Seiko Epson Corporation and its subsidiary company Epson X Investment Corporation (EXI) have invested in Cloudpick Limited (Cloudpick), a smart retail solution provider, through a joint fund, the EP-GB Investment Limited Partnership.
Cloudpick said its mission is to transform the shopping experience by using the power of AI and big data to develop and provide both the software and hardware for autonomous retail infrastructure solutions. Founded in 2017, Cloudpick has already expanded into more than eleven countries including Japan.
Cloudpick’s solutions use in-store AI and machine learning to accurately recognise products and customer shopping behaviours, and rapidly process online payment to reduce the need for labour in and achieve low-cost operation of smart retail stores. Cloudpick provides a digital store operation platform that integrates advanced marketing functions that analyse customer purchase information and behaviours, and promotional contents delivery functionality through in-store digital signage and much more. There is also support for store operations after solution implementation, with product sales forecasts, marketing support, and other services.
Through its investment in and co-creation with Cloudpick, Epson is looking to use its technology, products, and services in advanced retail operations, a business that includes autonomous, cashierless stores and that is expected to see further future expansion due to labour shortages.
