The Abu Dhabi Investment Authority is injecting INR 4,966.80 Crores into Reliance Retail Ventures Ltd in exchange for a 0.59% equity stake.
According to a statement from Reliance Retail, this capital injection will result in a pre-money valuation of INR 8.28 lakh crore for the retail and digital commerce subsidiary of Reliance Industries Ltd (RIL). This valuation positions it among the top four companies in the country in terms of equity value.
Commenting on the announcement, Reliance Retail’s executive director Isha Ambani said, “We are pleased to further deepen our relationship with ADIA with their continued support as an investor in Reliance Retail Ventures Limited… ADIA’s investment in RRVL is a further testament to their belief in the Indian economy and our business fundamentals, strategy and execution capabilities.”
The retail division of the diversified conglomerate, which spans industries from oil to telecom, boasts a customer base of 267 million. It operates through an omnichannel network encompassing over 18,500 physical stores and various digital commerce platforms. The company maintains a presence in a wide array of sectors, including groceries, consumer electronics, fashion and lifestyle, and pharmaceuticals.
Within its portfolio, Reliance Retail encompasses brands like AJIO, JioMart, Netmeds, Milkbasket, and Trends. Additionally, the company holds a minority stake in the challenged quick commerce startup, Dunzo.
Reliance Retail further asserts that its new commerce venture has successfully digitalized over 3 million small and unorganized merchants nationwide.
This announcement represents the most recent fundraising effort undertaken by the retail behemoth in recent months. In September, the company disclosed that global investment major KKR was purchasing a 0.25% stake for INR 2,069.5 crores.
Before that, Reliance Retail secured INR 8,278 crores in funding from the Qatar Investment Authority. Both transactions were completed at a pre-money equity valuation of INR 8.3 lakh crores.
In the first quarter (Q1) of the fiscal year 2023-24 (FY24), Reliance Retail reported a net profit of INR 2,448 crores, with operating revenue reaching INR 62,159 crores. Notably, digital and new commerce activities contributed 18% to the company’s total revenue during this quarter.
Fostering real relationships with customers has become a vital component of success in an increasingly competitive company world where consumers are overwhelmed with options. The age of merely transactional connections is coming to an end, giving way to a new era in which enterprises must master the art of connection in order to succeed.
1. Personalization Beyond Names
Personalization has become a buzzword in marketing, but it goes beyond simply addressing customers by their first names in emails. True personalization involves understanding your customers’ preferences, needs, and behaviors. Use data-driven insights to tailor your products, services, and marketing efforts to meet individual needs. When customers feel that a business “gets” them, it creates a powerful emotional bond.
2. Active Listening and Feedback Loops
Effective communication is a two-way street. To build strong connections, actively listen to your customers. Encourage feedback, whether through surveys, social media, or direct interactions. When customers see that their opinions are valued and acted upon, it builds trust and a sense of partnership. Create feedback loops within your organization to ensure that customer insights drive continuous improvement.
3. Authentic Storytelling
Storytelling is a potent tool for building connections. Share the authentic story of your brand, its mission, values, and the people behind it. Authenticity resonates with consumers, who appreciate transparency and honesty. When your brand’s story aligns with a customer’s values and beliefs, it creates a powerful emotional connection that transcends transactions.
4. Exceptional Customer Service
Exceptional customer service is a cornerstone of building lasting relationships. Train your team to go above and beyond in solving problems and addressing customer concerns promptly. Positive service experiences are often shared with others, amplifying your brand’s reputation and attracting new customers through word-of-mouth.
5. Consistency Across Touchpoints
Consistency is key in building trust. Ensure that your brand’s messaging, values, and tone remain consistent across all touchpoints, from your website to social media, emails, and in-person interactions. This consistency reinforces your brand’s identity and makes it easier for customers to connect with and recognize your business.
