Information technology (IT) is a vital and integral part of every retail venture be it online or off-line. Be it managing inventory or handling the intercommunication of employees the omnipresent use of technology has become a quintessential part of the retail industry.
Highlighting the role of technology in successful enterprise execution, Kapil Hetamsaria, Co Founder & CEO of Velvetcase.com (an online designer jewellery marketplace), says, “Technology is the backbone of our business – and will be our biggest differentiator. Technology is an enabler in our business to transfer power to the consumer; enhance consumer experience and allow the business to scale. We are amongst the only Indian companies that got a case study written on us by Harvard and ISB due to our innovative use of technology in this industry. Apart from the regular technology team, we continuously research ways and methods of enhancing consumer experience via technology.”
Undoubtedly, the role of technological heads is not restricted to managing just the IT aspect of the company, it has evolved to become more strategic, adding more on same, Hetamsaria says, “This is a true ‘chicken and egg’ story – I fundamentally believe that the best outcome can be achieved when business and technology work hand in hand. Both are 2 cogs in a wheel – its not about either of them leading the other. There are several times when a business decision may have to be reworked/rethought due to a technical challenge – not because it cant be done, but because it may not be worth waiting for the time it might take to implement the technical solution. On the other hand, technology for the sake of technology is useless – unless it is serving a user/consumer need.”
For any e-commerce firm on time order fulfillment is very challenging aspect to deal with, and technology has played the role of a savior in this aspect. Giving his opinion on this topic, Hetamsaria, says, “In December, we delivered our record shipments – over 1100 products to various parts of the world. When you ship 1100+ high value products to consumers across the world, you soon realize how important technology is for tracking, order processing, delivery follow ups, order communication, feedback and the list goes on.”
At last, Sharing his views for his organization, he informs, “Our 2020 vision is to be a global platform for luxury goods by enabling the best in class designers from across the world build their online businesses on our platform. A consumer in Jakarta should be able to buy a customized fine jewellery product designed by a designer in New York, product is manufactured in India and shipped to Jakarta. This ecosystem can be so powerful and truly transform the $200 Billion global industry in gems and jewellery.”