Xinkuaibao Newspaper: Guangzhou moves up AI retail value chain

The Guangdong Chain Operations Association recently signed strategic cooperation agreements with local tech firms AInnovation and Baiguo to upgrade the retail industry with the help of artificial intelligence.

A visitor tries out an AI-based retail device. [Photo/VCG]

Guangzhou is one of the core engines of regional development in the Guangdong - Hong Kong - Macao Greater Bay Area (GBA), said Kaifu Lee, chairman and CEO of the tech venture capital firm Sinovation Ventures, in a recent speech.

He also spoke highly of the city's superior geographical location, profound Lingnan culture and solid business foundation, which make it an excellent experimental field for deep integration of and cooperation between AI technology and business scenario demands.

The Guangzhou Hi-Tech Industrial Development Zone (GHIDZ) is located at the bay head of the GBA and is the main battlefield where the city is building the core of an international scientific and technological innovation hub and developing the real economy, said Zhang Hui.

Zhang, chief economist at the GHIDZ Administrative Committee, noted that the zone is home to a group of industrial clusters valued at 100 billion yuan ($14.54 billion) and houses strategic emerging industries like biomedicine, new energy and new materials.

In addition, the great market and consumption potentials of the GBA create a favorable environment for AI-based consumption upgrades and help incubate more startups in the industries involved.

A week ago, the GBA headquarters of Sinovation Ventures opened at the GHIDZ, signaling its "fund+technology+product" layout in moving up local traditional industries.

According to Xu Hui, CEO of AInovation, the GBA has a solid foundation for economic and industrial development; it boasts strong consumption power and market inclusiveness, accepting new things, new models and new technologies.

He said the digitalization and informatization of the retail industry in the GBA is fairly mature, and it is easier and easier to find a suitable scenario to cut into.

"AI + Retail is a large market worth tens of billions of dollars. It is an industry that can use AI to exert great imagination," Xu added.

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