6. Loyalty Programs and Rewards
Loyalty programs and rewards can be powerful tools for fostering connections. These programs incentivize repeat business and make customers feel appreciated. However, the key is to make loyalty programs meaningful, offering rewards that genuinely enhance the customer experience.
7. Community Building
Create a sense of community around your brand. Whether it’s through online forums, social media groups, or local events, provide a space where customers can connect with each other and with your brand. A strong community fosters a sense of belonging and loyalty.
8. Going the Extra Mile
Sometimes, it’s the unexpected gestures that leave the most lasting impressions. Surprise and delight your customers by going the extra mile. This could be sending personalized thank-you notes, offering exclusive sneak peeks, or providing unexpected perks. These actions create memorable moments that customers cherish.
In today’s business landscape, fostering deep and lasting consumer relationships is an art that can set your brand apart. By focusing on personalization, active listening, authenticity, exceptional service, consistency, loyalty programs, community building, and going the extra mile, you can create connections that transcend transactions. Building these relationships takes time and effort, but the loyalty and advocacy of your customers are invaluable assets that will fuel your business’s growth and success in the long run. Remember, in the art of connection, the canvas is your customer’s heart, and the masterpiece is a relationship that stands the test of time.
In an era when customers are more concerned about what they eat than ever before, the food business is rife with potential for entrepreneurs. Whether you’re a farmer wanting to sell your fresh produce, a restaurateur hoping to attract foodies, or a food producer looking to reach a wider audience, producing leads is critical to your business.
1. Embrace the Power of Social Media
In today’s digital age, social media isn’t just a trend; it’s a powerful tool to connect with potential customers. Create mouthwatering content showcasing your products or culinary creations and share it on platforms like Instagram, Facebook, and Pinterest. Engage with your audience by posting behind-the-scenes glimpses of your food venture, customer reviews, and even live cooking sessions. By leveraging the visual allure of your offerings, you can pique the interest of food enthusiasts and turn them into loyal customers.
2. Host Virtual Cooking Classes
If you’re in the business of selling food products, consider hosting virtual cooking classes. Share exciting recipes that incorporate your ingredients and invite food aficionados to join in. Not only does this demonstrate the versatility of your products, but it also builds a sense of community around your brand. Encourage participants to share their creations on social media, creating a ripple effect that can attract more leads as friends and family members become curious about your offerings.
3. Collaborate with Influencers
Influencer marketing is a game-changer in the food industry. Partnering with food bloggers, chefs, or social media personalities who align with your brand can expose your products to a larger, targeted audience. Influencers can create engaging content, such as recipe tutorials or taste tests, which can significantly boost your brand’s visibility and credibility. Make sure to choose influencers whose followers are likely to be interested in what you have to offer.
4. Participate in Food Festivals and Farmers’ Markets
Don’t underestimate the power of in-person events. Participating in food festivals, farmers’ markets, or local community events can be a fantastic way to showcase your products and interact directly with potential customers. These events provide an opportunity for attendees to taste your offerings, ask questions, and develop a personal connection with your brand. Additionally, they can serve as excellent platforms to collect contact information and build a loyal customer base.
5. Offer Free Samples and Tastings
People love trying before they buy, and offering free samples or tastings can be a compelling way to generate leads. Whether you’re running a restaurant or selling packaged food products, providing a small taste of what you have to offer can entice curious consumers to explore your menu or purchase your goods. Consider setting up a tasting station at local grocery stores or offering complimentary appetizers in your restaurant to attract potential customers.
In the food industry, where sensory experiences play a crucial role, generating leads requires a mix of creativity and culinary prowess. By embracing social media, hosting virtual events, collaborating with influencers, participating in live events, and offering samples, you can create a buzz around your food venture. Ultimately, these fresh strategies will not only attract new leads but also nurture a loyal customer base eager to savor your farm-to-table delights. So, get cooking and watch your food venture flourish!
In the modern workplace, success is determined not only by having a great product but also by your ability to market it successfully. The key to converting prospects into loyal clients is to create a smooth and productive sales process.
