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Chinese retailers invest in generative AI to boost performance

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SHANGHAI, Oct. 29, 2024 /PRNewswire/ — Chinese retail players are investing in generative AI to boost sales and Singles Day could be the perfect opportunity, according to a new report by Bain & Company launched today.

Since 2023, big players such as Alibaba and JD.com have been investing ferociously in AI with up to 40% and 50% of their acquisitions respectively, being AI-themed. Against a backdrop of slowing retail and a more subdued Singles Day, generative AI is expected to feature more prominently.

Bain & Company’s survey of over 500 merchants trading on China’s giant e-commerce platforms are embracing AI as 52% have used at least one generative AI–enabled tool. Slightly more than half have used generative AI–powered customer service chatbot tools, and about one in three have used AI to generate content.

Crucially, 56% of surveyed merchants say AI tools have had high positive impact in improving productivity (time and effort) and 39% responded with high positive impact in terms of operational cost reduction. In March, for instance, JD.com launched an enhanced suite of AI-powered solutions designed to cut merchants’ operational costs by as much as 50%. The solutions include an assistant to accelerate online store launches and a realistic avatar generator to enable round-the-clock interactive shopping livestreams.

“AI’s increasing prominence across Chinese retail offers a timely boost to a maturing industry that is facing challenges including slower retail sales growth, price stagnation, falling property prices, youth unemployment, and fragile consumer confidence,” said Kelly Liu, partner at Bain & Company’s Greater China Retail and Performance Improvement practices.

On the consumer side, AI is slowly gaining traction. Bain & Company’s survey of over 3,000 Chinese consumers revealed that only 12% of shoppers used AI retail tools in the last six months, with 23% penetration among Gen Z shoppers over the same period. Across all ages, Chinese shoppers are most likely to have used generative AI in the areas of visual search (beginning a search with an image rather than a text-based query), customer service chatbots, and voice-activated search and shopping.

In the consumer survey, 49% of shoppers said they are excited about the upcoming Singles Day, down from 53% in 2023 and 76% in 2021. About three-quarters of respondents said they expect to spend the same amount or less on Singles Day promotions in 2024, broadly in line with last year’s findings. Some shoppers have also indicated that they want to limit their Singles Day spending to household products only. Shoppers who plan to maintain their Singles Day spending are also hoping that this year’s deals will be as attractive as last year’s.

“As expected, economic headwinds have caused a stagnation in Singles Day sales last year as gross merchandise value increased by a record low of 2%, supported by newer livestreaming and short video e-commerce channels,” said James Yang, head of Bain & Company’s Greater China Retail practice. “We have predicted this for some time now, and it is vital that Chinese retailers deepen their customer engagement. AI tools can energize customer retention efforts, enabling e-commerce players to hyper-personalize their engagement with consumers and create bespoke shopping experiences for them.”

Retailers that master generative AI in three key areas — deepening customer engagement, turbocharging productivity and cost savings, and finding new growth beyond trade — could build a lasting strategic advantage, says the report.

To retain and nurture customer relationships, leading players are already starting to deploy enhancements such as SEO-friendly automation of product pages, AI-written summaries of customer reviews and even virtual try-ons – through services such as Taobao’s AI fitting room.

Generative AI has massively expanded cost-saving automation possibilities in previously labor-intensive areas of marketing, through the creation of product photos and descriptions, as well as in merchandising and software engineering. A big part of the AI productivity opportunity involves helping frontline staff to be more effective through smart automated assistance that gives them more capacity to get things done.

Bain & Company’s experience advising on generative AI globally suggests many retailers should be able to increase revenue by 5% to 10% overall through AI-powered personalization initiatives and achieve productivity gains of 30% to 40% in marketing, 25% to 30% in software development, and 5% to 25% from using generative AI to reshape the way employees work on the front line, in warehouses, and at HQ.

Chinese retailers need to transition faster from AI experimentation to deployment at scale. Longer term, Chinese retailers must also consider how they can use AI to find new growth beyond trade as the technology starts to open up adjacencies to traditional buying and selling that could extend their already diverse activities.

“We have strong reasons to believe that Chinese retailers have what it takes to succeed in the AI race and win over customers. E-commerce penetration rates have been robust and e-commerce infrastructure—particularly its vast ecosystems of consumers, retailers, and partners—should accelerate adoption as familiarity with AI builds. And finally, the market’s AI research and development is also notably strong, leading the world in AI-related patent filings,” said Melanie Sanders, Asia Pacific head of Bain & Company’s Retail practice.

