RIL’s latest endeavor, Tira, harnesses AI for Indian beauty
Reliance Industries Ltd.’s latest venture, Tira, relies on AI tools to captivate the competitive Indian beauty market. Launched by Mukesh Ambani’s conglomerate in April last year, Tira strategically utilizes electronic vending machines in its stores for dispensing complimentary skincare samples, aiming to entice customers and foster repeat visits. According to Tejas Kapadia, head of marketing at Tira, this innovative approach has resonated well with customers, enhancing their overall shopping experience.
The core concept behind Tira’s strategy is to offer a diverse range of experiences leveraging AI technology. For instance, Tira’s stores feature an interactive “fragrance finder,” allowing customers to explore various perfume options by sampling different fragrance notes. Additionally, its “skin analyzer” uses AI to analyze customers’ features through a photo and recommends suitable skincare products tailored to their needs. Moreover, Tira provides personalized touches such as free engraving services for customers to customize their purchases, further enhancing brand loyalty.
As Reliance’s flagship initiative in the burgeoning beauty market, Tira is poised to compete against established brands like Tata Group’s Palette and Nykaa, the current market leader. Reliance’s retail arm, led by Isha Ambani, has also acquired the local operations of skincare brand Kiko Milano and luxury beauty retailer Sephora, demonstrating its commitment to dominating the sector.
With the Indian beauty segment projected to grow at a rapid pace, international brands are also flocking to capitalize on this lucrative market. Partnerships like NARS Cosmetics’ distribution agreement with Shoppers Stop Ltd. and Selena Gomez’s launch of Rare Beauty on Sephora India highlight the growing interest in India’s beauty landscape. Rihanna’s introduction of Fenty Beauty on Nykaa further underscores the market’s attractiveness to global players.
Abhishek Malhotra, a partner at McKinsey & Company, emphasizes the opportune timing for businesses in the beauty and personal care sector, citing factors such as rising disposable income, increased awareness, and elevated consumer aspirations driving market growth.
In summary, Tira’s innovative approach, fueled by AI technology, positions it as a formidable contender in India’s beauty market, poised to capitalize on the sector’s promising growth prospects amidst increasing competition and evolving consumer preferences.
Re-reported from the article originally published in Business standard.