A well-structured sales process isn’t just about making a sale; it’s about guiding potential customers on a journey that leads to a confident and informed purchase decision. It’s the roadmap that turns curious prospects into satisfied buyers. Here’s how to build one:
1. Understand Your Offering Inside and Out
Before you can sell your product effectively, you need an in-depth understanding of what you’re selling. Be prepared to answer any questions, address concerns, and highlight the unique value your product offers. The more you know, the more confident you’ll appear to prospects.
2. Know Your Target Audience
Success in sales begins with knowing who your potential customers are. Conduct market research to identify your ideal customer profile. Understand their needs, pain points, and preferences. Tailor your messaging to resonate with their specific needs.
3. Create a Personalized Approach
Every customer is unique. Craft a personalized approach to your sales process that adapts to individual customer needs. This could involve customizing your pitch, offering tailored solutions, or providing specific recommendations.
4. Develop a Clear Sales Funnel
Map out the stages that a prospect typically goes through on their way to making a purchase. This could include awareness, interest, consideration, and decision. Align your sales process with these stages to provide the right information and support at each step.
5. Build Strong Relationships
Relationship-building is at the heart of effective sales. Engage with prospects on a personal level, listen to their concerns, and genuinely care about their success. Building trust is a cornerstone of successful sales.
6. Leverage Technology
Use customer relationship management (CRM) tools to manage and track your interactions with prospects. These tools can help you stay organized, automate tasks, and ensure no leads fall through the cracks.
7. Craft a Persuasive Pitch
Your sales pitch should be clear, concise, and persuasive. Highlight the unique benefits and features of your product that address the prospect’s specific needs. Focus on how your offering can solve their problems or make their life better.
8. Provide Value Throughout
Offer value at every stage of the sales process. This could involve sharing informative content, offering free consultations, or providing product demonstrations. The more value you provide, the more trust you’ll build.
9. Overcome Objections
Anticipate and address objections proactively. Understand common concerns that prospects may have and be ready with well-reasoned responses that put their fears to rest.
10. Close the Deal and Follow Up
Once a prospect is ready to make a purchase, guide them through the process smoothly. After the sale, don’t forget to follow up to ensure their satisfaction and inquire about referrals or potential upselling opportunities.
The Rewards of a Well-Crafted Sales Process
An effective sales process offers a range of benefits:
Higher Conversion Rates: A structured process increases the likelihood of turning prospects into paying customers.
Enhanced Customer Relationships: Building trust and providing value leads to stronger, long-lasting customer relationships.
Increased Revenue: A streamlined process can result in more sales and revenue for your business.
Efficiency: An organized sales process saves time and ensures you don’t miss out on valuable opportunities.
Crafting a successful sales process is a critical aspect of turning prospects into loyal customers. By understanding your offering, knowing your target audience, personalizing your approach, and providing value throughout the process, you can guide potential customers from the first point of contact to a confident purchase decision. An effective sales process is not just about making a sale; it’s about building relationships and delivering exceptional value, ensuring your business thrives in the competitive marketplace.
In the contemporary business climate, when competition is stiff and customer options abound, having a great product is just half the battle. The second half is ensuring that your target audience is not only aware of your product but also well-versed in its benefits.
Product mastery goes beyond creating a top-notch product; it’s about making sure that your audience recognizes its excellence and understands how it can improve their lives. Without this mastery, even the most exceptional products can go unnoticed or underappreciated. Here’s how to unlock the techniques for elevating consumer awareness and knowledge.
1. Know Your Audience
Before you can effectively educate and inform your audience about your product, you must understand who they are. Conduct thorough market research to identify their needs, preferences, and pain points. This information will guide your messaging and approach.
2. Craft a Compelling Story
Consumers connect with stories, not just features. Create a compelling narrative around your product that communicates its value and how it can solve specific problems or enhance their lives. This story should be consistent across all your marketing channels.
