JD.com and Fung Retailing form AI Partnership

Fung Retailing Ltd, with a network of over 3,000 stores, and JD.com, China's largest retailer, announced a partnership to develop AI-driven retail solutions.

According to the agreement, the two companies will co-operate in using AI to transform the retail landscape, and to collaborate in areas including AI platform development and the application of AI to smart retail.

The agreement calls for the establishment of an AI Boundaryless Retail Center that will oversee and manage co-operative research and development projects, and facilitate the sharing of information and expertise relating to AI technology.

Leveraging AI, and combining JD.com's extensive online expertise and Fung Retailing's offline expertise, 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 consumer experience through solutions such as AI-driven virtual fitting, unmanned stores and smart shopping assistants.

Sabrina Fung, Group MD 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, VP of JD.com and head of JD's AI Platform and Research, said: "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."