Missfresh’s “Convenience Go Smart Vending Machine” is accelerating the deployment of self-service retail in China
Beijing, August 23, 2021/PRNewswire/-Self-service vending machines have long been a must-have in daily life, but the products they carry are becoming more and more diverse. As part of Missfresh Limited (“Missfresh” or “Company”) (NASDAQ: MF)’s efforts to promote the digitalization and modernization of community retail and provide consumers with a more convenient shopping experience, the company recently collaborated with more than 5,000 Companies in Beijing deploy Missfresh Convenience Go smart vending machines in their premises.
These smart vending machines of Missfresh are the first in the industry to achieve multiple replenishment in one day, thanks to the company’s extensive distributed mini-warehouse network in China and optimized supply and distribution chains.
Convenience Go smart vending machines are deployed in various public places frequented by consumers, such as offices, movie theaters, wedding studios and entertainment venues, providing convenient and fast food and beverages around the clock. Self-service retail is also a boon for the retail industry because it significantly reduces rent and labor costs.
Customers only need to scan the QR code or use face recognition to open the door of Missfresh’s Convenience Go smart vending machine, select the product they like, and then close the door to automatically complete the payment.
Since the outbreak of the COVID-19 virus, contactless shopping and payment have been widely used because they represent a safer and more convenient retail model while also allowing social distancing. Both the State Council of China and the Ministry of Commerce encourage the retail industry to use innovative contactless consumption models and integrate new technologies such as 5G, big data, Internet of Things (IoT) and artificial intelligence-which will improve the efficiency of last-mile smart delivery and increase logistics Use smart vending machines and smart delivery boxes.
Missfresh has invested heavily in the software and hardware research and development of the Convenience Go smart vending machine business, increasing the visual recognition rate of the smart vending machine to 99.7%. Artificial intelligence-driven technology can accurately identify products purchased by customers through static and dynamic recognition algorithms, while providing accurate inventory and replenishment recommendations based on product demand and supply levels of thousands of Missfresh machines in thousands of locations.
Liu Xiaofeng, head of Missfresh’s Go smart vending machine business, shared that the company has developed a variety of smart vending machines suitable for different scenarios and environments, and provides customized products based on sales forecasts and smart replenishment algorithms. With the help of Missfresh’s past 7 years of experience in supply chain and logistics management, the Convenience Go smart vending machine product series includes more than 3,000 SKUs, which can finally meet the diverse needs of different consumers at any time.
According to data from research firm MarketsandMarkets, China’s self-service retail market is expected to grow from USD 13 billion in 2018 to USD 38.5 billion in 2023, with a compound annual growth rate (CAGR) of 24.12%. Data from Kantar and Qianzhan Industry Research Institute further show that the CAGR of self-service retail increased by 68% from 2014 to 2020.
Missfresh Limited (NASDAQ: MF) is using our innovative technology and business model to rebuild community retail in China from the ground up. We invented the Distributed Mini Warehouse (DMW) model to operate an integrated online and offline on-demand retail business, focusing on providing fresh produce and fast moving consumer goods (FMCG). Through our “Missfresh” mobile application and small programs embedded in third-party social platforms, consumers can easily buy high-quality food at their fingertips and deliver the best products to their doorsteps in an average of 39 minutes. In the second half of 2020, relying on our core capabilities, we will launch the smart fresh market business. This innovative business model is dedicated to standardizing the fresh food market and transforming it into a smart fresh food mall. We have also established a complete set of proprietary technologies to enable a wide range of community retail business participants, such as supermarkets, fresh food markets and local retailers, to quickly start and efficiently operate their business marketing and smart supply digitally across smart omni-channels. Chain management and store-to-home delivery capabilities.