3. Embrace Visual Content
Visual content is incredibly effective in conveying information and capturing attention. Invest in high-quality images, videos, and infographics that showcase your product’s features and benefits. Visuals are often more memorable than text alone.
4. Use Educational Content
Educational content can be a powerful tool for increasing consumer knowledge. Create blog posts, videos, webinars, or tutorials that explain how your product works, its unique features, and the value it brings. Position your brand as a source of valuable information.
5. Leverage User-generated Content
Encourage your existing customers to share their experiences with your product through reviews, testimonials, and social media posts. Authentic user-generated content can build trust and provide real-world examples of your product’s benefits.
6. Offer Demos and Trials
Allow consumers to experience your product firsthand. Offer free trials, demonstrations, or samples whenever possible. This hands-on experience can help them understand its value and functionality.
7. Provide Exceptional Customer Support
Responsive and knowledgeable customer support is vital for addressing consumer inquiries and concerns. A positive support experience can boost customer confidence in your product.
8. Engage on Social Media
Social media platforms provide an excellent opportunity to engage with your audience directly. Respond to comments, answer questions, and share informative content. Engaging with consumers builds a sense of community and trust.
9. Measure and Optimize
Track the effectiveness of your efforts by monitoring metrics like website traffic, click-through rates, and conversion rates. Use this data to refine your strategies and messaging continually.
10. Foster Brand Advocacy
Convert satisfied customers into brand advocates. Encourage them to share their positive experiences and recommend your product to others. Word-of-mouth marketing can be incredibly powerful.
The Rewards of Mastery
Mastery of elevating consumer awareness and knowledge has a profound impact on your product’s success:
Increased Sales: Educated consumers are more likely to make informed purchasing decisions.
Enhanced Brand Reputation: A knowledgeable and satisfied customer base can boost your brand’s reputation and credibility.
Reduced Customer Support Burden: Well-informed customers are less likely to encounter issues, reducing the workload on your customer support team.
Long-term Customer Relationships: By educating consumers about your product, you lay the foundation for long-lasting customer relationships built on trust and loyalty.
Product mastery involves not only creating a great product but also ensuring that your target audience is aware of its existence and understands its value. By employing these techniques, you can elevate consumer awareness and knowledge, setting the stage for increased sales, brand loyalty, and lasting success in the competitive business landscape.
JioMart, a subsidiary of Reliance Retail, has enlisted Mahendra Singh Dhoni as its brand ambassador, who will make an appearance in a 45-second promotional video.
In a statement, the company said, “In addition, JioMart has re-branded its festive campaign to JioUtsav, Celebrations Of India, which will go live on October 8, 2023. The JioUtsav campaign emphasizes the inference that Dhoni has given the nation several occasions to celebrate but has missed being a part of them. So, with renewed vigor, he is determined to celebrate all moments of happiness, festivities and special occasions with his loved ones.”
“We found a perfect fit in MS Dhoni as our brand ambassador with his personality representing trust, reliability and assurance, just like JioMart. Our new campaign lends itself to celebrating life and all its special moments with our loved ones, ‘shopping’ is an integral part of this revelry. Non-metro regions currently account for around 60 per cent of our overall sales, a sign of gradual growth and a true testament to the fruition of our efforts to democratize digital retail,” said Sandeep Varaganti, chief executive officer of JioMart, in a release issued on Friday.
At present, JioMart collaborates with more than 1,000 artisans and offers a diverse range of 150,000 distinct products.
On the occassion, Dhoni said, “I strongly identify and echo with the values that JioMart stands for, being a homegrown e-commerce brand, they are driven by a purpose to support the digital retail revolution in India. India is known for its vibrant culture, people and festivals, JioMart’s JioUtsav campaign is an ode to the celebration of India and its people. I am very excited to come on-board with JioMart and be a part of the shopping journey of millions of Indians.”
