Asian Spectator

Business & Finance Asia

Fung Retailing Group and JD.com Showcase Hong Kong’s First AI Checkout Experience

  • Written by Fung Retailing Limited

Circle K first to use AI-image recognition technology, reducing checkout time by 30%

HONG KONG, CHINA - Media OutReach[1] - 13 March 2019 -Fung Retailing Group, with a network of over 3,300 stores, and JD.com, China's largest retailer, today unveiled Hong Kong's first AI-powered checkout solution in a retail store environment, a result of the strategic partnership between the retail giant and JD.com signed in 2018.

Fung Retailing Group and JD.com Showcase Hong Kong’s First AI Checkout Experience

From left to right: Victor Fung, Group Chairman of Fung Group, Sabrina Fung, Group Managing Director of Fung Retailing Limited, Dr. Bowen Zhou, Vice President of JD.com and Head of JD's AI Platform and Research and Richard Yeung, Chief Executive Officer of Convenience Retail Asia at A.I.Retailing Zone at one of Circle K stores

As 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. This technology is currently installed at the A.I.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 A.I.Recognition (A.I.R.) button on the cashier screen to scan the products; 3) Complete payment with an Octopus card.

The advanced AI algorithm behind the solution enables the checkout counter to recognize up to five products within one second with an accuracy rate of over 97%, reducing the overall in-store checkout time by 30%.

Sabrina Fung, Group Managing Director of Fung Retailing Group, said, "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."

Dr. Bowen Zhou, Vice President of JD.com and Head of JD's AI Platform and Research, said, "AI will continue to play a critical role in transforming the retail landscape. Retailers who are able to capitalize 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 realizing our vision for smarter and more convenient retail." 

Another project from the AI partnership between Fung Retailing Group 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 personalized product recommendations for our customers.

The A.I.Retailing Zone^ is open starting today.

^Circle K store address:

  • Shop 126 1st Floor, liberte place, No. 833 Lai Chi Kok Road, Kowloon
  • Shop Nos. 9-12 on Ground Floor and Unit Nos. 9-11 on First Floor, Excelsior Plaza, Yee On Building, No. 26 East Point Road, Hong Kong

 [2]

References

  1. ^ Media OutReach (www.media-outreach.com)
  2. ^   (www.media-outreach.com)

Authors: Fung Retailing Limited

Read more http://www.media-outreach.com/release.php/View/8197#Contact

Football for Friendship: Brazilian National Team Received Nine...

PORTO, Portugal, Mar. 24, 2019 /PRNewswire/-- Today, at Dragão stadium in Porto, the Young Ambassadors of Gazprom's International Children's Social programme "Football for Friendship...

Oral Semaglutide 7 mg and 14 mg Doses Showed Superior Reductio...

NEW ORLEANS, LA., Mar. 24, 2019, /PRNewswire-AsiaNet/-- Oral semaglutide 7 mg and 14 mg demonstrated superior HbA1c and body weight reductions compared to Januvia(R) (sitagliptin 100 mg). No...

New Boundaries: Hublot Launches the Official ICC Cricket World...

BASEL, Switzerland, Mar. 24, 2019 /PRNewswire-AsiaNet /-- Classic Fusion Chronograph ICC Cricket World Cup 2019The limited-edition Classic Fusion Chronograph ICC Cricket World Cup 2019 marks...

Hublot and Ferrari Open a New Chapter in Their Collaboration W...

BALE, Switzerland , Mar. 23, 2019/PRNewswire-AsiaNet/-- Classic Fusion Ferrari GTSince the very start of their collaboration in 2011, Hublot and Ferrari have always created watches with a un...

Arçelik to Acquire Singer Bangladesh Operations for $75 Million

ISTANBUL, Mar. 23, 2019 /PRNewswire-AsiaNet/ -- Arçelik continues to expand its footprint in Asia-Pacific, announcing the acquisition of Retail Holdings Bhold BV which is the majority...

YuppTV Bags the Digital Broadcast Rights for VIVO IPL 2019 for...

