India ranks third in the world in terms of quality research in Artificial Intelligence (AI), behind the US and China. AI is an intelligence demonstrated by machines similar to natural intelligence displayed by humans. This is an area of computer science that emphasises the creation of intelligent machines that work and react like humans. AI gives the ability to a computer programme or a machine to think and learn. From financial services, monsoon forecasting, education, defense, healthcare, transport to online shopping portals AI has emerged in a significant way in the last decade.
A national policy think tank of the Government of India, the NITI Aayog in June, 2018, released a discussion paper titled ‘National Strategy on Artificial Intelligence’ which claimed, “The country could add $1 trillion to its economy through integrating AI into its economy.”
Along with public initiatives, private players are equally concentrating on AI based technologies. According to released data, the investment on AI has been increasing significantly in India. Adoption of AI based technologies helps business processes shift from a traditional data centric IT to advanced information centric IT processes that need lesser human resources. Charmboard has been a pioneering start-up in this field.
AI in the fashion industry
Charmboard, which came into operation in 2016, has made significant inroads in the apparel and fashion segments in India. The apparel industry in India is an important industry segment that contributes around 14% to industrial production, 4% to India’s GDP and constitutes 15% of the country’s total export earnings. Charmboard, by its innovations is creating new opportunities for big players in the apparel and fashion industry. GBS Bindra, Founder and CEO, Charmboard said during a conference in Kolkata, “Top brands like L’Oréal, Marico, Myntra, Amway, and Jockey are among the brands that are presently using our platform.”
Charmboard has adopted a future ready software that is designed to meet the ever-changing needs of customers. Whenever someone is watching a video online, the content of the video creates lots of questions in the viewer’s mind. Charmboard is using that curiosity to promote fashion brands and online accessory portals.
Charmboard’s business model is based on connecting online video viewers with the fashion industry. Fashion brands and online fashion portals have to approach Charmboard to advertise their products and Charmboard creates a live interacting interface with the viewers.
Charmboard uses a software that is based on AI which allows the user to interact with the online streaming video. By clicking or tapping on the subject while streaming the video the viewer will get to know the information (brand, price etc.) about the dress or accessory and the availability of the product. Thousands of brands across fashion apparel, footwear, accessories, lingerie, jewellery, hair and beauty are being discovered through this platform.
Around 66% of Charmboard’s shoppers are women between 18 and 34 years of age from cities like Pune, Lucknow, Hyderabad, Patna, Bangalore, Delh, and Mumbai. The company has recently secured an investment of around $5 million from the global retail giant Target Corporation of the US and from 3one4 Capital.