Titan Co., India’s leading manufacturer of watches and personal accessories, is using IBM Watson Customer Engagement and cloud-based solutions to help increase annual sales from its 11 million customer base, while attracting new consumers to Titan’s unique line of products.
Titan’s move towards cognitive retailing comes at a time when the Indian e-commerce market is set to overtake the US and become the second largest in the world in less than two decades. Also, India’s robust economic growth and rising household incomes are expected to increase consumer spending to $3.6 trillion by 2020 which is expected to unfold new opportunities for Titan.
Titan is currently leveraging IBM Watson Customer Engagement solutions to serve as the backbone of its online platform, enabling the company to tailor online campaigns for their customers – not just taking into account preferences and past purchases (what they spent previously, what deals sparked action), but also leveraging analytics to examine their real-time behavior (i.e. what items are being looked at most, what channels are customers buying through, why cart was abandoned, etc.).
For example, Titan can identify customers whose watch purchases in the past indicate contemporary fashion sensibilities and introduce deals on contemporary jewelry designs for these customers. They can not only customise the amount of the discount, but also where it should be delivered to – via email, mobile, etc. – all based on past behavior. Next, as the customer navigates the site, the retailer can identify other items that are grabbing their attention and respond with deals on each.
“India is poised to become the largest digital marketplace in the world, which will introduce entirely new levels of competition between retailers looking to grow a loyal customer base,” said Harriet Green, GM, IBM Watson Customer Engagement. “Through IBM Watson Customer Engagement offerings, IBM is not only providing Titan capabilities to engage their customers, we are also helping them on their path to cognitive - where Titan can introduce additional Watson-powered solutions to help them gain momentum for years to come.”
Through its work with IBM, Titan aims to energise its current customer base, which on average makes 1.5 purchases a year, into regular buyers who buy three times as many items annually, whether through the browser, their mobile device or in a Titan store. Titan aims to use IBM’s platforms to drive visitors to its brand websites, as well as footfall into its 1500 retail stores and 10,000 multi-brand outlets located across India.
“The continued growth of e-commerce presents a tremendous opportunity for Titan to better meet the unique needs of our customers while tapping into vital new revenues for our business. IBM will play a significant role in ensuring our success,” said Kuruvilla Markose, chief digital officer, Titan.
“Working with IBM, we will be able to personalise all customer interactions both online and in the store, introducing shoppers to new relevant products that not only evoke the design and flare that is indicative of our products, but reflect their unique, personal styles. We want to bring the warmth and relationships our stores are famous for, into the digital world that our customers are increasingly frequenting,” he added.
BW Reporters
Ayushman is an award-winning business and tech journalist based in Bangalore, with diverse experience in journalism across newspaper, magazine and news wire. He is the recipient of the 15th annual Polestar Award in Jury's category for excellence in journalism in 2013. He is also an NSE-certified capital market professional (NCCMP) and driven by his interest, he has also attended hands-on workshops on cloud computing to stay on top of technology journalism
