Yantra, a leading management and business consulting firm offering simple and streamlined business transformation solutions, announced the successful digital transformation for CaratLane, India’s largest omnichannel jeweler that helps make affordable jewelry accessible to all customers worldwide. With technology innovations like Advanced Financials, Inventory Management, Account Management, Order Management, and Lite Manufacturing implemented to their platform, CaratLane is able to increase automation, improve reporting and analytics, automate ordering, shipping, and billing, and tackle other common challenges of a jewelry retailer.
Vikram Bhandari, President, and Chief Executive Officer of Yantra said, “The whole concept of the buying cycle has changed with a higher number of younger, tech-savvy business owners and customers who have different expectations than traditional jewelry businesses. However, there are several jewelry retailers who are lacking operational visibility to set up for success and still working with manual processes on their legacy business systems. We are proud to be a trusted partner for CaratLane to enable them to modernise the industry, make more data-based decisions, remove manual processes, and gain higher visibility.”
CaratLane, India’s first omnichannel jewelry brand, aims to elevate the online jewelry shopping experience and has grown exponentially and expanded globally. The growth and expansion result in a need for a modern ERP solution that could respond to the challenges of its existing legacy system, such as component-based pricing, inventory management, omnichannel presences, and global transaction tracking restricting growth. These challenges are not only relevant to CaratLane but also the frequent pain points of the industry.
“We are thrilled to be able to offer our beautiful everyday wear jewelry to customers globally with a seamless experience which has been made possible with modern ERP’s flexibility and speed. It has allowed us to expand our operations to North America with ease. With the help of the Yantra team, we were able to develop a customised solution that made it possible for us to use the same billing and tax system to generate cross-border invoices. This has not only saved us time but has also reduced errors as we no longer have to maintain a separate system for cross-border transactions,” said Atul Sinha, Senior Vice President of CaratLane.
Technology solutions from Yantra enable the capabilities in multi-subsidiary, multi-location, and multi-entity accounting helping retailers manage stock across various locations for CaratLane. Due to the nature of the industry where jewelry pieces are often customized according to the specifications of the jewelers or customers, Yantra implemented and integrated modern software into CaratLane’s system to build a solution that computes the price of a unit on a real-time basis using the receipt barcode and the actual weight to calculate variances. Yantra also developed a customisation that allows CaratLane to automatically release a purchase order for each component of a ring, bracelet, necklace, or other piece of jewelry that requires more than one manufacturer.
With such bespoke solutions and support from Yantra, CaratLane successfully had one single cloud-based platform addressing inventory management, and accounting management, and well integrated with other platforms running in place that is tailored to CaratLane’s demands. The new consumer-centric, automated, and e-commerce-friendly system helps the company gain competitiveness over a majority of jewelry retailers who are still using homegrown, on-premises tools and disparate legacy systems. CaratLane can now operate with a unified system that provides automation, simplified processes, and operational visibility, such as multi-location inventory management, deep supply chain visibility, managing repairs and warranties, and automatic upgrades.
Recognised as NetSuite’s 2023 Alliance Partner Spotlight Winner for the Jewelry sector, Yantra has achieved outstanding work and has been making efforts to help the industry players implement modern technology into their systems. Yantra has also launched a whitepaper outlining the key challenges of the jewelry retail industry and how to gain competitive advantages with the adoption of technological advancements. Those who want to learn more about Yantra’s Jewelry expertise to enhance their business operations can visit Yantra at JCK Las Vegas and meet them at the Innovation Hub Booth 10 (IH10) from June 2-5, 2023.