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Fung Retailing & JD.com unveil AI-backed retail solution

16
Mar '19
Pic: Fung Retailing Group
Pic: Fung Retailing Group
Fung Retailing Group and JD.com, China’s largest retailer, has unveiled Hong Kong’s first AI-powered checkout solution in a retail store environment. The advanced AI algorithm behind the solution enables the checkout counter to recognise upto 5 products in 1 second with an accuracy rate of over 97 per cent reducing overall in-store checkout time by 30 per cent.

The second pilot test experiment of the AI Boundaryless Retail Center composed of AI and retail technology experts from Fung Retailing Group and JD.com. The AI-powered checkout solution represents the first AI checkout experience featuring image recognition technology in Hong Kong, said Fung Retailing in a press release. This technology is currently installed at the AI Retailing Zone in two Circle K stores in Hong Kong.

Designed to make the checkout experience as easy and hassle-free as possible, customers can complete the checkout process using the AI-powered checkout solution in just four seconds with three simple steps: 1) Place products on the smart checkout counter; 2) Press the AI Recognition (AIR) button on the cashier screen to scan the products; 3) Complete payment with an Octopus card.

Another project from the AI partnership between Fung Retailing and JD.com is the facial recognition-enabled smart displays which are currently being trailed at two stores of one of the fashion retail brands under Fung Retailing Group in Shanghai, China. The facial-recognition experiment was to enhance the consumer experience by providing better insights on product preferences to the retailer, to improve the quality of personalised product recommendations for the customers.

“This is an important milestone for Fung Retailing as the first in the industry to unveil the first AI-powered checkout pilot experience in a convenience store environment. This underscores our on-going commitment to experiment with new technologies like AI and to build partnerships like the one with JD.com to enhance the end-customer experience, further transforming the future of retail for Greater China,” said Sabrina Fung, group managing director of Fung Retailing Group.

“AI will continue to play a critical role in transforming the retail landscape. Retailers who are able to capitalise on this trend, will have a competitive edge among their peers. Leveraging Fung Retailing’s offline retail expertise and JD.com’s leading retail technology, this pilot project represents a critical first step in collectively realising our vision for smarter and more convenient retail,” said Dr. Bowen Zhou, vice president of JD.com and head of JD’s AI platform and research.

A strategic partnership between retail giant Fung Retailing Group and JD.com was signed in 2018. Fung Retailing with a network of over 3,300 stores employs over 25,000 staff across a portfolio of small, mid and large box size formats in the categories of menswear to women’s fashion, toys, kid’s apparel, convenience stores and bakeries. (PC)

Fibre2Fashion News Desk – India


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