The movies are designed to showcase JioMart’s versatile expertise across various categories, as well as to celebrate the festive atmosphere and the fantastic shopping offers and discounts offered on the platform.
Last year, JioMart embraced a horizontal, cross-category approach, offering an extensive range of products across various segments. The platform expanded its selection by onboarding a variety of Reliance-owned brands, including Urban Ladder, Reliance Trends, Reliance Jewels, Hamleys, and others, further enhancing the diversity of offerings.
Nykaa, a major player in the beauty and fashion e-commerce industry, witnessed a significant uptick on Friday. The company’s shares surged by more than 3% to reach INR 151.55 during the early trading hours on the BSE. This remarkable performance was driven by Nykaa’s strong update for Q2 FY24.
In a filing with the stock exchange today, the company announced that it anticipates a year-on-year (YoY) growth of approximately 20% in the net sales value (NSV) for its beauty and personal care (BPC) business during the current quarter.
“The beauty vertical continues to expand through the ecommerce business, physical store expansion and growth of our owned brands,” said Nykaa, adding that the growth was supported by the success of its flagship event ‘Hot Pink Sale’ that took place in July this year.
In fact, the company asserts its strong performance in all its verticals, defying industry expectations of slightly reduced discretionary spending in Q2. This shift is largely attributed to a delayed festive season this year.
The company’s decision to move the festive season sales from September last year to October this year has had a certain influence on the Q2 FY24 growth. Nevertheless, the company has refrained from providing additional details regarding this impact.
In the meantime, the fashion division of the company has experienced significant momentum during Q2 FY24, a notable contrast to the overall apparel industry, which has continued to face sluggish demand in this quarter.
“Within the quarter, Nykaa Fashion has optimised the core category mix along with improvement in order volumes. Fashion net sales for the quarter is expected to grow in early thirties on YoY basis,” it said.
In Q2 FY23, the NSV for its Beauty and Personal Care (BPC) and fashion businesses amounted to INR 981.5 Cr and INR 175.3 Cr, respectively. Nykaa’s total NSV during the same period stood at 1,204.9 Cr.
Nykaa anticipates that its consolidated Net Sales Value (NSV) will experience mid-twenties growth, while its revenue is expected to see early twenties growth on a year-over-year basis for the quarter, mirroring the levels seen in the previous quarter, Q1 FY24.
In the preceding quarter, Nykaa witnessed an 8.2% year-on-year increase in its net profit, reaching INR 5.4 Cr, while its operating revenue surged to INR 1,421.8 Cr.
During the second quarter of FY23, the beauty e-commerce giant disclosed a net profit of INR 5.2 Cr and an operating revenue of INR 1,230.8 Cr.
Nykaa has stated that its overall performance in the first half of FY24 positions the company favorably for the rest of the year, as historically, the second half tends to see stronger consumer demand.
The stock on the BSE had gained 1.6% and was trading at INR 149.25 by 12 PM IST today.
Pakka Limited, formerly known as Yash Pakka Limited, a prominent manufacturer of environmentally-friendly packaging solutions, has unveiled India’s first compostable flexible packaging. This pioneering innovation is the outcome of a partnership with Brawny Bear, a nutrition-focused company known for utilizing the natural sweetness of dates to craft delicious and healthy food products. This development signifies a substantial advancement in India’s packaging industry, which boasts a valuation of over $70 billion.
The flexible packaging segment commands the majority share of India’s packaging market, comprising over 60% of the total market share. It plays an omnipresent role in our daily lives, encompassing a wide range of products, from shampoo sachets to biscuit packets. This versatile packaging format has become an indispensable aspect of modern living due to its convenience, adaptability, and cost-efficiency.
However, as convenience has grown, so too has the concern regarding the environmental impact of conventional flexible packaging, most of which is crafted from non-biodegradable plastics. Given the multi-layered structure and thin composition of flexible packaging, recycling most types of it is an exceedingly challenging task.
