Computer vision and analytics retail industry solutions provider Trax and Chinese retail artificial interlligence (AI) and Big Data service platform LenzTech have partnered to offer Chinese Consumer Packaged Goods companies (CPGs) with greater visibility into store conditions.
This move aims to help the CPGs to have better in-store execution and undertake promotion optimisation and merchandising strategies. The partnership brings together Trax’s technologies with LenzTech’s AI and crowdsourcing market expertise, which will help to ‘digitise’ the country’s offline retail segment.
Leveraging computer vision, machine learning and Internet of Things platform, Trax provides in-store execution solutions, market measurement and consulting services for CPG brands and retailers. Using its solutions, it turns photos of retail shelves into granular, actionable shelf and store-level insights.
Several top brands and retailers utilise Trax in more than 50 countries, to boost execution excellence, boost sales and market share.
LenzTech leverages its 800,000 userbase to perform tasks such as taking images of a store shelf. It has 50,000 monthly active users and covers over 1,000 cities across China.
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Trax’s CCO and co-founder Dror Feldheim said: “China is set to be the world’s largest retail market this year, and there is a clear need for a solution that enables brands to hone their in-store execution and increase their margins. The union of LenzTech and Trax’s technologies will make our offering the powerhouse retail execution solution in China. We have consistently been impressed with LenzTech’s innovation, footprint and its vision and look forward to transforming the new retail landscape together.”
The merger will also see Trax set up a Research and Development centre in China to drive innovation to tackle specific challenges.
LenzTech CEO James Tang said: “Trax’s leadership philosophy is very similar to our own. We are both committed to helping brands realise the vast opportunities in physical retail channels and capitalise on the moment of retail transformation in China today.
“We look forward to working together with Trax to demonstrate to brands how they can leverage the very best in breed AI technologies to collect and acquire comprehensive data and insights that is more accurate, objective and with rapid effectiveness to unlock smarter business decisions at all point of sale.”