Editor’s Note: For more information or interview requests please contact:

Gary Duncan (London) — Email: gary.duncan@bain.com
Katie Ware (New York) — Email: katie.ware@bain.com
Ann Lee (Singapore) — Email: ann.lee@bain.com

About Bain & Company

Bain & Company is a global consultancy that helps the world’s most ambitious change makers define the future.

Across 65 cities in 40 countries, we work alongside our clients as one team with a shared ambition to achieve extraordinary results, outperform the competition, and redefine industries. We complement our tailored, integrated expertise with a vibrant ecosystem of digital innovators to deliver better, faster, and more enduring outcomes. Our 10-year commitment to invest more than $1 billion in pro bono services brings our talent, expertise, and insight to organizations tackling today’s urgent challenges in education, racial equity, social justice, economic development, and the environment. We earned a platinum rating from EcoVadis, the leading platform for environmental, social, and ethical performance ratings for global supply chains, putting us in the top 1% of all companies. Since our founding in 1973, we have measured our success by the success of our clients, and we proudly maintain the highest level of client advocacy in the industry.

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SOURCE Bain & Company

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Apas Port Launches $20M Vehicle Loan Initiative with HARVEST FLOW on Plume Network to Empower Financial Inclusion in Emerging Countries, Starting in Cambodia

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NEW YORK, Dec. 24, 2024 /PRNewswire/ — Apas Port Co., Ltd., a Tokyo-based Web3 company dedicated to deploying “kando”—a Japanese term for deep emotional engagement—into the digital realm, has announced the launch of HARVEST FLOW, a social impact-driven cryptocurrency lending platform. Committed to “social action”ーdelivering stable returns alongside meaningful social impact, HARVEST FLOW’s inaugural project is a $20 million initiative offering loans to TukTuk and four-wheel vehicle drivers in Cambodia who don’t have access to the financial system. This venture is set to operate on Plume Network, the leading Layer 1 blockchain specialized in Real-World Asset Finance (RWAfi), offering the necessary infrastructure to transform HARVEST FLOW’s vision of financial inclusion into scalable action.

Bridging Real-World Challenges Through Blockchain Innovation

HARVEST FLOW’s mission is to empower underserved communities and small businesses by granting access to affordable financing solutions. By leveraging blockchain technology, the platform addresses critical societal issues such as poverty alleviation and economic development, creating pathways for stable financial growth while delivering measurable social impact.

The initial focus of this initiative is to provide affordable financing options for TukTuk and four-wheel vehicle drivers in Cambodia—vital tools for local livelihoods. The project not only supports job creation but also enhances financial inclusion in emerging economies.

Why Plume Network?

As the first fully integrated L1 modular blockchain tailored for RWAfi, Plume Network provides the foundation for scalable, secure, and transparent financial ecosystems. With over 180 projects onboarded in its private devnet, Plume enables seamless tokenization and distribution of RWAs through its composable, EVM-compatible infrastructure.

How Plume Powers HARVEST FLOW:

End-to-End Tokenization: Streamlines the conversion of vehicle loans into blockchain-based assets.Investor Transparency: Advanced tools to track and visualize the social and financial impact of investments.Global Scalability: Infrastructure designed to handle the growing demands of HARVEST FLOW’s multi-region projects.DeFi Integration: Unlocks liquidity through decentralized finance primitives within the Plume ecosystem.

IoT-Backed Innovation for Loan Security

HARVEST FLOW’s projects are uniquely supported by embedded IoT technology within TukTuk engines, ensuring an exceptionally low loan default rate while building investor confidence.

Justin Chen, Head of Asset Strategy at Plume Network, noted: “This project highlights the power of combining blockchain and IoT devices to create innovative financial products that drive real-world impact. We’re excited to see HARVEST FLOW’s success on Plume and the positive change it will bring to the urban motility market in Southeast Asia.”

Looking Ahead

Starting with the vehicle mobility sector through 2025, HARVEST FLOW plans to expand into other sectors addressing social challenges and needs beyond 2026. This approach aims to ensure sustainable growth while delivering meaningful societal benefits, powered by Plume’s blockchain technology.

Masaki Minamide, director of HARVEST FLOW, stated: “Plume’s infrastructure empowers us to amplify our impact and support communities in need while offering our investors transparent and reliable returns. With this launch, we continue our mission to combine blockchain technology with meaningful social action.”

For more information, visit Plume Network or contact press@plumenetwork.xyz.

