Chinese e-commerce company JD.com has partnered with Singapore-based company Octopus Retail Management for its latest point of sales (POS) suite of platforms.
The deal is part of Octopus’ strategy to digitally transform the retail industry and will give the company access to more than 300 million active shoppers of JD.com.
Octopus’ cloud-based retail management solution enables companies to develop personalised offerings based on consumer’s shopping and dining behaviours, using the customer’s social media interactions.
The platforms also helps retailers monitor sales, staff performance and inventory.
Octopus founder and managing director Ong Whee Shiong said: “The digital age has thrown several challenges at businesses today. It has become critical for retailers to have an efficient retail management system to enhance their business productivity.
“Our products aim to empower the retailers to embrace digitalisation and streamline their online business.
“We believe online and offline need to go hand in hand today. Through our integrated solutions, our clients are able to offer their customers an enhanced seamless shopping experience and create more value.”
JD.com established a partnership with Intel, in December 2018, to explore the use of Internet of Things (IoT) in smart retail solutions by opening the Digitized Retail Joint Lab.
Leveraging Intel architecture, both companies focused on developing next-generation vending machines, media and advertising solutions, and technologies for future use in retail stores.
Octopus offers POS solutions to brick-and-mortar small and medium-sized enterprise (SMEs). It currently has operations in Singapore, Malaysia, Philippines, China, Sri Lanka, Indonesia and the US, serving 3000 customers through its 20,000 retail points.