The all-inclusive service includes a full payment gateway and the setup of an eCommerce ecosystem, which forms part of bfound's one-stop shop for SME online solutions.
DUBAI, United Arab Emirates, Feb. 28, 2021 /PRNewswire/ -- bfound is actively working to help SMEs adapt to post-Covid market dynamics and a large part of this activity is focused on helping businesses establish a sustainable capability to sell and market their businesses online. This includes working with new technology partners across a range of digital marketing services, while collaborating with channel partners to bring that technology to the region.
According to a recent report and survey by Kearney, many SMEs have yet to adopt online sales channels and will need to in order to survive. According to the survey only 4 percent plan to sell online showing a disconnect in consumer behavior and the response from SMEs[1].
bfound's latest innovation, EcomExpress, is a service specifically designed for SMEs looking for an all-in-one eCommerce solution that promises to have businesses setup to sell online within 1 day across social media channels and website, while offering end-to-end setup convenience.
EcomExpress is being rolling out as an added highlight to bfound's partnership with UAQ Free Trade Zone and will also be available as a publicly accessible product in bfound's portfolio.
"We have launched quite a few products and services in the last few months and we plan on continuing to do so," said Erik Bjerlestam, bfound's CEO. "Every product is an attempt to bring the latest innovations in digital business development technology to the region and EcomExpress is yet another step in that direction. With the ability to have a business' eCommerce store up and running in 1 day, the applications, benefits and sheer value of the product is absolutely indisputable."
In addition, the partnership opens up bfound's exclusive partner discounts to UAQ Free Zone's current business clients. These discounts are applicable on all bfound's digital marketing services including search engine marketing, social media marketing and website development as well as design and content development services.
"As a leading SME hub in UAE, we are completely aligned with bfound's initiative to nurture the sustained growth of SMEs. The EcomExpress platform will open up endless opportunities for our clientele who can set up an ecommerce company without any hassles, to explore fresh business models," said Johnson George, General Manager of UAQ Free Trade Zone.
About bfoundbfound is one of the UAE's leading providers of digital marketing solutions for SMEs. Using a subscription based model, bfound allows SMEs of all sizes to benefit from the latest technology and growth opportunities that digital marketing platforms (such as Facebook, Instagram, Google, Snapchat, LinkedIn, etc.) have to offer. Some of bfound's most popular services include eCommerce websites, digital marketing campaigns and content creation.
About UAQUmm Al Quwain Free Trade Zone is a fast-growing logistics and business hub in the MENA region which offer a host of benefits that include 100% foreign ownership, 100% repatriation of capital and profits, zero currency restrictions, 100% import and export tax exemption within the free zone, simple and fast registration process, excellent customer support, no restrictions on hiring foreign employees, and many other modern and investor-friendly rules & regulations.
[1]https://www.middle-east.kearney.com/consumer-retail/article/?/a/gcc-e-commerce-unleashed-a-path-to-retail-revival-or-a-fleeting-mirage
For media enquiries, please contact:Richard Foulkes, Head of Business Development+971 50 559 8675 (richard@bfound.io)www.bfound.io
For any licensing related enquiries, please contact:Kevin Fernandes, UAQ FTZ+971 56 177 4779 (k.fernandes@uaqftz.com)www.uaqftz.com
AiFi's cameras can detect thousands of different products.
AiFiAiFi launched the world's biggest camera-operated autonomous store in Shanghai.
The company sells software so that retailers can open cashierless stores where purchases are tracked by AI.
Steve Gu, AiFi's CEO, told Insider how this works.
Visit the Business section of Insider for more stories.
Autonomous retail software provider AiFi has just launched what it says is the world's largest computer vision-powered store in Shanghai, China.
The 4,000 square-foot store uses a series of cameras to track customers so that they can walk in and out of the store without using a till.
"People can literally just walk into a shop, grab stuff, and then leave," Steve Gu, AiFi's CEO, told Insider.
Autonomous retail has hit the headlines in recent years thanks to the advent of Amazon Go. But where AiFi differs, Gu said, is that it isn't a retailer itself.
Instead, AiFi is a software company, and it sells its AI technology to third-party retailers, whilst Amazon Go stores are operated by Amazon itself. Whereas Amazon Go offers what Gu called a "binary experience," where customers have to use the autonomous system and need to scan a QR code to just enter the store, AiFi offers a hybrid solution, meaning that customers can still pay at a till if they want.
AiFi uses a series of cameras to track customers' movements in the store. It detects when customers pick products up, and when they put them down, so that their virtual baskets are automatically updated. Once the customers leave the store, AiFi then sends a digital receipt through its app.
If customers want to use the cashierless system, they simply have to scan either their credit card or the AiFi app on their way on. If they want to pay at the till, they don't have to scan anything - unlike Amazon Go stores, where you can only get access using a scanner.
AiFi has other payment solutions as well, such as a check-in kiosk at a store in the Bay Area.