Pakka Limited’s venture into the realm of flexible packaging represents a natural progression for a company that has dedicated four decades to producing compostable pulp and paper packaging solutions, as well as molded tableware. With ambitious plans to ramp up production of these eco-friendly packaging solutions over the next three years, the company’s global manufacturing facilities in Ayodhya, India, and Guatemala, America, are poised to become epicenters of innovation and production in this field.
The debut of India’s first compostable flexible packaging coincides with the burgeoning global demand for such sustainable solutions. According to a report by Mordor Intelligence, the Indian packaging market is set to grow at a CAGR of 12.6% from 2023 to 2028. While the average per capita consumption of flexible packaging stands at 28 kg worldwide, India currently stands at 11 kg per capita, showcasing an untapped market with enormous growth potential.
The partnership with Brawny Bear, India’s pioneer in date-based food production, perfectly embodies Pakka’s commitment to compostability. Brawny Bear’s range of date-based food offerings encompasses chocolates, chikki, nut butters, milkshake/energy powders, and natural sweeteners.
Pakka’s innovative compostable flexible packaging incorporates a variety of essential attributes that reflect its mission to contribute to a cleaner planet. This packaging boasts food-grade compliance, certified compostability through heat-sealability, excellent barrier properties for enhanced product protection, top-tier quality, lightweight design, and affordability.
Shivaam Tibrewal, Founder of Brawny Bear said, “Brawny Bear’s unwavering mission is to deliver health-conscious consumers with an array of Healthy No Added Sugar Foods that redefine the boundaries of quality and flavor. Simultaneously, we are dedicated to fostering a sustainable business ecosystem that echoes our core values. This vision finds its perfect ally in an exciting new partnership with Pakka that embodies Brawny Bear’s objectives. By joining forces, we are empowered to showcase our offerings in packaging that not only underscores our dedication to well-being but also to the preservation of our environment. We view this partnership as a transformative step towards crafting a planet that thrives on wellness and cleanliness. Our commitment to customers extends beyond just taste and quality – it now encompasses a shared vision for a greener, healthier world.”
Ved Krishna, Strategy Head, Pakka said, “We are so excited and proud to be associated with Brawny Bear chocolates, a company that is truly committed towards sustainability. We have been working on evolving a compostable packaging solution for years and this will be our first launch. I would like to thank the Brawny Bear team for their trust in us and for their desire to contribute towards a healthier and cleaner planet. We wish them all the success.”
Established in 1981 as Yash Papers Limited, Pakka (officially known as Pakka Limited) is a company leading the charge in revolutionizing the Indian packaging industry through its unwavering commitment to sustainability and pioneering innovation. Over the years, the company has transformed into a global leader in compostable packaging solutions. Its core mission is to secure a cleaner planet for future generations by offering compostable and regenerative alternatives to non-compostable multilayer flexible packaging, single-use plastics, and Styrofoam, materials that can take hundreds of years to degrade.
Moreover, at its primary production facility, Pakka generates its own electricity through an 8.5 MW plant powered entirely by biomass-based energy, a sustainable and renewable energy source. The facility relies on locally sourced raw materials and fuel and boasts an impressive 95% recovery rate for the cooking chemicals used in manufacturing. Innovation and research and development are integral to Pakka’s ethos, as the company actively pursues groundbreaking products and processes in areas such as fiber, pulp, paper, biopolymers, molded products, waste management, and beyond.
Pakka’s dedicated team comprises over 450 employees situated across the globe, with a significant portion of the workforce at the Ayodhya manufacturing facility hailing from nearby towns and villages, fostering a strong sense of community and local engagement.
Looking for the perfect place to celebrate Oktoberfest in Bengaluru? Your search ends at Lulu Mall, where VRO Hospitality is set to create a festive atmosphere. They’re uniting several of their renowned brands, including Plan B, Cafe Noir, and Badmaash, all in one location. Experience exclusive pop-up food stalls and specially crafted bars for Oktoberfest on October 7th and 8th, from 5:00 pm to 10:00 pm, at the lively Lulu Mall.
