After a successful partnership with the Tata Group, Onebeat expects to double its Indian business by associating with large retailers like Madhura Garments and Metro Shoes
Onebeat, an adaptive inventory management software, is expanding its operation in India by working with major retail corporations like Madhura Garments, Titan Watches, Tanishq and Metro Shoes.
Through this strategic partnership, the Israeli retail tech start-up will enable retailers, wholesalers and brands across India to use artificial intelligence (AI) and big data tools. These spans verticals like apparel, footwear, jewellery, sporting goods and luxury.
Founded by Dr Yishai Ashlag and Avihai Shnabel in 2018, Onebeat raised $5M in funding in February 2022, led by Surround Ventures and AnD Ventures. Onebeat’s platform synchronizes stores’ management, directs online sales, and manages product assortment. Its system adapts the amount and variety of products daily for each point and channel of sales.
“Today, India is one of the largest retail markets in the world and is estimated to reach 100 per cent by 2023. Using our AI-based technology, we want our clients to find exactly what they need in the store rather than products on sale,” stated Avihai Shnabel.
He added that consumerism leads to overproduction and excess inventory, which is left unused or dead. With smarter management, it is possible to manufacture and showcase fewer products and still meet customer needs, eventually reducing prices for customers.
Onebeat’s algorithm can break products into primary attributes like colour, model, fabric, price or cut, finding multiple correlations between different features and products in various locations. The system can predict the type of products sold in each location in real time. Eventually, this information can help in proper inventory allocation in physical stores and promote the right products online.
Currently, Onebeat partners with global retailers like WeShoes, American Eagle, Naf Naf and Toys R Us. Its Indian clientele includes corporations like Titan, Tanishq, Croma, Madhura Fashion brands, Metro Shoes Thangamayil, Max and TCNS.