Artificial Intelligence has been a game changer for Darveys
Artificial Intelligence is touching every facet of our lives, and Darverys.com has made use of this intelligence to make luxury retail accessible to the discerning Indian customer.
Luxury Retail Demystified
He is all of simply 28 years of age and runs the most competitive and simple e-commerce model that has given many premier luxury brands a run for their money. Nakul Bajaj is the Director and Founder of Darveys.com that connects almost 800 stores worldwide to its customer base in India and brings the best of luxury at the click of a button.
A zero inventory model, the e-commerce business simply uses AI to match the buying patterns of its customers, maps the stocks and selling desires of boutiques and stores and creates a predictable algorithm. The AI also assess the needs of a customer and sends out alerts of new product additions, sales, subscription expiry details and much more.
The business is seamlessly working for the benefit of all and has therefore already created a dampening effect on some of the most well-known international luxury brand’s standalone stores in Delhi.
“Since my school days, I was sure I wanted to run something of my own. I wasn’t looking at a simple, small-time business. I wanted to do something different.” Nakul foresaw the immense opportunity in the luxury retail segment; something that was still lying untapped back in the year 2000. “This became one of the major reasons why I went to study abroad at Emory University, Atlanta, Georgia, where I received a double major in mathematics and economics.”
Today, his venture Darveys.com is India’s largest online luxury portal with over 1.2 lakh registered members and 120plus luxury brands on board roped in through only authorized luxury boutiques across the globe, which allows the customers to purchase their favorite brand at the lowest price from stores across the world click of a button from the comfort of their home.
“Customers are encouraged to compare the merchandise for its quality at the standalone stores if they wish. Most of them come back satisfied and elated, that they are paying for the real product, without any customs duty and GST thrown in; so there is no ambiguity when it comes to quality and authenticity,” adds Bajaj. Darveyshas a no cash-on-delivery model, due to the sheer volume of money which is involved in one transaction. Since its inception in 2014, the customer base has been gradually increasing and Nakul has been adding more and more brands to his kitty.
Some of the well-known multi-brand stores are already feeling the power of the AI and E-commerce platforms eating into their pie, and Nakul is well aware of the battle he has waged open in India. His line is now extending to kids’ wear, which has gone live end of January and also the home section, which has one of the best brands like Ralph Lauren to offer to its luxury conscious customer in India.
Blurb: “People are sensitive to pricing. However, it has been a challenge to convince a customer that you can get a Gucci or Prada at 70 percent less price, which is an original.”