JD.com and Fung Retailing form Artificial Intelligence partnership
China’s JD.com is to team up with Fung Retailing and its network of 3,000 stores in the development of AI-driven retail solutions.
The partnership will see the two companies co-operate on the establishment of the AI Boundaryless Retail Center that will oversee and manage research and development projects and facilitate the sharing of information and expertise relating to AI technology.
The two companies aim to develop a new retail format for China and Asia. This includes creating an AI-driven retail system that seamlessly integrates online and offline retail platforms; developing an end-to-end system that enables the management of products, pricing, storage, order and payment; and enhancing the consumer experience through solutions such as AI-driven virtual fitting, unmanned stores and smart shopping assistants.
Sabrina Fung, group managing director of Fung Retailing, said: “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.”
Bowen Zhou, vice president of JD.com and head of JD’s AI platform and research, added: “As one of the largest retailers in the world, we believe that figuring out how to deploy AI solutions is critical to our future success. Drawing on Fung Retailing’s global offline retail expertise, this partnership will be important for us as we deliver our retail vision.”
Other areas of focus within the agreement include co-operation 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.
