Fainders.AI has teamed up with GS25, the largest convenience store brand in Korea, to launch an autonomous store in Seoul. The new autonomous convenience store is powered by Fainders.AI’s vision AI technology.
South Korea is home to 56,000 convenience stores. The sector has been hit by growing economic challenges. over the last ten years where the minimum wage has doubled, and the retail sector faces staff shortages.
The latest GS25 store is powered by deep learning algorithms from Fainders.AI. These process images from 2D cameras only, and reduce load cell-based inference. The required computing resources and hardware costs have been reduced, making the solution more competitively priced.
Myungwon Ham, Founder and CEO at Fainders.AI, said: “Our client has spoken to various solution vendors, and our solution was chosen because it is already the most competitively priced solution out there. With dynamic changes in Korea, especially in demographics, we believe the expansion of autonomous stores in Korea is approaching fast.”
“Existing autonomous stores can only stock as much as 50% of traditional shelves. This leads to sales losses for offline retail” Myungwon Ham said. “In contrast, our weight sensor-mounted shelves boast the shelf capacity improved by 50% compared to other autonomous stores” “This partnership with GS Retail confidently embodies our mission statement. We aim to restore the profitability of offline retail.”
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