Onebeat, the Adaptive Inventory Management software, is expanding its operation in India; working with major retail corporations such as Madhura Garments, Titan Watches, Tanishq, and Metro Shoes in order to increase their footprint in the region. Through this strategic partnership, Onebeat will enable retailers, wholesalers, and brands across India to achieve retail disruption through operational excellence and innovation. Their AI-based technology will help businesses in real-time using AI and big data tools across verticals such as: Apparel, Footwear, Jewelry, Sporting Goods and Luxury.
Founded by Dr. Yishai Ashlag and Avihai Shnabel in 2018, Onebeat raised $5M in funding; led by Surround Ventures and AnD Ventures. Onebeat’s platform synchronizes stores’ management, directs online sales, and manages product assortment. Onebeat’s system adapts the amount and variety of products daily, for each point and channel of sales.
“Today, India is one of the largest retail markets in the world and is estimated to reach 100% by 2023. Using our AI based Technology, We wish for every one of our clients to find exactly what they need in the store. Customers will purchase the right product for their needs, not just the products on sale. In today’s world, consumerism leads to overproduction and excess inventory, which are left unused or dead. With smarter management, we believe it’s possible to manufacture and showcase fewer products, and still meet customer needs, eventually leading to a reduction in prices for customers,” states Avihai Shnabel, Co-Founder of Onebeat.
Onebeat’s algorithm has the ability to break products into basic attributes such as: color, model, fabric, price, cut, etc, finding multiple correlations between different attributes and products in various locations. In turn, Onebeat’s system can predict the type of products sold in each location in real-time. Eventually, such information will lead to proper inventory allocation in physical stores and the promotion of the right products online.
Currently, Onebeat partners with leading global retailers like WeShoes, American Eagle, Naf Naf, and Toys R Us in a variety of industries, including fashion, footwear, jewelry, pharmacies, and beverages. The company’s clientele in India includes corporations such as: Titan, Tanishq, Croma, Madhura Fashion brands, Metro Shoes Thangamayil, Max & TCNS.
Discussion about this post