LAS VEGAS, Jan. 7, 2020 /PRNewswire/ -- Remark
Holdings, Inc. (NASDAQ: MARK), a diversified global
technology company with leading artificial intelligence ("AI")
solutions and digital media properties, announced that following
the successful openings of CP Lotus's Xuzhou University Road store
and the Junsheng store in the Jiangsu
Province, Remark's KanKan was once again chosen by CP Lotus
to transform one of their traditional supermarkets into a "smart"
store by applying their award winning AI technologies in facial
recognition, object recognition, and behavior
recognition.
"During the market opening, CP Lotus's Xishan store in
Wuxi saw significant customer participation, with over 80% of the
visitors entering the store accounted for by Remark KanKan virtual
membership archives, while generating coupon distribution and
redemption rates as high as 93%," noted Kai-Shing Tao, Chairman and Chief Executive
Officer of Remark Holdings. "Registered loyalty members accounted
for 17.6% of total transactions, increasing purchase rates and
reducing the cost of membership conversion by approximately
one-third and increasing the store's return on investment by four
times when compared to the industry average, due to the accurate
targeting of relevant coupons."
CP Lotus China opened its first store in Shanghai in 1997 and currently has more than
100 stores nationwide. The success of the "smart" store opening in
Wuxi shows CP Lotus' continued commitment to transform all their
stores into a "smart" store format, as the rollout continues first
with the northern China
geographies, and then nationwide.
Remark's KanKan applies its AI technology by digitizing
the incoming store traffic and linking it to Lotus Supermarket's
CRM data, providing the equivalent analytical tools that online
retailers have enjoyed in understanding their customer's browsing
and purchasing habits. The software allows a store manager to
refine store operations to better serve their customers and enhance
their shopping experiences while analyzing the customer flow via a
traffic heat map.
Remark's KanKan has created a digital, user-friendly
retail experience to encourage customer participation to capture
essential shopping patterns and habits. Whereas previous data was
often fragmented and did not provide meaningful insight, Remark's
KanKan AI analytics identify customer needs and wants through
understanding prior shopping habits, guiding staff to respond
quickly to improve the shopping experience. Combined with
personalized services, product recommendations, and the training of
Lotus's CRM system, a better customer profile is created, which
leads to a higher average purchase transaction and repurchase
rate.
"Smart" interactive kiosks and digital signage are
strategically placed throughout the store, and coupled with traffic
counting devices, to facilitate the information for Remark's KanKan
AI analytics to process. Fun games are included as part of the
"smart" kiosks to encourage user participation and interaction,
including selfie photo stations with special interactive filters,
as well as casino games tied to product coupon rewards, which leads
to more efficient and effective self-service membership
registration, coupon distribution and redemption at the checkout
POS terminal.
The "smart" retail management system combines in-store
traffic flow data and user interaction data, to analyze customer
purchase correlation data in real time, diagnose store operating
conditions, and improve the response efficiency of the supply
chain, replacing sold-out goods on a timely basis. Interactive
behavioral data as well as coupon distribution and redemption
records are analyzed to continuously optimize and improve the
precision of the personalized shopping recommendation system,
responding on a real time basis to customer needs, thus improving
the customer experience.
About Remark Holdings, Inc.
Remark Holdings, Inc. (NASDAQ: MARK) delivers an
integrated suite of AI solutions that enable businesses and
organizations to solve problems, reduce risk and deliver positive
outcomes. The company's easy-to-install AI products are being
rolled out in a wide range of applications within the retail,
financial, public safety and workplace arenas. The company also
owns and operates digital media properties that deliver relevant,
dynamic content and ecommerce solutions. The company is
headquartered in Las Vegas,
Nevada, with additional operations in Los Angeles, California and in Beijing, Shanghai, Chengdu and Hangzhou, China. For more information, please
visit the company's website at
www.remarkholdings.com.
Forward-Looking Statements
This press release may contain forward-looking statements,
including information relating to future events, future financial
performance, strategies, expectations, competitive environment and
regulation. Words such as "may," "should," "could," "would,"
"predicts," "potential," "continue," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates," and similar
expressions, as well as statements in future tense, identify
forward-looking statements. These statements involve known and
unknown risks, uncertainties and other factors, including those
discussed in Part I, Item 1A. Risk Factors in Remark Holdings'
Annual Report on Form 10-K and Remark Holdings' other filings with
the SEC. Any forward-looking statements reflect Remark Holdings'
current views with respect to future events, are based on
assumptions and are subject to risks and uncertainties. Given such
uncertainties, you should not place undue reliance on any
forward-looking statements, which represent Remark Holdings'
estimates and assumptions only as of the date hereof. Except as
required by law, Remark Holdings undertakes no obligation to update
or revise publicly any forward-looking statements after the date
hereof, whether as a result of new information, future events or
otherwise.
Company Contact:
E. Brian Harvey, Director of Capital Markets and
Investor Relations
Remark Holdings,
Inc.
ebharvey@remarkholdings.com
702-701-9514
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SOURCE Remark Holdings, Inc.