About Plume Network
Plume is the first fully integrated L1 modular blockchain focused on RWAfi, offering a composable, EVM-compatible environment for onboarding and managing diverse RWAs. With 180+ projects on its private devnet, Plume provides an end-to-end tokenization engine and a network of financial infrastructure partners, simplifying asset onboarding and enabling seamless DeFi integration for RWAs.

About HARVEST FLOW
Founded in April 2023, Apas Port Co., Ltd. is a Web3 production company with a mission to deploy “kando” (deep emotional impact) globally. The company leverages blockchain technology to connect carefully curated content with a co-creative community, acting as a “passport” to a new world of Web3 experiences.

X: https://x.com/HarvestFlow_io
Website: https://www.harvestflow.io/

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SOURCE Plume Network

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South Clackamas Business Resource Center Launches Digital Community Platform

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The Business Resource Center (BRC) of South Clackamas County unveils a new digital platform featuring an innovative business mapping system developed by COBID-certified IronGlove Studio. The website integrates advanced mapping technology with resource management tools to serve local businesses across nine communities, offering free consultations and scholarship opportunities for eligible residents.

OREGON CITY, Ore. and SOUTH CLACKAMAS COUNTY, Ore., Dec. 24, 2024 /PRNewswire-PRWeb/ —  The Business Resource Center of South Clackamas County (BRC) is proud to announce the launch of its new website, https://brcscc.org, developed by Oregon City-based IronGlove Studio, LLC. The launch marks a significant expansion of its online presence and services, representing a major step forward in the BRC’s mission to support and empower local businesses and community members in the South Clackamas area.

This initiative offers an unbiased and equitable opportunity for every small business in the South Clackamas region to connect, discover, and grow through access to training, resources, and support.

Who is the Business Resource Center of South Clackamas County

The Business Resource Center (BRC) of South Clackamas County is a vital hub for small business support, resources, and training opportunities, dedicated to fostering economic growth and development in the region. Funded through the American Rescue Plan Act (ARPA) and operating until December 31, 2024, or until funding is exhausted, the BRC provides free consultations, training programs, and scholarships to empower small business owners in Gladstone, Oregon City, Beavercreek, Canby, Molalla, Mulino, Colton, Eagle Creek, and Estacada. Through initiatives like its comprehensive website and Local Business Map, the BRC connects entrepreneurs with the community, creating opportunities for growth and promoting sustainable, community-based economic development.

Key Offerings

Free Business Resource Consultations: Local entrepreneurs can access expert advice and guidance at no cost, ensuring they are not alone in their small business journey.

Exclusive Scholarship Opportunities: The BRC offers scholarships for Clackamas Community College’s Career & Technical Education programs, covering up to $3,500 per semester for eligible students in select zip codes.

Local Business Map: As part of its marketing initiative, the BRC features an innovative Local Business Map developed by IronGlove Studio. This custom solution integrates advanced mapping technology with COBID certification filters, enabling small businesses to connect with one another while providing valuable demographic insights for community stakeholders.

Website Performance

Since its soft launch in August 2024, the BRC website has quickly become a vital resource for the South Clackamas business community. The platform has attracted nearly 3,000 visitors, with users spending an average of 4 minutes engaging with the site’s resources and information. The site’s success is particularly evident in its scholarship program, which has already received 82 applications, including 6 from Spanish-speaking community members, demonstrating the BRC’s commitment to serving our diverse business community.

Strategic partnerships with Here is Oregon and Oregon’s Mt. Hood Territory allowed us to create targeted social media campaigns that have helped drive over 2,000 visitors to the site, resulting in more than 7,000 total pageviews. Visitors are actively engaging with the platform’s resources, averaging 2.7 actions per visit, including accessing business resources, downloading materials, and utilizing the local business map.

The platform, developed by IronGlove Studio, LLC of Oregon City, a COBID-certified firm, showcases innovative integration of WordPress with proprietary Angular mapping technology. “The BRC website demonstrates how enterprise-level solutions can be scaled down to serve community needs,” says Derek Neuts, Owner of IronGlove Studio. “By incorporating advanced features like COBID certification filters and demographic reporting capabilities, we’ve created a platform that not only connects consumers to businesses but also provides valuable insights for community development.”

Community Support

The BRC extends its gratitude to its advocates, partners and supporters, including the previous Oregon State Senator Bill Kennemer, previous Oregon State Representative (now Senator) — Mark Meek, the Chambers of Commerce for Canby, Estacada, Molalla and Oregon City, the Cities of Colton and Gladstone and the Hamlets of Beavercreek and Mulino.

