INOIC

Augmented reality Jewelry seling app
Startup name
INOIC
Web address
Founding date
May 2017
Incorporation
Yes
Total team member
13
Startup stage
Prototype
Category
Consumer, Enterprise, Software
Sector
Virtual reality
Product usage or interact
Mobile/Tablet (iOS), Mobile/Tablet (Android), API
City
Colombo, Western Province, Sri Lanka

Elevator pitch

M-Commerce is booming. “Global jewelry manufacturers are focusing on both product and process innovation to differentiate their brand" and jewelry selling is highly traditional and rely on exclusive, luxurious, salon culture. But what if this no longer works? We came up with the idea of having an Augmented Reality Jewelry mobile app for this industry to provide an advanced experience to the buyer.

Team

Thiwanka Jayasiri

Thiwanka Jayasiri ,MSc.GIS- UoC, SL , 8+ years exp in 5 business domains International/Local. (Reading)- PhD-AR/VR, UCSC-SL & MSc in SCM, MIT-USA. Experience in Product Design, Business Development, PM, Data Science & Spatial Science.

Romani Fernando

ACMA, CPA -4 years of Experience in Family owned business and Cooperate Sales

Business model

Target customer

Jewelry Sellers , Designers and Manufactures

Customer acquisition strategy

Bridging the Gap Between Physical and Virtual Jewelry Selling

Revenue model

Two revenue models to be specified : Standalone platform or a white label ( Mobile app, Web Service) .

Standalone:
Web platform or a mobile app for online jewelry selling, Jewelry seller monthly, bi-annual, and annual subscription.

White label:
Customer specific mobile or web service.
Larger Sellers and SME stores , In store jewelry selling platform coupled with ERP solution.

Market info

Market size

$ 30,000,000,000

Competitors

Competition

Some competition in different forms could be seeing from the following companies,
**Tissot
**Caratlane
**Bellaluce
but they do not operate as an independent service provider they are e-com platform and jewelry sellers themselves built solutions in house. None of the solution provides full range of possibilities where as our app provides all features at one shop which mainly focuses on m-commerce combined with augmented reality and facial recognition.

KPI's

  • 12 Nos of Customers On boarded - WL -APP
  • 18 Online AR based Sales platform

Startup traction

Nos of Customer on boarder -WL ( our white label product which would be the main product for jewelry sellers and manufactures. Our target is is to on board at least 12 customers from the regions we are planning namely to be USA, China, Singapore, Dubai and Hong Kong.

Online AR based Sales platform for the online jewelry selling. Need to on board 18 suppliers ( branded and niche)within the next 12 months and then work on the online sales qty.

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Sales strategy, technical/ product/ delivery model
- Product would be delivered as a white label product and will be selling as a mobile app (iOS, Android) also as a webservice for web-apps. ( Subscription, Maintenance Fee)
- Technology/Platform used: Google Vision API, Vuforia /Unity SDK, Microsoft Azure and Tensor flow.
- Current target market: USA, China, UK, Dubai, Singapore and Hong Kong.
- We are planning to partner up with Synapsys and DFCC bank for product launch in Asia-Pacific.
- We are Microsoft BizSpark Partner since June’17.
- We currently hold the Partnerships with MAPR, USA & Footfallcam, UK


Value Proposition
- Real time Jewelry try on option (Neckline, Earing, Crown, Wrist and Fingers)
- Jewelry type suggestions using the face shape, occasion and dress type
- Augmented reality Jewelry customization option
- Ring size determination using image processing techniques
- Ring size, Face Shape Detection -Algorithms

Publication date: 30 December 2017