Blockchain the Next Frontier for Indian Company Arvind Fashions As it Tries Personalization
Meta- Indian clothing retail chain giant signs deal with Blockchain firm Nucleus Vision for a pilot project aimed at personalizing the customer’s experience at its stores.
For as long as anyone can remember, Blockchain technology has been primarily associated with cryptocurrencies, but as many tech gurus have maintained over the years, it is a revolutionary technology that can be used in a range of other functions. For the initiated, Blockchain has the potential to completely transform and revolutionize many industries by offering groundbreaking technological solutions to everyday affairs, which is why many of the leading companies are now trying to incorporate it into their businesses. In a new development, it has emerged that leading Indian textile company and clothing retailer Arvind Fashions has embarked on a pilot project that will use Blockchain technology in order to offer customers a far more personalised experience.
According to reports, the company has signed a memorandum of understanding with Nucleus Vision, a well-known Blockchain firm which is also engaged in products related to the ‘internet of things’ or IoT. Some of the stores that are owned by Arvind Fashions included brands like U. S. Polo Assn, GAP and Nautica and considering the popularity of those brands; it is quite clear that if the company is able to provide a personalized experience, then it could definitely reap the rewards. As of now, the whole thing is a pilot project, but if it does prove effective, then it could prove to be a huge breakthrough for the company. At the end of the day, shoppers look for personalized services when they walk into a store and are more likely to return to a store which provides that sort of services.
That was exactly what Digital Centre of Excellence Chief Operating Officer at Arvind Fashions, Rukaiya Rangwala said. He was effusive about the possibilities offered by Blockchain technology and said how it will benefit the company. Rangwala said,
We see tremendous interest from customers for a more evolved and personalized shopping experience. Nucleus Vision’s revolutionary technology will give us valuable insights into our customer behavior, which will help us improve customer satisfaction and increase revisits.
For Nucleus Vision, this deal signifies their entry into the big time, and Abhishek Pitti, the Chief Executive Officer of the firm, stated that he hoped that the pilot project would lead to a longer term association with Arvind Fashions. Blockchain technology is already being extensively in man grocery retails chains, and perhaps it is a matter of time before it makes its way into clothing retail.