Fung Retailing, JD.com partner on AI development
With a network of more than 3000 stores, Fung Retailing has partnered with JD.com to develop AI-driven retail technology.
According to the agreement, the two companies will co-operate in using AI to transform the retail landscape, and to collaborate in areas including AI platform development and the application of AI to smart retail.
This includes the establishment of an AI Boundaryless Retail Center to oversee and manage co-operative R&D projects, and to enable the sharing of information and expertise relating to AI technology.
As the end game, the partners aim to combine AI with JD.com’s online expertise and Fung Retailing’s offline expertise to develop a new retail format for China and Asia. This includes an AI-driven retail system to seamlessly integrate online and offline retail platforms; developing an end-to-end system to manage products, pricing, storage, order and payment; and enhancing the consumer experience through such technology as virtual fitting, unmanned stores and smart shopping assistants.
AI is an essential component of the future of retail and driving the customer experience, says Fung Retailing group MD Sabrina Fung.
“Figuring out how to deploy AI is critical to our future success,” says JD.com VP and head of AI platform and research Bowen Zhou.
Other areas of focus within the agreement include co-operation on building AI infrastructure, as well as smart retail, creating AI-driven software to break down the barriers between online and offline, and exploring the intersection of AI and fashion.