Gemstone Inventory Revolution: Unlocking Efficiency through Effective Utilization

VGL's extensive jewellery manufacturing process, from gem procurement to finished jewellery, has led to frequent "short closes" or incomplete shipments. Last year, only 80% of our order value was shipped. We aim to achieve a 100% shipment completion rate this year and need your innovative ideas to help us eliminate bottlenecks in our supply chain. Please share your suggestions on the innovation portal or directly with the supply chain team.

Now, you might be wondering, what's all the buzz about? Let's dive in! Put on your customer hat and remeber the unforgettable unboxing experience you had while receiving a product, we want to share the same feeling with our customers!

Cost control isn't just a practice; it's the cornerstone of a successful organization. From streamlined workflows to strategic resource allocation, every initiative, big or small, contributes to the bottom line. Let's ignite your creativity and get your gray matter ticking! Share your unique ideas for "Savings and Cost Reduction." What innovative approaches tools, or solutions can we leverage to minimize expenses and propel us toward unparalleled profitability?

In the world of Technology, a company driven by automation is the new standard. To get on the driving seat of Innovation and Automation we are introducing the “Quest to Automation” process challenge. The goal is to automate repetitive tasks, ease the complexities of working, and streamline the existing process. This will allow us to reduce the cost of operation, save us time on manual tasks, and allow us Humans to think creatively without the burden of working on mundane tasks.

How can we accelerate our Journey towards Net Zero net zero refers to the balance between the amount of greenhouse gas (GHG) that's produced and the amount that's removed from the atmosphere. It can be achieved through a combination of emission reduction and emission removal

How Might we Improve the NPS for our channels? NPS is Net Promoter Score. NPS is a common metric used to determine customer perception and experience. Organizations use NPS scores to help find business areas that need improvement to create better customer loyalty. "How likely are you to recommend us to a friend or colleague?" are assigned a number on a scale from 0 to 10, with 10 being the most positive. Customers are then divided into the following three categories: promoters, passives and detractors. Promoters (score 9-10) are the most loyal customers and may refer others to the organization or service. Passives (score 7-8) are satisfied yet unenthusiastic and can be swayed by more competitive options. Detractors (score 0-6) are unhappy and can damage a brand with negative word of mouth.

Our organization is dedicated to improving customer experiences to surpass expectations and make lasting impressions. Our global initiative for "unreasonable hospitality" aims to enhance every touchpoint in the customer journey, consistently eliciting a 'wow' response. We aim to exceed mere satisfaction, seeking to pleasantly surprise, delight, and encourage customers to share their positive experiences.

How Might We improve the conversion rate of our digital customers? Current Conversion is in the range of 1 -2 %. Assume 1 million customers visit our website and only 10,000 customers buy from us. How can we take this conversion to 5%?

How Might We Increase the Average Product Purchase per Customer (APPC)? APPC means, currently the customers are buying an average of 10 products in a year with us, how do take this number to 40 products in a year.

How might we reduce returns across our channels and increase customer satisfaction without impacting our sales.

How To Get Rid Of Porosity or Pinholes During Jewelry Production. We are looking for quality ideas that lead us to get rid of porosity or pinholes during jewelry production.

How might we reduce the water and electricity consumption at Shop LC? We are looking for effective ideas that can be implemented to reduce consumption and lead us toward becoming a more sustainable organization.

The contribution of customers to IdeaLab is one of the main inputs for coming out with innovative products. How can we involve our active customers in contributing more to the Idealab?

How might we reduce the rejection of Gemstones and Diamonds at various stages of our production process? A major concern related to our jewelry production process is the amount of rejection of gemstones as well as the amount of rework done due to these rejections. The main reasons for rejections burning, breaking, and missing of stones/diamonds. We are looking for effective solutions to reduce these rejections.

Currently, we have a significant number of viewers who engage with our channel on Roku TV, how can we ensure that these viewers not only show interest but also make purchases from us? We are seeking creative, impactful, and actionable ideas to maximize the conversion rate from viewers to customers through Roku TV.

How might we reduce our Gemstone Inventory with effective utilization? The high volume of gemstone inventory poses a significant challenge for our business, demanding solutions through creative product development and streamlined processes. We are looking for ideas through which we can effectively utilize our gemstone inventory.

Identify, evaluate, and submit potential products that are becoming the next big trend, capturing the attention of customers, and driving significant business growth. Utilize the power of social media and let us know why and where the product is trending and how we can make it big.

How might we use ChatGPTor any AI platforms to improve the efficiency of our operations? We are looking for potential use cases where any AI platform can enhance our work.

How might we improve the traditional yoga mat that solves common problems customers face and enhance the overall yoga experience?

"How might we increase new customers for our channel?" We want your most brilliant and out-of-the-box ideas that will not only attract new customers but also keep our existing ones coming back for more.