AI Empowerment Brings New Value, YI Tunnel Beijing Trade Fair Shows the Charm of Smart Retailing

BEIJING, May 31, 2018 (Newswire.com) - The 5th China Beijing International Fair for Trade in Services (CIFTIS) was opened in a grand ceremony on May 28, 2018. Among the hot innovations in retail, the demonstration of the application of unattended smart technologies received extensive attention. YI Tunnel, as a great representative of AI companies, attended this year’s CIFTIS highly recommended by the chamber of commerce of Beijing’s Haidian District.

On Day One of this year’s CIFTIS, senior officials including a state leader of China and Yu Jun, the Party Secretary of Beijing’s Haidian District, stopped by the self-checkout robot and the smart vending machine in YI Tunnel’s booth. They also commented on the significance of these products in enabling innovation.

It’s worth noting that in YI Tunnel’s booth, Yu Jun, the Party Secretary of Beijing’s Haidian District, asked detailed questions about the performance, the technical principles, the application areas, and the market prospect of products in YI Tunnel’s smart retail system, and expressed recognition and praise for the overall solution’s smartness and convenience as well as the breakthrough accomplishments in areas including lowering labor cost and improving service trade. He also asked questions about the development of YI Tunnel as a company.

After that, Secretary Yu and his entourage personally experienced two of YI Tunnel’s products. Specifically, they asked if the smart vending machine has used technologies such as the RFID tags and the gravity sensors.

Staff at the exhibition said that the smart vending machine is the world’s first pure-vision vending machine, and what is at its center is the Convolutional Neural Network algorithm; the vending machine does not need RFID tags or gravity sensors, as it adopts a pure-vision solution to dynamically recognize the action of taking items and putting them back, and the accuracy rate is over 99 percent in merchandise recognition.

Meanwhile, the smart vending machine also has a powerful smart backend system. It not only can form a complete data chain, but also can provide other valuable things such as a platform for operation management and maintenance as well as a wealth of transaction data, so as to adapt to the complex and changing scenarios in the retail industry, to help retailers and brand partners achieve successful transformation, increase efficiency, reduce cost, improve customer experience, and eventually realize the improvement of their core competitiveness and market performance.

YI Tunnel founder and CEO Yili Wu said that globally YI Tunnel provides smart retail solutions most suitable for commercial application and recognizes merchandise, action semantics, and human faces via vision recognition dynamically; the company has created a matrix of unattended products suitable for different retail scenarios including unattended stores, smart vending machines, and smart self-checkout robots; and while reducing cost by 60 percent, these products can make all scenarios smart.

This year is the first year for fulfilling the spirit of the Party’s 19th National Congress in China, and the strategy of “developing an open economy at a higher level” has entered the new historical stage. CIFTIS as a cooperation platform and open-up window for trade in services attracted delegations from the top 3 international organizations, 47 countries and overseas regions as well as nearly 100 other international organizations, chambers of commerce, and trade associations during previous years, and has made important contributions to promoting the open, innovative and integrated development of trade in services. 

YI Tunnel’s stunning performance at this year’s CIFTIS will also promote the company to enter more retail scenarios and overseas markets, to drive the iteration, upgrade and innovation of traditional retailers, to lead the trend of smart technology-based retail, and to provide smarter and data-based application experiences for consumers and retail clients. There is a good reason to believe that, with the success of this year’s CIFTIS and the joint efforts of many innovative companies like YI Tunnel, China’s smart manufacturing and China’s services will definitely be able to open up a new landscape for trade in services again and again.

Source: YI Tunnel