KPMG and the CCFA identified high-growth retailtech enterprises that strive to advance digitalization, intelligence, and integration for the retail industry. Malong Technologies (https://www.malongtech.com), a leading computer vision technology provider, was selected for delivering significant value to retailers by reducing shrinkage (inventory loss) and improving the customer experience at in-store self-service systems.
Using the KPMG proprietary Startup Insight Platform (SIP) and a team of experts, 50 leading enterprises specializing in retailtech with major deployments in the Chinese retail market were selected through a quantitative analysis on six different aspects including the team, technology, product, market, business model and funding. The winners were announced at the annual CCFA International Retail Innovation Summit held in Shanghai.
As a global leader in AI for product recognition, Malong Technologies has been committed to providing smart retail solutions to retailers worldwide. For example, RetailAI Fresh, an AI-powered self-service scale solution that integrates state-of-the-art product recognition with built-in loss prevention technology, provides a proven solution to delight Walmart customers in self-service shopping by reducing queueing and significantly improving efficiency. Malong’s technology seamlessly integrates into Walmart’s already-deployed traditional self-service scales, transforming them into smart scales which can “see” the products placed on the kiosk and continuously “self-learns” new products via Malong’s AI platform.
During use, customers simply place the bagged items (e.g. fruits, vegetables, and other loose/dry goods) on the kiosk, and then the system accurately identifies the product in an instant with a single “click.” Compared to traditional methods, there were multiple screens and taps involved in the past, which needed customers to click through several screens to find the correct product among hundreds of possible options. Now, powered by Malong Technologies’ AI, the smart self-service scales can even recognize items within multiple layers of clear plastic bags and with the granularity to differentiate grains of rice.
As proven in Walmart stores, the self-service weighing shopping experience has improved for customers by reducing transaction times by 40% on average.
The retail industry is innovating and reforming in the face of digitalization. Malong Technologies is looking forward to cooperating with more retailers globally to deeply explore the massive potential value of smart retail and upgrading intelligent innovation in more scenarios.