“The launch of our comprehensive website marks a significant milestone in our commitment to supporting the South Clackamas County business community,” said Shatrine Krake, Director of Communications at the Business Resource Center of South Clackamas County. “This initiative offers an unbiased and equitable opportunity for every small business in the South Clackamas region to connect, discover, and grow through access to training, resources, and support.”

For more information or to schedule a free business consultation, visit https://brcscc.org.

Media Contact

Shatrine Krake, Director of Communications, Business Resource Center of South Clackamas County, 1 503-656-1619, shatrine@brcscc.org, https://brcscc.org/

Technical Development Contact: Derek Neuts, IronGlove Studio LLC, 1 503-501-4645, contact@ironglove.studio, https://www.ironglove.studio

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SOURCE Business Resource Center of South Clackamas County

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Tickets to the $1 Billion Mega Millions Draw available this Christmas Eve on Jackpot.com

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One lucky winner could take home game’s seventh billion-dollar prize during Christmas Eve drawing

New Jackpot.com customers can claim a free Mega Millions ticket on their first play with promo code XMAS

SAN FRANCISCO, Dec. 24, 2024 /PRNewswire/ — With Christmas Day just hours away, lottery players across the country are preparing for an extraordinary opportunity to take home Mega Millions’ seventh-largest Jackpot as a winner has not won the grand prize in the last 29 drawings, dating back to September 10th when a Texas resident took home $810 million.

2024 has already been a record-breaking year for the lottery as it hit the ground running with a massive $842.4 million Powerball win on New Year’s Day. Shortly after, a second lucky winner took home a staggering $1.13 billion Mega Millions prize in March, followed by a $1.326 billion Powerball jackpot in April, all of which signify some of the largest prizes ever awarded.

2025 represents a significant year for Mega Millions players, as the game as they know it will undergo a variety of changes come April. The game will feature larger starting jackpots, expedited rollover growth, and better odds. Lottery courier services like Jackpot.com eagerly await these welcome changes, which will not only enhance gameplay, but also elevate player experience(s).

“There’s a lot to like about the upcoming changes to Mega Millions,” said CEO and co-founder of Jackpot.com, Akshay Khanna. “Whether you’re a casual player or avid lottery user, the faster-growing jackpots, improved odds, and built-in multipliers will offer an entirely new feel to the game – hopefully one that encourages new players to get in on the action. That said, we have a one billion-dollar prize just before Christmas and potentially the ultimate present for one lucky winner, a life-changing gift at that.”

While tonight’s drawing occurs on Christmas Eve, the Mega Millions jackpot has been won just once on the “Eve.” Back in 2002, a $68 million jackpot was won in New York, unfortunately going unclaimed.

Currently available in Colorado, Massachusetts, Arkansas, New Jersey, New York, Ohio, Texas, and Arizona, New Jackpot.com customers can get in on the fun this holiday by scoring a free Mega Millions ticket on their first play by using promo code XMAS.

Amid the Mega Millions frenzy, Jackpot.com remains committed to upholding responsible gaming protocols through the integration of modern conveniences and safety guardrails, one of the standout features of digital lottery platforms. Through responsible gaming protections including spend limits, default limits on daily deposits, access to local and national responsible gambling resources, self-exclusion, self-suspension and automated notifications that offer help should problematic behavior arise, Jackpot.com ensures safe and secure transactions and play. The platform is also the only lottery courier service to launch with iCap certification from the National Council on Problem Gambling.

To get started, download the Jackpot.com Lottery App on the iOS or Android App Stores, or visit www.jackpot.com to learn more.

About Jackpot.com

Jackpot.com allows customers to order official state lottery tickets from their mobile phone, tablet, or computer. Currently available in Colorado, Massachusetts, Arkansas, New Jersey, New York, Ohio and Texas, Jackpot.com is expanding its safe and secure lottery courier service to additional markets across the US. An Associate Member of the North American Association of State and Provincial Lotteries (NASPL), Jackpot.com has invested significantly in responsible gaming safeguards, with default spending limits and other features built in throughout the experience, earning it iCap certification from the National Council on Problem Gaming. To learn more, visit www.jackpot.com or download the iOS or Android app.

Jason Heller
Senior Vice President
212.584.4278| 5WPR.com
3 Park Avenue, Floor 19
New York, NY 10016

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SOURCE Jackpot.com

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