How might we collect and interpret customer insights to build and strengthen relationships between customers and Maisons across both digital and physical channels?

There is a clear opportunity presented with advancements in retail technologies to systemize customer relationship building, understand customers’ desires and deliver more personalized experiences.

Richemont wishes to explore technologies that can help to achieve these goals across both physical and digital channels and further help to create a more seamless omni-channel experience.

This in turn will help to nurture customer intimacy and build Maison affinity amongst life long Richemont customers and potentially attract new customers.

What are the problems to solve?

• Richemont has little visibility of customer traffic and sentiment instore and across digital channels
• Customer relationships, intimacy, and personalization are built primarily in-store through Sales Associates (SAs) and Maison customers. When an SA leaves the Maison, the relationship goes with them
• Community building, engagement, and service is delivered primarily through physical channels, limiting reach and accessibility
• There is currently no way to intercept customer insights to create online and offline communities

Who is most affected by these problems?

• Richemont Maisons who have limited visibility of customers sentiment, needs, wants, and preferences
• Richemont SAs, marketing, and sales functions that are limited in their ability to provide personalized experiences and services
• Customers who want to be engaged and have an intimate relationship with Maisons and fellow like-minded individuals

Guiding principles for solution

• Intelligence
• Personalisation
• Intimacy
• Community

Vision

• Empowering Richemont Maisons to gauge customer happiness and product interest in-store and online
• Enabling Richemont Maisons to learn more about their customer likes and preferences to provide tailored support while understanding and anticipating customer needs in the short and long term
• Enabling the creation and nurturing of a brand community

Why is this important?

• There is a clear opportunity to better use technology in order to understand customer preferences and tailor experiences at scale, resulting in stronger customer loyalty with Maisons and greater revenue potential for Richemont
• The Dubai retail market is a key driver of the economy, and innovation within this industry helps to further strengthen Dubai’s position as a global retail hub

Want to learn more about the challenge? Watch the Challenge webinar with Richemont.

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Program benefits include

• Potential partnerships with top level stakeholders in UAE
• Dubai Future Foundation takes zero equity in your business​
• Direct access to key decision makers in government and private sector partners
• Opportunity to apply for the Golden Visa
• Opportunity to be connected with regional investors
• Accelerated process for company setup and formation in Dubai (provided matching business activities)
• State of the art creative workspace and access to prototyping equipment​
• Opportunity to join the most vibrant ecosystem in the region
• Roundtrip airfare to Dubai and paid accommodation for Phase 2 (in-residence) participants​

Program timeline 

The 12-week program is structured into 2 phases:

Phase 1: A 4-week virtual program to be conducted in June 2022, where shortlisted companies will work closely with Richemont to understand their challenge and propose a solution. Phase 1 will conclude with a pitching competition and the top companies will progress onto Phase 2 in Dubai.

Phase 2: Successful companies join a 8-week in-residence program in Dubai where they will do a proof concept to showcase that they are the best partners to solve the challenge for Richemont. At the end of this Phase, Richemont will review, evaluate and finalise the companies they would like to continue collaboration with post the program.

Application deadline

Submission of application extended | May 06, 11.59PM GMT+4

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Who are Richemont?

Richemont is the owner of prestigious Maisons (brands), recognised for their excellence in jewellery, watches, fashion and accessories, and distinguished by their craftsmanship and creativity.

The Richemont mission is to craft the future by nurturing the distinctive craftsmanship, innovative spirit and creative inspiration of their people, creating long term value for all stakeholders: customers, colleagues, investors, partners and wider society.