How Zivame is using technology to offer consumers a better omnichannel experience
CXOToday has engaged in an exclusive interview with Mr. Monish Kaul, Chief Product and Technology Officer, Zivame.
1. How do you think technology has played a key role in revolutionizing the intimate wear category?
Intimate wear category has always been the most demanding when it comes to privacy and personalization, these demands are further elevated over offline channels and sometimes even go unfulfilled.
Technology adds ease and comfort as a solution – and enables the consumer shopping experience via a plethora of fit & budget relevant options in a personalized and secure way. May I add that it’s very easy for technology to carry context, which has numerous long term advantages for overall shopping experience as well.
2. Zivame is bringing consumers closer to the digital product integrating FITCODE. How is it helping sales?
Democratization of true fitment is at the core of Zivame’s domestic vision which entails a set of key initiatives across our omni channel lines.
We started with commoditizing fitment at offline stores first, learnt from it, improved over it in the digital avatar towards the same goal – this resulted us in creating a unique connection with our consumers who were looking for comfortable and relevant inner wear across use cases like maternity, specialized medically relevant needs, and other lifestyle specific fitment use cases.
It immensely helps us with creating a context of what fitment profile a user belongs to – product discovery and corresponding bottom funnel follows the same. So, the top tunnel drop is massively minimized for the consumer base having a pregenerated fitcode.
- Decrease in top funnel drop by 10%
- Increase in D60 retention by 17%
3. 5 ways AI technology can modernize brick and mortar retail. What is Zivame’s strategy on this?
At a corporate level we focus on empowering our business channels via data driven intelligence. The same reflects across our business initiatives and functional strategy as well.
Five ways we have adopted for the same:
- Common goal seek pricing engine to create a balance of revenue and margin outcomes across different sales channels
- Pilot with generative designs via GANs to reproduce revenue performance of non-core styles across different sub categories
- Conventional recommendation engines, short term and long term intent based clustered feed intelligence
- AI driven knowledge layer for a multidimensional understanding of products, consumer behavior and cross concept interactions
- Elasticity identification at a category, product level for demand side intent combined with multi arm reward approaches to maximize relevance for consumers
4. What are Zivame’s tech priorities in 2023 and beyond?
- Platform scalability to drive scale
- Omnichannel technology initiatives like anywhere buy/return enablement, at locational assisted digital shopping experience
- Security enhancements at perimeter and data level
- Bootstrapping & enabling international business
- Multifold expansion of trade and 3PMP channels
5. What are the kinds of tech innovations that have helped in Zivame’s growth?
- FitCode – Our fitment discovery and evaluation engine internal
- Seasonal lingerie design generation via tech captured signals
- Intelligent auto replenishment systems and inventory redistribution system
- Pricing engine – Goal seel revenue/margin balancing engine across D2C channels
6. How can Chat GPT be leveraged for Zivame?
- We are adopting ChatGPT as part of our product culture of creating a bare bone context free structure for PRDs and ensure coverage of essential elements
- ChatBot as a wrapper over the currently known transactional data facts we already have and possible exposure to consumers