LAS VEGAS, Jan. 10, 2018 /PRNewswire
Suning, China's second largest non-state-owned enterprise by revenue and the owner of a Fortune Global 500 retail company, today published a White Paper at CES 2018, Las Vegas, revealing the future of Smart Retail.
'Smart Retail: The Third-time Transformation of Retail' charts retail's evolution from bricks-and-mortar to E-commerce and now Smart Retail. It forecasts how the linear model of make-sell-consume will be superseded by one of experience-buy-make, seeing applied technology innovations including Big Data, Artificial Intelligence (AI), Augmented Reality (AR), Virtual Reality (VR) and online-to-offline (O2O) omni-channels becoming ubiquitous.
Suning says this will enable retailers to anticipate, meet and beat customer expectations by providing diversified and personalised goods and services in various consumption scenarios. An open platform of Smart Retail will also help to optimise supply chain structures, cut production costs, drive efficiency and improve economic benefits for the whole industry.
Photo: Joshua Xiang, EVP of R&D of Suning Commerce and GM of Suning Global Research, introduced the Smart Retail of Suning at the ‘Created in China’ forum (credit: Suning)
The White Paper was launched at a 'Created in China' forum co-hosted by Suning in collaboration with the China Household Electric Appliance Research Institute. The event was organised to introduce innovative products and ideas from the Chinese consumer electronic industry into the global market and saw major manufacturers and retailers sharing their creative process and revealing the latest technology and design trends coming out of China.
Suning's own Smart Retail strategy revolves around Smart Sourcing, Smart Selling, Smart Services, Smart Logistics and Smart Types of Business. The latter has seen the company's forward-thinking practice of integrating its online and offline presence achieve great success, reflected in a sky-rocketing year-on-year increase of 321.23 per cent in net profit through the first three quarters of 2017. The strategy aims to provide a smart solution to ushering in a 3D-printing era of the retail industry and driving the efficient development of business.
To showcase its credentials in Smart Selling and Smart Services. Suning has built one of its fully autonomous 'Biu' stores at its CES booth. Five are already open in Nanjing, Shanghai, Beijing, Chongqing and Xuzhou. Facial Recognition grants anyone linking their bank card to the Suning Finance app access to the store where, inside, a Suning Smart Recommendation shopping guide based on big-data analysis helps them with purchasing decisions. RFID technology means products need only be carried along the payment pathway for an effortless check-out taking under 15 seconds.
Photo: The Biu stores feature Facial Recognition, meaning any shopper linking their bank card to the Suning Finance app is immediately identified by camera at the entrance and granted access to the store. Inside, equipped with Suning Smart Recommendation, the shopping guide system based on big-data analysis, the stores are able to help customers make purchasing decisions in an easier way. RFID technology then means products need only be carried along the payment pathway, resulting in an effortless check-out experience taking no longer than 15 seconds, simpler and faster than most existing self-service retail practices. (credit: Suning)
Source: Suning Holdings Group