As a business owner, imagine yourself to be in a Ajewellery expo displaying your merchandise. Look at the questions below:
- How many pieces are getting sold?
- Which pieces are getting shortlisted but not
- Which pieces are getting viewed but not getting
- Which pieces are not viewed at all?
- What was the total qualified footfall at my booth?
- Which were the most popular items?
- Which were the least popular items?
Do any of the above questions make sense? If they do, then how many can you answer at the end of a show?
The truth – except for the first one, none of the questions above can be answered by any process, technology or human currently put to use by the jewellery industry.
Radio Frequency Identification or RFID as it is popularly known as, is widely used by the jewellery industry solely for the purpose of stock take or stock audit. But has anyone thought of using it to generate some very valuable business intelligence for your company? Imagine being able to answer the question – which pieces are getting viewed and not getting sold?
This tells a great deal about those pieces –
a. The designs are very popular, as they are viewed multiple times
b. The price point seems to be incorrect, as they are not shortlisted easily
c. The salesman is unable to convert interest to opportunity
At Irys, we have designed some state – of – the – art devices and algorithms which help relate to the above scenario with utmost ease. The ‘Smart Tray’, which is used to display the merchandise to potential buyers, is actually capturing each and every ‘view’ and feeding it to your server. These ‘views’ are then meaningfully processed by our ‘BI middleware’ to establish a relationship between the ‘views’, the ‘shortlists’ and the ‘sales’. The processed results are displayed to the business owner by means of graphical representations.
All-in-all, RFID can be used to give very real, statistical information regarding the sales activity for your merchandise. Using this, a pattern can be established over say 4 or 5 exhibitions which then helps you to take data driven decisions moving forward!
About Irys -
Irys Pte. Ltd. is a Singapore headquartered company focused on RFID for the Gems and Jewellery Industry. In a space of just 3 years, this company has grown to cater to more than 75 jewellers and diamond traders and more than 200 retail outlets have gone live with the Irys solution. Irys currently has offices in Singapore, India and Thailand with implementations in Hong Kong, Belgium, USA, Australia, Switzerland and UAE as well.