Bruce Xu, CEO of Wanjiaan Group, the parent group of WorthCloud, Wanjiaan Intelligent Technology Co,. Ltd, was invited to speak about How AI Empowers Smart Retail Industry at the Tencent Cloud AI touring salon.
He indicated that with the development of cloud computing, big data, Internet of Things and artificial intelligence, many business models and products have been innovated and industry changes have taken place, as well as retail industry. Through the internet of things, data is accumulated by way of communication between connected devices and computers. As a result, consumers may enjoy a more personalized, faster, and smarter experience.
Whether it is face recognition, big data application or SaaS (Software-as-a-service), through the integration of online and offline, it improves the recognition ability of enterprises to consumers. WorthCloud platform focuses on providing smart retail solutions for traditional retail stores, helping them reduce costs and improve efficiency, and achieving “retailing evolution.” During the presentation, WorthCloud presented its AI capabilities from three aspects: application center, CMS and transparent platform.
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New versus Traditional Retail
The issues with traditional retail are often stuck in the selection, location, marketing, experience, operation and management. Before the store opened, WorthCloud recorded passenger flow and user portraits through AI camera equipment to assist the store in location selection. In marketing, WorthCloud acquired user’s buying habits through customers in the store to achieve promotions. In operation management, it combined with Tencent Cloud. Integrated AI cameras with WorthCloud algorithms analyzed the customer buying behavior data, creating customer profiles to increase buying opportunities. Integrated with a virtual assistance system can easily approach customer profiles and provide personalized recommendations.
WorthCloud – CMS
WorthCloud business intelligence empowers the applications to achieve functions such as scanning to pay. It empowers infrastructure to achieve customer flows statistics. Service provider, suppliers and retailers all together support the channels and split responsibilities through purchases and services.
Transparent Supply Chain
In the process of launching new retailing, all partners in the ecosystem, including Tencent Cloud and WorthCloud all have to reorganized. The relationship between brand and retailer, supplier and channel, products and service provider needs to be reconstructed and collaborated. Supply chains are the core of retail industry to control whether the stores are profitable. From traditional supply chain hierarchy to online and offline separation.
The implementation of smart retail-related processes has completely altered the landscape of the sales industry. Decentralization, optimization and transparency, all play necessary roles within the process. Continuous research and growth will provide benefits to the whole industry.
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