Fung Retailing Limited, the Hong Kong-based privately-held entity and member of the Fung Group which owns more than 3,000 stores, has inked a partnership with China retail giant JD.com to develop AI-driven retail solutions.
According to the agreement, the two companies will cooperate 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.
Fung Retailing will focus on offline while JD.com will focus online as they target to develop a new retail format for China and Asia, including platforms that integrate online and offline, end-to-end system that enables the management of products, pricing, storage, order and payment; and the enhancement of consumer experience through solutions such as AI-driven virtual fitting, unmanned stores, and smart shopping assistants.
The two will also establish a center, named "AI boundary-less retail center", to oversee and manage cooperative research and development projects, and facilitate the sharing of information and expertise relating to AI technology.
"Drawing on Fung Retailing's global offline retail expertise, this partnership will be important for us as we deliver our retail vision," said Bowen Zhou, vice president of JD.com and head of JD's AI Platform and Research added.
Sabrina Fung, group managing director of Fung Retailing Limited added that when it comes to the future of retail, and driving the customer experience, AI is an essential component. "Across our retail portfolio, AI is a focal point and this co-operation with JD will, without doubt, accelerate our progress."
Other areas of focus within the agreement include cooperation on the construction of AI infrastructure, as well as smart retail, creating AI-driven solutions that break down the barriers between online and offline and exploring the intersection of AI and fashion.