Revolutionising the Jewellery Retail Industry with Blockchain and AI
So much of the world has been revolutionized by technology yet the retail jewellery industry is still lagging behind. The gold and diamond jewellery industry is still relatively untouched by the benefits of technology and this traditional industry which is run on trust has still not fully embraced the benefits that technology can bring to this sector.
It’s no longer enough to just have an online digital presence. The tech world is moving ahead fast with the rise of the blockchain, artificial intelligence (AI and machine learning (ML) that are all playing a critical role for the SME markets in general.
These technologies are now being harnessed to authenticate products, speed up transactions and understand their customer profiles better in order to serve them in more new and innovative ways.
How SMEs can harness the power of new tech
MarketOrders is on a mission to harness the power of blockchain and AI in small retailers to bring in a new level of innovation.
At MarketOrders, we are excited about how innovation can be introduced into the retail industry via the application of the Blockchain and AI.
Since the gold and diamond jewellery industry is very new to technology and innovation, there is a huge unmet need in this market which will give rise to new opportunities and possibilities. This, in turn, will unlock a huge amount of potential. Blockchain and AI will give superpowers to small retailers who are better able to compete.
Small retailers especially those who only have brick and mortar shops are bogged down with complex and chaotic systems as most of the processes are conducted offline.
Just imagine the efficiencies that could be created when retailers embrace digital processes and look to the blockchain and AI to help them better reach their customers and serve them in new ways.
Small retailers not only have the potential to transform their businesses but can change or adapt the way they interact with customers.
The Rise of Smart Retailing
In this digital experiential economy, the customers first point of interaction is now online and mobile through their smartphones. It is vital retailers can embrace mobile technology and ensure they are able to reach their customers in the way they engage with technology. We call this the rise of Smart Retailing
Today there are more phones than people in the world. MarketOrders will democratize access to smart retailing in the way that Google democratized access to information.
Having MarketOrders as a technology partner, retailers do not need to build technology but just plug into our ready-made platform. Here are just some of the reasons for how the industry can benefit from the use of blockchain tech:
- Retailers can use IOT and sensors to track the products from supplier all the way to the shop. This will appeal to customers who view ethics and transparency as an important part of their purchase decision
- The gold industry is run on trust and in-person transactions. The blockchain could store all records of the gold jewellery and record data such as where the gold was sourced and what percentage of gold is used in the item. All these data points could be stored and provide a transparent record for suppliers, retailers and the customer
- Blockchain technology could be used to deliver better transparency of sourcing, visibility into the supply chain to ensure all component parts and raw materials are fully authenticated and responsibly created.
The Gold Jewelry and Diamond industry are ripe for disruption
The coming revolution in the space of Blockchain and AI into smart retailing can only come from digital upstarts such as MarketOrders rather than any retail unit or existing retailers collectively because today’s industry disruptors come from those outside the industry.
In years to come, Blockchain, AI and Automation in business practice will be viewed with the same appeal as the internet; an essential part of the business like smartphones are today.
Learn more about how MarketOrders is bringing tech to the gold jewellery industry at www.marketorders.net
Written by Sukhi Jutla
An IBM Blockchain Foundation Developer, she made global headlines in April 2018 when she became the World’s First #1 Bestselling ‘Blockchain’ Author. She has authored two more books and is the co-founder of MarketOrders, the online B2B marketplace for gold jewelry and diamonds. As a female tech ambassador, Sukhi is a regular keynote speaker and passionate about supporting female entrepreneurship. She is an IBM Blockchain Foundation Developer and her efforts have been recognized by a number of industry awards including the Asian Women of Achievement Awards, We Are The City Rising Stars Award, Management Today’s “35 Women under 35”; and listed as one of the Top 100 Asians in UK Tech. In April 2018 Sukhi made global headlines when she became the World’s First #1 Bestselling ‘Blockchain’ Author.Named as one of the 50 most influential people in Blockchain.