Malabar Gold & Diamonds hires Accenture for cloud and technology transformation
India-headquartered Malabar Gold & Diamonds, the sixth largest jewelry retailer globally, has hired Accenture to support a major technology reinvention program focused on cloud and AI technologies.
With an annual turnover of $6.2 billion, Malabar Gold & Diamonds currently ranks as the 6th largest jewellery retailer globally and has a retail network of over 380 outlets spread across 13 countries. The company has a team of more than 22,000 people.
The company’s new technology transformation program aims to elevate the experience offered to customers, building more loyalty and help create new value and growth.
The custom-built platform will improve customer satisfaction by dynamically adjusting sales, marketing and fulfilment plans using real-time information on the availability and pricing of precious metals and stones. As a result, this will bolster both online and offline shopping experience for customers from browsing to buying including billing and check-out.
The new platform will also improve internal operations including processes, business agility and employee experience. Key business processes in scope include finance, manufacturing, supply chain management and retail.
Consulting partner Accenture will develop and deliver the technology platform – built on a robust digital core that leverages cloud, generative AI and broader AI technologies.
Additionally, Accenture’s consultants will help scale and activate the new way of working through change management, employee training and adoption strategies to drive a data-driven culture.
Abdul Salam K.P, Vice Chairman of Malabar Group, said: “Malabar Gold & Diamonds has always been at the forefront of embracing technology to enhance our services and thereby improve the shopping experience of our customers. By teaming with Accenture to deploy a unified, scalable digital platform, we are reiterating our commitment to becoming a future-ready organization, setting new standards and ways of working for the global jewelry industry.”
Commenting on the project, Amneet Singh, Products Lead for Accenture in India, said: “Our research finds that digital core investments accelerate reinvention and innovation, delivering up to 60% higher revenue growth rates and 40% boost in profit. By deploying an AI-powered digital core, retailers can standardize processes and build the technology capabilities needed to be ready for continuous reinvention.”
“Our work with Malabar Gold & Diamonds will help the company unlock new growth avenues and improve operational agility and responsiveness to meet customer needs.”
