Titan Company Limited Taps IBM Cloud and Watson Customer Engagement To Increase Annual Sales from 11
Posted OnMarch 21, 2017 by Anish S
IBM announced that Titan Company Limited, India’s leading manufacturer of watches and other fine personal accessories, is using IBM Watson Customer Engagementand cloud-based solutions to increase annual sales from its 11 million loyalty customer base, while attracting new consumers to Titan’s unique line of products.
A multi-category, multi-brand global lifestyle products manufacturer of watches, jewelry, eye wear, fragrances and more, the Bengaluru, India-based Titan Company Limited recognized a tremendous opportunity—the Indian e-commerce market is set to overtake the US and become the second largest in the world in less than two decades (1). However, to achieve success while fending off new online competitors, Titan needs to re-energize its 1500 brick & mortar stores, build online presence and continue to inspire and excite its 11 million current customers to drive more frequent sales from each, while at the same time, attract new customers to the brand. In fact, India’s robust economic growth and rising household incomes are expected to increase consumer spending to US$ 3.6 trillion by 2020 (2).
Titan is currently beginning to integrate IBM Watson Customer Engagement solutions to serve as the backbone of its online platform, enabling the company to tailor online campaigns that are unique to 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-timebehavior (i.e. what items are being looked at most, what channels are customers buying through, why cart was abandoned, etc…), so campaigns can be tailored on the fly to help drive a purchase.
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 customize 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, general manager, IBM Watson Customer Engagement. “Through IBM Watson Customer Engagement offerings, IBM is not only providing Titan the capabilities needed to engage their customers, we are also putting them on the path to cognitive - where Titan can introduce additional Watson-powered solutions that help ensure their dominance for years to come.”
Through its work with IBM, Titan aims to energize its current customer base, who on average make 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. In these store locations, sales associates will have mobile apps to provide them with details on each shopper (from past purchases to style preferences and more) so they can maintain highly-customized and personalized relationships.
“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 Company Limited. “Working with IBM, we will be able to personalize 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.
As part of its digital makeover, Titan is leveraging a suite of IBM Watson Customer Engagement offerings. IBM Watson Customer Engagement powers a full spectrum of solutions including cognitive engagement offerings delivered as a service and on premise. Today IBM is the only vendor that helps companies infuse cognitive technologies seamlessly into their marketing, commerce and supply chain capabilities on their terms, when and how they need.
IBM current is working with more 17,000 companies around the world including Amadori Group, American Eagle Outfitters,Boots, Ermes, Luxottica, Moosejaw Mountaineering, Office Brands, Performance Bicycle, REI, and Sherwin Williams.
About Titan Company Limited:
Titan Company Limited (earlier known as Titan Industries Limited), a joint venture between the Tamil Nadu Industrial Development Corporation (TIDCO) and Tata Group, commenced operations in 1987 under the name Titan Watches Limited. In 1994, Titan diversified into Jewellery and subsequently into eyewear with Titan Eyeplus. In 2013, Titan entered the fragrances segment with SKINN.
Today, Titan Company Limited, India’s unchallenged leader in watches, jewellery and eyewear, is credited with changing the face of all these industries. Titan Company reported a growth of 14.7% in income in Q3 over same period last year despite some headwinds on account of demonetization. Income for the nine-month period ending December 2016 grew by 7%. The overall income from operations in the third quarter, October to December 2016, was Rs.3905.22 crores, as compared to last year's income of Rs.3404.52 crores during the same period.