Challenges
When Muthoot launched Indivara, they wanted to leverage their excellent customer relations across 5,000 branches to sell gold jewelry — without incurring high inventory costs or opening extravagant boutiques.
The company deployed
Ozonetel’s CCaaS Platform for WhatsApp, voice bots, and other customer engagement technologies to build awareness and create positive engagement in a lean, agile, and cost-effective manner.
Solution
Results
Muthoot created a luxury aura around their product solely through digital channels, achieving 150K+ impressions within months, engaging customers nationwide, and amplifying order value 2.5X within a year of launch.
Muthoot's Leap into Jewelry Presented a Unique CX Challenge
Muthoot Gold Bullion Corporation, a group company of the Muthoot group are pioneers in gold-backed lending and the No.1 NBFC in gold loans, categorized as Upper Layer NBFC. The Muthoot brand is synonymous with trust, nurturing robust customer relations at each of their 5000+ branches nationwide. Diversifying into gold jewelry, they sought to capitalize on these strong relationships and widespread presence but faced a new set of challenges.
Selling gold, a high-value item, demands continuous customer engagement and a ‘luxury’ ambiance, typically created via retail stores and specialized staff — resources unavailable at their current branch offices. Muthoot’s innovative response was the development of a ‘phygital’ go-to-market strategy.”
Features: CCaaS Platform for WhatsApp | Consumer Engagement Solutions | Voice Bot
How Can We Blend Digital and In-person Engagement?
Muthoot decided that they would engage customers and create the right ambiance solely through digital channels, while they enabled payments and sizing at the branch offices.
Their goal was to build awareness and engage both new and existing customers digitally and implement a zero-inventory model for the jewelry vertical.
Customers would be able to view the products in the comfort of their homes, share them with their family members, and then make the purchase in the closest branch with a branch member whom they knew and trusted.
Transforming Conversations with the WhatsApp Catalog
WhatsApp, with its ability to share rich media messages and its universal appeal across social strata, was the ideal platform for promoting new product lines. Muthoot leveraged Ozonetel’s CCaaS Platform for WhatsApp to deploy digital catalogs on WhatsApp chatbots instantly. Within months of its deployment, WhatsApp garnered over 150,000 impressions, demonstrating its significant impact. With this solution, Muthoot could now continually update consumers on new designs without retail stores or printed catalogs. This meant near-zero inventory costs, easy catalog distribution, and high engagement.
Streamlining Operations through Seamless ERP Integration
Muthoot also integrated the WhatsApp solution into their website, making it easy to update digital catalogs across all their centers in a single step. They also synced their ERP (Enterprise Resource Planning) with their webpage, simplifying how they coordinate inventory, orders, and customer information.
Leveraging Data Analytics to Run Targeted Campaigns
Muthoot has 10 million customers and serves over 5 million through its physical presence. They continually analyze this customer data to segment their user base and run personalized campaigns across digital channels.
This data-driven approach has helped them deploy more effective campaigns leading to an increase in average order value from Rs 20,000 to Rs 50,000, a remarkable growth of 2.5X.
Blending Online Convenience with Offline Trust
In keeping with their ‘phygital’ approach, Muthoot did not restrict payment to the online mode and instead encouraged customers to visit outlets to make the final purchase. This was a strategic decision because previously most Muthoot customers paid premiums at branches (80-90%), while only 10-20% paid online.
Besides, in-store visits also addressed sizing issues. This strategy enabled personalized attention, quick query resolution, and further strengthened customer relations.
Enhancing Payment Efficiency with Voice Bot Technology
Consumers often bought gold on a loan and would require reminders to pay their monthly installments. Previously, this task fell to two dedicated agents. However, Muthoot made this process efficient by integrating a voice bot specifically for payment reminders.
With the introduction of the voice bot, call connectivity remained steady, while installment collections improved by 5-8%. Customers seemed to appreciate the automated approach for such communications. In just five months, the voice bot made over 43,500 calls, contributing to notable business savings of Rs 200,000. Plus, the agents previously responsible for this task were successfully reassigned to other roles, optimizing workforce utilization. This strategic deployment of technology ensured both cost savings and enhanced customer engagement.
Benefits & Overall Impact
With Ozonetel, Muthoot could quickly and seamlessly
integrate WhatsApp chatbots, voice bots, and other customer
engagement tools into their GTM (go-to-market) strategy. As
a result, they have kept inventory costs low, elevated the
customer experience, deepened customer trust, and set a
new industry benchmark for luxury retail in the digital age.
- 2.5X increase in Average Order Value
- 150K WhatsApp impressions in 9 months
- 43.5K automated EMI collection calls
in 5 months
