Exploring the future of retail: An interview with Titan’s Chief Digital and Information Officer Krishnan Venkateswaran

In a candid conversation with Business Today’s Pranav Dixit, Krishnan Venkateswaran, Chief Digital and Information Officer of Titan Company Limited, shared insights into the innovative technologies shaping Titan’s retail journey. With a legacy spanning 40 years, Titan is at the forefront of leveraging digital tools to enhance customer experiences, ensure operational efficiency, and promote sustainability.

Revolutionising Retail with the Magic Mirror

Titan’s flagship innovation, the Magic Mirror, is redefining jewellery retail. Addressing the challenge of showcasing an extensive range of products in limited store spaces, the Magic Mirror empowers customers to virtually try on jewellery.

“Imagine a customer in a small town wanting access to the expansive inventory available in a Bangalore store,” explained Venkateswaran. “The Magic Mirror bridges that gap. Customers can virtually try on items and shortlist pieces they’d like to see in person.”

The technology is not only practical but also aligns with the luxury jewellery segment’s needs. By reducing repeated physical handling, the Magic Mirror preserves the integrity of precious items. Moreover, Titan’s integration of the “endless aisle” concept extends access to a vast digital inventory, enabling seamless transactions across locations.

Data, Inventory, and the Backbone of Efficiency

Inventory management is critical in a business as diverse as Titan’s. With a portfolio spanning jewellery, watches, and eyewear, Titan employs a meticulous system of codification for its products. “Every product, whether a necklace or a watch component, is assigned a unique code upon entering the supply chain,” said Venkateswaran. This approach ensures real-time visibility of inventory, enabling automation in replenishment and production planning.

The adoption of enterprise resource planning (ERP) systems, coupled with AI and machine learning, further enhances operational efficiency. “We’ve been early adopters of ERP systems, and today, we leverage AI to monitor stock levels and predict manufacturing needs. This blend of automation and human oversight allows us to maintain agility while staying ahead of market trends,” he added.

Balancing Personalisation with Privacy

In the era of data-driven personalisation, Titan places a strong emphasis on customer privacy. With India’s Digital Personal Data Protection (DPDP) Act on the horizon, the company is already implementing measures to ensure compliance.

“Customer data is anonymised for internal analytics,” Venkateswaran revealed. “We use virtual IDs, similar to those in credit card systems, to minimise the risk of sensitive information leaking. Additionally, identity and consent verification are integrated into every stage of the transaction.”

Challenges and Opportunities in Indian Retail

When asked about the biggest challenges in Indian retail, Venkateswaran highlighted the rising expectations of consumers. “Customers today have an abundance of choices and demand exceptional experiences across channels. Meeting these expectations requires constant innovation and a commitment to excellence,” he remarked.

Titan’s approach involves not only adopting cutting-edge technologies like AI but also focusing on sustainability. The company’s Mia brand, for instance, exclusively uses recycled gold, a testament to Titan’s dedication to ethical practices.

Sustainability at the Core

Sustainability is a core pillar of Titan’s strategy. The company’s gold exchange programme encourages customers to recycle old ornaments, reducing the need for new mining. “Millions of customers participate in this initiative, recognising it as both profitable and environmentally responsible,” Venkateswaran noted.

The Road Ahead

As Titan continues to evolve, its focus remains on integrating innovation, ethics, and sustainability into its business model. Whether through immersive technologies like the Magic Mirror or its commitment to reducing environmental impact. In Venkateswaran’s words, “Retail is a multidimensional world. Our challenge is to keep innovating and aligning with consumer expectations while maintaining the highest standards of integrity and sustainability.”