AI is helping the Luxury Watch Industry. Here’s how!
The Swiss watch industry is the epitome of luxury today and has come a long way since its humble beginnings. With a deep dive into data, age old luxury watch brands can pick a trick or ten to not only stay relevant in accordance to the changing times but also manufacture and sell what people want. A study by Singapore-based Emotional Analytics revealed insights about people’s watch-buying preferences. The stats revealed a tilt in favour of Swiss automatic watches, a preference for 42mm and 38mm watches, and popular colours being black and blue, among other such interesting facts. When luxury watchmakers create a product based on these stats they unlock the potential of tapping a wider audience than their current base.
Collectors of luxury watches are often faced with the dilemma of authenticating luxury watches, especially the pre-owned ones. Pawnbrokers have similar issues too and AI helps mitigate any such concerns. AI-based apps have been developed with varied features such as image-scanning of particular areas of the watches so as to flag counterfeit timepieces with precision. Watch CSA is one such app.
But the problem with detecting counterfeits is they are advanced copies of the original what with sapphire crystals, cloned movements, and other such features making them hard to be detected. ORIGYN , the Swiss non-profit foundation is taking up the issue of counterfeits in luxury watches heads on by utilizing the power of Blockchain, AI, and Machine Learning coupled with great phone cameras to develop an app which lets manufacturers make digital twins of watches which are used for authentication purposes in the future. Such apps will save the luxury loss brands from loss of sales as well as trust of customers.
Centredoc , a co-operative tracks all the latest trends and developments in the watch industry and has it readily available for the manufacturers who need such information. Their databases boast of all patents in the sector worldwide registered for more than 150 years. They also monitor 3D printing, a topic that is currently trending in the industry along with blockchain, AI, and Industry 4.0.
The fact that SIHH in 2019 had a dedicated display area for showcasing new tech such as AI, robotics, and 3D printers shows the adventure of AI in the luxury watch industry has just begun.
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It’s most obvious in the digital media space, from click buys to personalized web experiences. For marketing, the AI journey has just kick-started, while in the tech sector it has been applied for a while now. We are still at an early stage where inroads are being made into AI content via chatbots and even some explanatory content creation but what will make anyone jump up and embrace it is when we will start seeing a lot of mainstream content being created by AI.
Prior to joining Infinite Analytics, Richard served as the CFO of CrowdFlower, COO and CFO of Phoenix Technologies, as a member of the board of directors and chairman of the Audit Committee at Intellisync, and previously as CFO and executive vice president strategy and corporate development at Charles Schwab.
Pravin Gandhi has over 50 years of entrepreneurial operational and investing experience in the IT industry in India. He was a founding partner of the first early stage fund India - INFINITY. Subsequently a founding partner in Seedfund I & II. With over 18 years of investing experience, he is extensively well networked in investment and entrepreneurial scene and is an active early stage angel investor in tech & impact space. Pravin holds a BS in Industrial Engineering from Cornell University, and serves on the board of several private corporations in India. He is on the board of SINE, IIT Mumbai Incubator.
Puru has his Masters in Engineering and Management from MIT. Prior to MIT, he worked with Fidelity Investments building electronic trading products and high volume market data processing applications. He has completed his BE from VJTI, Mumbai.
Deb Roy is Professor of Media Arts and Sciences at MIT where he directs the MIT Center for Constructive Communication, and a Visiting Professor at Harvard Law School. He leads research in applied machine learning and human-machine interaction with applications in designing systems for learning and constructive dialogue, and for mapping and analyzing large scale media ecosystems. Deb is also co-founder and Chair of Cortico, a nonprofit social technology company that develops and operates the Local Voices Network to surface underheard voices and bridge divides.
Roy served as Executive Director of the MIT Media Lab from 2019-2021. He was co-founder and CEO of Bluefin Labs, a media analytics company that analyzed the interactions between television and social media at scale. Bluefin was acquired by Twitter in 2013, Twitter’s largest acquisition of the time. From 2013-2017 Roy served as Twitter’s Chief Media Scientist.
Erik Brynjolfsson is the Jerry Yang and Akiko Yamazaki Professor and Senior Fellow at the Stanford Institute for Human-Centered AI (HAI), and Director of the Stanford Digital Economy Lab. He also is the Ralph Landau Senior Fellow at the Stanford Institute for Economic Policy Research (SIEPR), Professor by Courtesy at the Stanford Graduate School of Business and Stanford Department of Economics, and a Research Associate at the National Bureau of Economic Research (NBER).
Akash co-founded IA while studying for his MBA from MIT. Prior to MIT Sloan, he co-founded Zoonga. Before this, Akash was an engineer with Oracle in Silicon Valley. He has completed his M.S from University of Cincinnati and B.E from the College of Engineering, Pune.