Leading retail technology business SmartRetail recently discussed its strategies for breaking into the Malaysian market in an exclusive interview with Marketing In Asia (M.I.A.). The company highlighted its dedication to cultural awareness, regulatory compliance, and creating a collaborative environment.
Understanding the Malaysian Consumer Landscape and Building Trust
When asked about navigating the unique Malaysian market, SmartRetail emphasised its solid foundation, pre-pandemic operations, and a local team of more than 20 employees.
Our partnership with KMP provides invaluable guidance and support. Their local knowledge will be instrumental in introducing us to the right partners and navigating the intricacies of the Malaysian market. We plan to develop and work closely with new and existing strategic partners who already have established client bases in Malaysia.
Still, knowing one’s cultural background isn’t enough to establish trust.
Privacy-First Approach: Balancing Innovation with Consumer Concerns
When designing its products, SmartRetail keeps customer data privacy in consideration, as it is one of the most important issues. Minimising data gathering and danger of breaches, SmartRetail’s technology differs from standard face recognition systems in that it does not save images or videos. Incentives for future innovations that may necessitate more extensive tracking are offered by the corporation, which places a premium on user permission and openness. In addition, SmartRetail is dedicated to keeping its partners and clients informed about data privacy rules that are always changing.
We believe in rewarding consumers for their data contributions. If future advancements require more in-depth tracking, we’ll provide more incentives and rewards to compensate users.
When necessary, we will update our solutions to meet these standards. Consumers and regulators in Malaysia are more likely to have faith in this company because of its privacy-first policy.
Investing in AI and Strategic Partnerships for Differentiation
With the help of KMP and other key partners, SmartRetail will be able to improve its customer interaction and advertising solutions, as well as its core AI-powered products, such as Perceptron and Ai:Dentify. Better data insights will be possible as a result of point-of-sale integrations, in-store trip monitoring, and engagement tracking. To further provide merchants with a detailed knowledge of their Malaysian clientele, efforts will also be made to create regionalized solutions, such as race identification.
We’ll also further develop solutions that bridge the gap between consumers and advertisers. This means creating a smooth experience where consumers can easily interact with targeted advertising, access relevant information, and redeem incentives, fostering a win-win scenario for both retailers and consumers.
Through targeted advertising and relevant information access, the firm is dedicated to connecting customers with advertisers, creating a win-win situation.
Empowering the Malaysian Tech Team: Building a Future-Ready Workforce
Software engineers specialising in computer vision, artificial intelligence algorithms, and platforms for customer engagement are in high demand at SmartRetail. Solutions that are tailor-made for the Malaysian market are the result of a solid local software development team. In order to provide Malaysian retail partners with even more useful consumer insights, we are also recruiting data engineers to improve our data gathering, processing, and visualisation skills. The Malaysian team will be well-prepared for future development and smooth service delivery with the help of infrastructure experts.
As SmartRetail expands its footprint in Malaysia, a robust infrastructure is essential. We’re recruiting infrastructure specialists to ensure our systems can accommodate future growth and enable rapid deployment of new solutions. This technical expertise is crucial for seamless service delivery to our Malaysian partners and clients.
Fostering Collaboration and Knowledge Transfer: Breaking Down Geographical Barriers
The staff at SmartRetail have excellent online communication abilities thanks to their experience working remotely during the epidemic. Everyday communication will still rely heavily on video conferencing and internet platforms. But when the epidemic fades, SmartRetail intends to arrange more business visits and meetings since they know how valuable face-to-face communication is. Teams will be able to communicate, hold each other accountable, and be transparent with one another thanks to well-established project management technologies.
SmartRetail’s Hong Kong and Malaysian teams will benefit from an environment that encourages candid feedback, ongoing training, and public acknowledgement of employees’ achievements. A prosperous environment that promotes cross-border collaboration and creativity is the goal of this investment in its people. Important knowledge transfer activities will be put in place to guarantee that the Malaysian team has access to the most up-to-date information and skills from their Hong Kong colleagues.
We understand that our employees are the foundation of our success. We’re committed to continuously improving the work environment for both our Malaysian and Hong Kong teams. This includes fostering a culture of open communication, professional development opportunities, and recognition programs. Investing in our people creates a thriving environment that encourages collaboration and innovation across borders.
Strategic Partnerships for Accelerated Market Penetration and Mutual Benefit
Key to SmartRetail’s development goals in Malaysia are strategic collaborations with established marketers, merchants, and owners of digital signage. With these established customer bases, SmartRetail can reach more people more quickly. Further, SmartRetail’s current partner networks may market the technology’s advantages to prospective customers in Malaysia, opening the door to a natural revenue stream.
Our strategic partners often have existing advertiser clients seeking innovative marketing solutions. This creates a natural, quicker monetisation path for SmartRetail’s platform. Partners can leverage their existing relationships to introduce our solutions to advertisers, accelerating revenue generation for both SmartRetail and our partners.
By enlisting the help of partners, SmartRetail is free to concentrate on developing its core technology while others take care of the installation and upkeep. Through this cooperative strategy, SmartRetail and its associates are able to accelerate market penetration and provide value to companies in Malaysia.
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Shaping the Future of Retail Experiences: Data-Driven Insights and Personalized Engagement
The future of retail, according to SmartRetail, will be interactive and based on data. Their advertising solutions for consumer interaction and artificial intelligence computer vision aim to turn Out-of-Home (OOH) platforms into data-rich settings that can track metrics like cost-per-view and cost-per-acquisition. This results in a platform called “Engagement OOH” that provides real-world campaign performance assessment beyond just impressions. Along with point-of-sale data from cashiers, SmartRetail’s AI CV profiling solutions may provide a complete picture of customer journeys and demographics while they’re in-store. Brands and retailers may use these information to improve marketing and provide customers with a more personalised experience.
Our solutions are also designed for accessibility and rapid implementation. SmartRetail’s lightweight proprietary technology runs on low-cost computers, allowing for seamless deployment across a wide range of clients. This ensures businesses of all sizes can benefit from our cutting-edge technology.
Success in the Malaysian market is within reach for SmartRetail thanks to the company’s dedication to customer privacy, emphasis on teamwork, and investment in state-of-the-art technology. By establishing a data-driven landscape that is advantageous to merchants and customers alike, their products have the ability to revolutionise the way people shop in Malaysia and throughout the world.
These insights were made available exclusively to Marketing In Asia (M.I.A.) by SmartRetail. This conversation gives us a glimpse into SmartRetail’s plans for the Malaysian market and the future of retail IT. M.I.A. will be keeping a careful eye on SmartRetail as it expands and refines its offerings.