This two-day event, in collaboration with Kingfisher, is set to be a celebration of gastronomic delights, live music, and captivating entertainment. Attendees can expect an unforgettable experience, with a special emphasis on Draught Beer, expertly curated music, and interactive entertainment. Secure your tickets now at https://sklbx.com/H1fhFXok and be a part of the excitement!
The Oktoberfest at Lulu Mall is an event designed to create a memorable and enjoyable experience for attendees by combining the elements of music, food, and interactive entertainment. Guests will have the opportunity to indulge their taste buds in a wide range of delicacies from Plan B, Cafe Noir, and Badmaash. The event will showcase a wide range of mouth-watering delicacies and culinary innovations, catering to every palate.
At the event, attendees can look forward to a thoughtfully curated live music lineup featuring talented artists such as Bikas Sunar, DJ Oppozit, and Mannat. This musical extravaganza will immerse the audience in captivating rhythms and melodies, infusing the event with a vibrant and energetic atmosphere.
In addition to the fantastic music, delicious food, and refreshing beer, Oktoberfest will also provide guests with a diverse array of entertaining games, including Jenga and Beer Pong, to put their skills and camaraderie to the test. Chugging contests will offer participants the chance to demonstrate their speed and prowess in a lively competition. Furthermore, entertaining trivia challenges will engage participants’ mental agility and introduce an element of fun competition to the event.
VRO Hospitality, a rapidly growing Bengaluru-based hospitality company, owns a portfolio of upscale bars and restaurants in both Bengaluru and Mumbai. The company’s inception traces back to the founding duo, Dawn Thomas and Safdhar Adoor, who, fresh out of college, kickstarted the party scene in Bengaluru with their event management agency, “Rices Obliquity.” Later, the experienced restaurateur Sharath Rice joined forces, culminating in the launch of VRO Hospitality in May 2018. Since then, VRO Hospitality has introduced popular brands like Badmaash Lounge, Hangover, Mirage, Nevermind, One Night in Bangkok, and Tycoons, providing patrons with a diverse culinary experience. Complementing their physical restaurants, VRO Hospitality also manages thriving cloud kitchens, including Burgers and Beyond, Holy Doh Pizzas, and Smashed and Whacky Chang. Furthermore, the founders’ venture into the online event and experience curation platform, “SteppinOut,” culminated in its acquisition by Times Internet Limited in early 2021.
US-based restaurant automation solutions provider Vistry has unveiled its cutting-edge Conversational AI platform and AI Customer Assistant chatbot, designed exclusively for the restaurant industry.
LumoChat (Lumo), the chatbot assistant, aids customers in accomplishing their online ordering tasks through various channels, including web and mobile.
Lumo is an AI customer service assistant that leverages technology similar to ChatGPT to tailor customer experiences, with the asserted benefit of boosting online orders.
It enables customers to inquire about menu details, place orders for pickup and delivery, and also holds the capability to promptly address customer service concerns in real-time.
Vistry asserts that this is the restaurant industry’s first generative AI Chatbot.
The company elaborated that Lumo excels in intelligent menu parsing and location services, additionally employing a sophisticated algorithm to construct an optimized cart for customers.
Lumo is also crafted to guarantee a streamlined checkout experience through functionalities like automatically filled details and secure payment choices.
Vistry’s Conversational AI platform is seamlessly integrated with online ordering platforms and point-of-sale systems, offering accessibility via web, mobile, and social channels.
The technology company also mentioned that restaurants will have the choice to implement a chatbot for their customer base, aiding customers and driving online sales conversions.
Vistry Founder and CEO Atif Kureishy said, “Generative AI is reshaping the food service industry’s guest and employee experience. Our platform stands at the centre of this transformation, offering omnichannel capabilities and seamless integrations with existing digital platforms.”
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