Use Data To Cash In On Festive Fervour: CaratLane CEO

Use Data To Predict Trends, Plan Ahead To Leverage Festive Fervour: CaratLane CEO Avnish Anand

SUMMARY

We have collected a lot of data for the last 15 years. This gives us an advantage and control over how we can plan for the festive season, the new CaratLane CEO said

CaratLane collects customer data across all its platforms, including stores, which helps it manage inventory effectively

Anand was recently appointed the CEO of the brand after Mithun Sacheti moved on from the company, selling his stake to Titan for a massive INR 4,621 Cr

According to Avnish Anand, the newly appointed CEO of the jewellery startup CaratLane, data collected from customers over the past 15 years has helped the company prepare effectively during festive seasons over the years.

“We have collected a lot of data for the last 15 years. This gives us advantage and control on how we can plan for the festive season,” Anand said while speaking at the fourth edition of Inc42’s ‘The D2C Summit 2023’.

Anand added that Caratlane is a digital brand and collects customer data across all its platforms, including its stores. The CEO added that the data collection allows the startup to manage inventory effectively, given the slow-moving nature of CaratLane’s product line.

In a similar vein, Amit Dutta, the CEO of Le Marche, and Prashant Parameswaran, the MD & CEO of Tata Consumer Soulfull, outlined the importance of data in managing the unexpected demand during India’s festive season, which starts around Rakshabandhan (late August-early September) and ends after Diwali (late October-early November).

Dutta also highlighted the fact that a data-driven business can have enough guardrails to ensure profitability. “Data can help brands predict and plan ahead of time, paving the way for profitable D2C businesses,” Dutta said, speaking at a session — ‘The Great Indian Festive Rush: A Brand’s Playbook To Capitalise On High Demand’.

Anand was recently appointed the CEO of the brand after his former boss and CEO Mithun Sacheti moved on from the company, selling his stake to Titan for a massive INR 4,621 Cr, valuing CaratLane at $2 Bn (INR 17,000 Cr).

Founded in 2008, CaratLane is an omnichannel brand that manufactures and sells jewellery items in India and the US. The startup competes with other homegrown startups in the jewellery space such as GIVA, BlueStone and Melorra.

The fourth edition of Inc42’s D2C summit has brought together 70-plus leading minds in the ecommerce space, including D2C founders, ecommerce enablers and investors, to discuss the latest trends, growth drivers and challenges in the D2C ecosystem.