ATLANTA, Mar. 22, 2019 /PRNewswire-AsiaNet/-- - Cricket fans in Australia, Continental Europe, Singapore, Malaysia, and Sri Lanka can catch all the action live on YuppTV - YuppTV also acquir...

WeChat Pay Supports Merchants Expanding Businesses by Bringing...

HONG KONG, March 22, 2019 /PRNewswire-Asianet/ -- WeChat Pay today unveils its latest strategy for cross-border payment business at the WeChat Pay Overseas Partner Conference 2019. Themed 'O...

HashKey International Digital Asset Summit 2019 brings together industry leaders to demonstrate how digital assets are entering the mainstream

Talks centred on applications in finance, digital asset regulations, fundamental changes to financial infrastructure and Hong Kong as a fintech leader HONG KONG, CHINA - Media OutR...

Lear Invests in Israel-Based Maniv Mobility Venture Capital Fund

SOUTHFIELD, Mich. and SHANGHAI, March 15, 2019 /PRNewswire-AsiaNet/ -- Lear Corporation (NYSE: LEA), a global automotive technology leader in Seating and E-Systems, today announced it has in...

Niche-Tech Group Limited Announces 2018 Annual Results

Revenue and Gross Profit recorded constant growth;Revenue of encapsulant products recorded a significant increase of 69.8% HONG KONG, Mar 22, 2019 - (ACN Newswire) - Niche-Tech Group Limite...

Odakyu Group Starts "2019 SAKURA Campaign"

TOKYO, Mar. 22, 2019 /Kyodo JBN-AsiaNet /-- - Member Companies of Odakyu Group in Shinjuku, Hakone, Enoshima and Kamakura to Join Hands in Welcoming Tourists from Abroad -The Odakyu Group st...

iPinYou Partners with Weibo to Provide a More Integrated Adver...

WASHINGTON, March 22, 2019 /PRNewswire-AsiaNet/ -- iPinYou, China's leading programmatic platform, recently partnered with Weibo to integrate their Chinese consumer data and media inventory ...

MINISO Cooperates with Marvel Studios, Releasing 2000 Superher...

GUANGZHOU, China, March 22, 2019 /PRNewswire-AsiaNet/ -- On March 13, with the theme of "Meeting the Heroes", MINISO's new product release meeting was held in Guangzhou, China. The world's w...

New Counterbalance Hinge from Southco Allows Safe Operation of Heavy Panels and Lids

HONG KONG, CHINA - Media OutReach - 22 March 2019 - Southco Asia Ltd., a subsidiary of Southco Inc., a leading global provider of engineered access solutions su...

Customers’ experience leads to a highly successful outcome for Vetter at the 2019 CMO Leadership Awards

A win in all six core categories affirms Vetter as a trusted solution provider Vetter performs very well in customer-critical aspectsResults directly reflect the experience of pharma an...

MobiFone Enters $3.5-Trillion App Economy with mobifoneGo

HANOI, Vietnam, Mar. 22, 2019 /PRNewswire/-- -- Leading Vietnamese Carrier Launches New Content Services Using Syntonic's Revenue Generation Platform Syntonic, a leading mobile technologies ...

Discover the Most Diverse Designs of Lifestyle Products at STY...

BANGKOK, March 22, 2019 /PRNewswire-AsiaNet/ -- STYLE Bangkok, a premier international lifestyle trade fair of Asia, is all set to offer the most comprehensive array of merchandise for diver...

Annual Omnisend Research: Custom Marketing Automation Rises, P...

LONDON, March 22, 2019 /PRNewswire-AsiaNet/ -- Omnisend's annual statistics report shows that marketers who design custom automation workflows around customer behavior and demographics have ...

Systech Partners With NW Solutions to Deliver Brand Protection...

PRINCETON, New Jersey, March 22, 2019 /PRNewswire-AsiaNet/ -- Systech, a global leader in supply chain security and brand protection, and NW Solutions (M) Sdn Bhd (NWSM) of Malaysia, have an...