CCFA believes that China's retail market has been developing rapidly in recent years in terms of diversification, innovation, and market size, the competition has been intensifying, and retail outlets in tiers 1&2 cities are almost saturated now, so the future development of the retail industry will rely more on retailers' own innovation and the improvement of their internal efficiency, and will rely on the establishment and reinforcement of more stable and trusted relations with customers. This is aligned with SandStar's understanding of the market based on its several years of exploring the "AI+retail" industry.
Currently, multiple Fortune 500 companies are working with SandStar to push the boundaries of empowering operations through digital retail technologies. At a Coca-Cola souvenirs shop in Shanghai, with SandStar's smart store analytics solution, customers can see the entire shop's real-time sales data on the digital dashboard at the entrance, including the actual number of customers within the shop as well as the number of visitors to the shop and their conversation rate. The dynamic advertising screen based on facial recognition can display different ads to different customers, to increase the conversion rate. After deploying the "SandStar Smart Gas Station", the Sinopec gas stations in Yichun, Jiangxi successfully linked the data about people and vehicles, and used all the data in the marketing strategy for attracting new customers and doing promotions. By attracting new customers and increasing old customers' consumption frequency, they achieved remarkable sales results in 2020.
SandStar's smart store analytics solution is designed to help clients increase the efficiency of business decision making, to digitize "people", "goods", and "facilities" across different scenarios, to provide guidance for stores to pursue detail-oriented operations and targeted marketing, and to provide a personalized and immersive shopping experience for consumers.
Whereas there are more and more similar technologies in the marketplace, and the threshold for collecting offline retail data is becoming lower and lower, SandStar is putting more emphasis on "providing actionable advice for business optimization to clients through digital technologies". And this is also a key direction for the solution: how to turn data into actionable advice, so that the optimization advice for smart restocking, smart display and promotion is no longer a concept, but an overall solution for the business strategy containing the building of an algorithm model based on AI, data statistics and analysis, the output of a strategy, and the execution steps, to really enable every detailed aspect of operations through the power of data.
SandStar is an artificial intelligence company that provides leading computer vision technology for the retail industry. The advanced retail solutions engage shoppers like never before with grab-and-go convenience, autonomous checkout and big data analytics, serving businesses worldwide. Founded in 2016, SandStar now has over 220 engineers. The company provides Smart Kiosks, Pure Computer Vision Smart Shops, and Smart Store Analytics. Headquartered in Charlotte, N.C., SandStar serves 20+ Fortune 500 companies and strives to build an AI retail ecosystem. SandStar is a qualified Intel® IoT Market Ready Solution (Intel® IMRS) partner and Microsoft Co-Sell partner, supported by a number of leading venture capital investors after four rounds of funding, including CP Group, one of the world's largest conglomerates. Check out more on http://www.sandstar.com
Press Release Service by Newswire.com
Original Source: SandStar Named One of the 2021 'CCFA Retail Technology Startups'