Unlike some other providers of autonomous retail software, AiFi only uses these cameras. Other autonomous stores - including AiFi's earlier models - use weight sensor shelves to monitor which products customers pick up. Switching to a camera-only solution allowed AiFi to reduce installation costs by 60% without any loss to its receiptaccuracy, Gu said.
Autonomous stores need fewer staff and less space for checkouts
AiFi sells its software to third-party retailers, who can add it to existing or new stores, and it can be integrated into retailers' own systems. The company also sells pre-built stores in moveable shipping containers, which come with AiFi's software ready installed.
By making their stores autonomous, retailers need fewer staff and less checkout space, and so they can operate smaller stores.
But AiFi doesn't recommend completely replacing people, Gu told Insider. Instead, companies will have more flexibility on how they want to staff their stores, and may also choose to deploy staff in different customer service roles, he said.
According to the company, AiFi delivers "the highest industry standards" in product recognition, shopper tracking, and receipt accuracy.
Steve Gu co-founded AiFi in 2016.
AiFi
It also allows retailers to collect information on both individual and aggregate customers, such as how much time they spend in front of an item before picking it off the shelf.
The level of customization "allows the retailer to shape the shopping experience to fit their brand," Gu said.
The pandemic has accelerated demand for autonomous retail
Because of the pandemic, people have realized the "necessity" of contactless shopping, Gu explained. This has expedited the market adoption of autonomous stores, he said, which mean customers can not only avoid interacting with a cashier but also avoid waiting in a line at the checkout, where it can be hard to social distance.
They stores are also good for use in "food deserts," he explained - areas where people are far away from shops.
Across the board, autonomous stores mean people can get "what they want, when they want it" and facilitate 24/7 shopping, Gu said.
Customers scan their credit card or AiFi app on their way in, meaning that stores can make sure customers pay even if there are no staff on duty.
AiFi
At the new store in Shanghai, which Gu described as China's consumer hub, AiFi around 200 cameras to track more than 6,000 different products. Autonomous retail has been "well-received as a concept" in the country, Gu said, and customers are already used to using WeChat for digital payment.
Autonomous retail is also making massive bounds elsewhere in the world, Gu said. Earlier this month, the company announced plans to roll out its software at 20 existing autonomous convenience stores by April with Dutch company Wundermart.
AiFi predominantly sells its software to supermarkets, though it could explore other store types in the future, and is in contact with clients in the drugstore industry, Gu said. This is because customers traditionally want speed convenience when buying fast-moving consumer goods. Apparel stores, in comparison, could be tricky to make autonomous because people often want to try the clothes on before they buy them.
Amazon opened its first Amazon Go store back in 2018, which uses a system of cameras and sensors to track shoppers and products so consumers can grab their items and leave without stopping to physically check out. Amazon also ramping up its efforts to sell the software, known as Just Walk Out, to third-party retailers. Whole Foods, which is owned by Amazon, is among the likely candidates.
It also launched Amazon One, a biometric scanner, which allows people to pay by waving their hand, in September. As well as plans to sell it to other stores, sports stadiums, and even offices, the tech also works as an alternative entry method for Amazon Go stores - but it could face merchant adoption challenges.
Shares of Nokia Corporation (EPA: NOKIA) are trading in a subdued fashion after losing almost 17% in February. Fundamental analysis: Short-selling hedge fund Melvin Capital recovers Melvin Capital, the short-selling hedge fund that sustained an enormous loss amid the GameStop and WSB saga, recovered some ground and gained over 20% last month, according to CNBC. Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today. In January, Melvin Capital lost 53% amid the short squeeze after a group of Reddit investors drove share prices of GameStop and a handful of other stocks soaring. However, the hedge fund has reportedly gained 21.7% in February. After sustaining the loss in January, Melvin Capital said it closed its short positions as GameStop’s shares surged. The hedge fund’s founder Gabe Plotkin was summoned before Congress to testify about the volatile price changes, as well as the founder and CEO of Citadel Ken Griffin and retail trader Keith Gill. Following the GameStop frenzy, Citadel and Steve Cohen’s Point72 poured $3 billion into Melvin. Melvin was just one of the hedge funds that held a short position against GameStop. Shorting refers to an approach in which investors borrow shares of a stock at a particular price, expecting that the stock value will drop below that price when the time comes to pay for the borrowed shares. A group of investors, who used the r/WallStreetBets subreddit to communicate, noticed the high number of short positions in some stocks including GameStop and AMC Entertainment, and collaboratively pushed the price of these stocks higher. Tip: looking for an app to invest wisely? Trade safely by signing-up with our preferred choice, eToro: visit & create account Technical analysis: Back to normalcy? Shares of Nokia lost almost 17% in February after exploding over 25% in January to print the highest levels recorded since August 2019. At one point in January amid the WSB drama, Nokia share price traded over 50% in the green on a monthly basis. Nokia daily chart (TradingView) The price action is now consolidating between 3.00 and 3.50. January’s bull run stopped near 4.80, where the 100-MMA is located. The support line comes at 3.05 and will offer a chance for long-term 5G investors to buy shares of Nokia, while any meaningful rebound is likely to be capped by the 200-DMA at 3.58. Summary Hedge fund
