KPMG and the CCFA have nominated Malong Technologies to deliver significant value to retailers by decreasing shrinkage and improving the customer experience at in-store self-service systems.
FREMONT, CA: KPMG and the CCFA have recognized the growing retailtech enterprises that struggle to implement digitalization, intelligence, and integration for the retail industry. A leading computer vision provider, Malong Technologies, was nominated to deliver significant value to retailers by decreasing shrinkage (inventory loss) and enhancing the customer experience at in-store self-service systems.
Utilizing the KPMG patented Startup Insight Platform (SIP) and a team of professionals. 50prominent enterprises concentrating in retailtech with significant deployments in the Chinese retail market were designated through a quantitative analysis of six different features: the team, technology, product, market, business model, and funding. The winners were declared in Shanghai at the annual CCFA International Retail Innovation Summit.
As a worldwide leader in AI for product recognition, Malong Technologies is dedicated to offering smart retail solutions globally. For instance, RetailAI Fresh, an AI-powered self-service scale solution that collaborates with state-of-the-art product recognition with built-in loss prevention technology, offers an established solution to delight Walmart customers in self-service shopping by decreasing queues and significantly enhancing efficiency. Malong's technology can quickly assimilate into Walmart's already-implemented traditional self-service scales, changing them into smart scales that can identify the products placed on the kiosk and constantly self-learn the latest products Malong's AI platform.
While utilizing, consumers place the bagged items like fruits, vegetables, and other loose or dry goods on the kiosk. Then the system precisely recognizes the product with a single click. Compared with the traditional procedures, there were numerous screens and taps related to the past that require consumers to click through several screens to find the correct product between hundreds of possible choices. Empowered by Malong Technologies' AI, the smart self-service scales can even identify items in several layers of clear plastic bags and the granularity to distinguish rice grains.
As confirmed by the Walmart stores, the self-service weighing shopping experience has enhanced consumers by decreasing transaction times by 40% on average.
Furthermore, the retail industry is revolutionizing and restructuring in the face of digitalization. Malong Technologies is looking forward to collaborating with more retailers worldwide to explore the enormous potential value of smart retail and advance intelligent innovation in more situations.