Malabar Gold & Diamonds, the sixth largest jewelry retailer globally with over 380 showrooms across 13 countries, is collaborating with Accenture to accelerate its technology reinvention through an AI-powered, cloud enabled digital core. This initiative aims to elevate the customer and employee experience, enhance business agility and create new value and growth for the jewelry retailer’s global operations.
Accenture will develop and deliver a scalable and secure technology platform—built on a robust digital core—to streamline Malabar Gold & Diamonds’ business processes including finance, manufacturing, supply chain management and retail, and ultimately drive operational and competitive excellence. By leveraging a strong data foundation, the jewelry retailer can better forecast demand and adapt to changing market needs faster than ever before.
The custom-built platform will enhance productivity and customer satisfaction by dynamically adjusting sales, marketing and fulfilment plans using real-time information on the availability and pricing of precious metals and stones. As a result, this will bolster both online and offline shopping experience for customers from browsing to buying including billing and check-out.
Developed with leading design principles, the platform will ensure regulatory compliance with local trade laws in 13 markets. Going forward, Malabar Gold & Diamonds will scale and activate this platform through employee training and adoption strategies to drive a data-driven culture.
Abdul Salam K.P, vice chairman of Malabar Group, said, “Malabar Gold & Diamonds has always been at the forefront of embracing technology to enhance our services and thereby improve the shopping experience of our customers. By teaming with Accenture to deploy a unified, scalable digital platform, we are reiterating our commitment to becoming a future-ready organization, setting new standards, best practices and new ways of working for the global jewelry industry.”
Amneet Singh, Products lead for Accenture in India, added, “Our research finds that digital core investments accelerate reinvention and innovation, delivering up to 60% higher revenue growth rates and 40% boost in profit. By deploying an AI-powered digital core, retailers can standardize processes and build the technology capabilities needed to be ready for continuous reinvention. With ongoing disruption and supply chain complexities, our work with Malabar Gold & Diamonds will help the company unlock new growth avenues and improve operational agility and responsiveness to meet customer needs.”
