September 2022, Hanshow, a professional digital store solution provider (SP), has officially released a whitepaper called “Hanshow Works with Intel and Microsoft to Accelerate Smart Retail Innovation”，written jointly by Hanshow, Intel, and Microsoft. It summarizes changes in the global retail industry and best practices in the retail + AI sector. By examining Hanshow’s partners in China, Japan, and Europe, the whitepaper also illustrates how smart retail technology in the AI era works for global retailers and describes the future development and application trend of AI technology in the retail industry.
AI Technology Innovation Improves Business & Customer Experience
Digitalization is reshaping the global retail industry. Innovative technologies, including AI, computer vision, and the Internet of Things (IoT), are therefore becoming the core tools helping retailers reduce operating costs, improve efficiency, and bring unique shopping experiences to customers. More retailers are using AI technology as a key element to improve business, increase revenue, gain insights into consumer preferences, and optimize store operations.
Liangyan Li SVP, Head of Global Sales, Hanshow, said “Hanshow shall cooperate with leading international companies such as Intel and Microsoft to continuously explore the evolution of AI + retail, unlock the value of data, provide more retailers with better products and solutions, and contribute to the transformation of the global retail market.”
Hanshow Joins Intel and Microsoft to Launch AI Retail Program
Together with Intel and Microsoft, Hanshow therefore has launched AI solutions for the retail industry, focusing on smart shelf management and self-service cashier loss prevention. The use of technology, such as AI cameras and robots, enables retailers to determine the amount of displayed and out-of-stock products with an accuracy of over 95%, by collecting data through commodity identification, and stock inspection. Meanwhile, the edge devices in the scheme solve the problem of sensitive data protection, as well as collect and transmit relevant data for further processing to help businesses find trends and make decisions.
Long-Term Transformative Benefits of AI Solutions for the Retail Industry
The partnership among Hanshow, Intel, and Microsoft in the retail sector has successfully driven the application of AI in the industry. Especially in the post-pandemic period, the digital transformation of the retail industry will help retailers to provide users with a unique and personalized offline service experience to regain their interest and achieve higher business growth.
Guo Wei, General Manager of NEX and Channel DCAI Sales team, PRC Sales Organization, Intel, said ” With digital technologies such as AI, virtualization, IoT, and edge computing realizing the upgrade of personalized consumer experiences and the reshaping of innovation-driven retail, the industry is experiencing a lot of changes. ”
Rashmi Misra, General Manager, Microsoft AI & Emerging Technologies, said “AI and IoT are transforming business models by helping companies move from simply making products and services, to companies that give their customers desired outcomes and impeccable experience.”
Raj Raguneethan, Regional Business Lead, Retail & Consumer Goods, Microsoft Asia, said “Through the extensive application of AI, retail can become smart, providing better operational excellence, intelligent supply chain, and stronger business intelligence.”
