designs
Kantawala Jewelers hold a proud history of thirty years spreading their heritage based on the most delightful handcrafted jewellery using the finest quality of gold, platinum, diamonds, silver and various other precious stones to further define perfection in every aspect of quality, quantity and exquisiteness. Umesh Kantawala, the pillar behind Kantawala Jewelers for the past three decades, has optimized the right know-how of blending luxuriant gold, magnificent diamonds and most importantly designs that identify with their customers.

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First Published: Thu, October 05 2006. 00:00 IST
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