Unlocking The Power Of Machine Learning In Jewellery Retail: GJSCI & IIT-Bombay Workshop

Machine learning has the power to revolutionise the jewellery retail industry, and the Gem and Jewellery Skill Council of India (GJSCI) in collaboration with IIT-Bombay is at the forefront of this transformation. On March 27th, 2023, GJSCI and IIT-Bombay organised a one-day workshop on the “Application of Machine Learning in Jewellery Retail Business Analytics” to provide practical knowledge and insights into the latest machine learning techniques and their applications in the jewellery retail industry.

The GJSCI and IIT-Bombay workshop covered various topics, including data collection and pre-processing techniques, ML algorithms and techniques for predictive analytics, and case studies on the successful implementation of ML in jewellery retail businesses. It also spoke about the difference between AI and ML and how machine learning models can learn from data.

The GJSCI workshop was conducted by project head Prof. Asim Tewari from IIT-Bombay, who has extensive experience in the field of machine learning and jewellery retail business analytics. Participants had the opportunity to hear from experts and gained first-hand information in implementing ML models for real-world problems.

This workshop was designed for jewellery business owners, CEOs, Chief Marketing Officers, Senior Managers, and Retail Sales Heads looking to leverage the latest technology to improve their operations and gain a competitive advantage in the marketplace. Participants were given an opportunity to understand how machine learning can be used to gain valuable insights into customer behaviour, optimise inventory management, and improve sales forecasting.

Tewari discussed the analysis of different products sold over three years and how festivals affect sales. He also mentioned the importance of analysing online store popularity, engagement, and visitor details, such as location and search history. He noted the existence of web spiders that gather tangential data and the importance of targeting choices for customers.

Tewari explained about the different types of analytics that can be applied in retail, such as personalised in-store experiences, demand and inventory forecasting, store management strategies, and targeted marketing schemes. He highlighted the importance of using data to create models that can predict and influence customer behaviour and improve customer satisfaction, brand value, and revenue. Finally, he stressed the need for businesses to understand the data available to them and use it effectively to inform their decisions.

The workshop on the “Application of Machine Learning in Jewellery Retail Business Analytics” was a window to the vast and exciting future possibilities in jewellery retail.

The GJSCI’s Jewellery Artificial Intelligence & Data Science Excellence (JADE) project is focused on two AI-based projects – one on demand-forecasting and hit-prediction for retailers, and another on improving the investment casting process for jewellery manufacturers. Tewari suggested that AI and ML can provide significant advantages to the Indian gems and jewellery industry, which is growing worldwide.

Machine Learning is a powerful tool that can be used to analyse vast amounts of data and identify patterns and insights that may not be immediately apparent to humans. In the context of the jewellery retail business, machine learning can be used to analyse customer preferences, predict buying behaviour, and optimise inventory management. For example, machine learning algorithms can be used to analyse customer data and predict which products are likely to be most popular in the coming months. This information can then be used to inform purchasing decisions and ensure that retailers are stocking the right products to meet customer demand.

Additionally, machine learning can be used to analyse sales data and identify trends and patterns in customer behaviour. This information can be used to develop targeted marketing campaigns, optimise pricing strategies, and improve customer service.

The application of machine learning in the jewellery retail business has the potential to transform the industry by providing retailers with valuable insights and enabling them to make data-driven decisions.


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