Epson Invests in Smart Retail Solution Provider Cloudpick
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’s 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 11 countries including Japan.
Cloudpick’s solutions use in-store AI and machine learning to accurately recognize products and customer shopping behaviors, and rapidly process online payment to reduce the need for labor in and achieve low-cost operation of smart retail stores. Cloudpick provides a digital store operation platform that integrates advanced marketing functions that analyze customer purchase information and behaviors, 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 labor shortages.
Going forward, Epson will help to achieve a sustainable society by creating a variety of partnerships and synergies based on our proprietary technologies, products, and services.
