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Tag: Japan

  • Japan Car Makers Scramble To Assess Impact Of Renesas Auto Chip-Plant Fire

    Japan Car Makers Scramble To Assess Impact Of Renesas Auto Chip-Plant Fire

    Toyota, Nissan, Honda and other Japanese automakers scrambled on Monday to assess the production impact of a fire at a Renesas Electronics automotive chip plant that could aggravate a global semiconductor shortage. “We are gathering information and trying to see if this will affect us or not,” a Honda spokesman said. Other car makers including Toyota and Nissan said they too were assessing the situation. The effect on car makers could spread beyond Japan to other auto companies in Europe and the United States because Renesas has around a 30% global share of micro control unit chips used in cars.

    Renesas said it will take at least a month to restart production on a 300mm wafer line at its Naka plant in northeast Japan after an electrical fault caused machinery to catch fire on Friday and poured smoke into the sensitive clean room.

    Two-thirds of production at the affected line is automotive chips. The company also has a 200mm wafer line at the Naka plant, which has not been affected. Concerns on the impact of the fire on production sent auto shares sliding in Tokyo on Monday, with the big three, Toyota, Honda and Nissan, down more than 2% by the midday break. Renesas shares tumbled as much as 5.5% and were down 3.9% midday. The benchmark Topix index shed 1.1%.

    “It will probably take more than a month to return to normal supply. Given that, even Toyota will face very unstable production in April and May,” said Seiji Sugiura, senior analyst at Tokai Tokyo Research Institute. “I think Honda, Nissan and other makers will also be facing a difficult situation.”

    Semiconductors such as those made by Renesas are used extensively in cars, including to monitor engine performance, manage steering or automatic windows, and in sensors used in parking and entertainment systems.

    Nissan and Honda had already been forced to scale back production plans because of the chip shortage resulting from burgeoning demand from consumer electronic makers and an unexpected rebound in car sales from a slump during the early months of the coronavirus pandemic. Toyota, which ensured parts suppliers had enough stocks of chips, has fared better so far.

    “It could take three months or even half a year for a full recovery,” said Akira Minamikawa, analyst at technology research company Omdia. “This has happened when chip stockpiles are low, so the impact is going to be significant,” he added.

    Renesas said it customers, which are mostly automotive parts makers rather than the car companies, will begin to see chip shipments fall in around a month. The company declined to say which machine caught fire because of the electrical fault or which company made it. The Japanese government promised help for the auto industry.

    “We will firmly try to help the Naka factory achieve swift restoration by helping it quickly acquire alternative manufacturing equipment,” Chief Cabinet Secretary Katsunobu Kato told a regular news conference on Monday.

    The latest incident at the Naka facility comes after an earthquake last month shut down production for three days and forced Renesas to further deplete chip stocks to keep up with orders. The plant was closed for three months in 2011 following the deadly earthquake that devastated Japan’s northeast coast.

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  • Japan’s Lixil adopts DTC model in Singapore retail store launch

    Japan’s Lixil adopts DTC model in Singapore retail store launch

    LIXIL, maker of pioneering water and housing products, today announced the launch of its flagship showroom in Singapore. Located at a heritage shophouse unit at 24 Mohd Sultan Road, the 6,000 square feet store is in the heart of Singapore’s prime lifestyle district. Bringing multiple LIXIL brands under one roof, the store offers a wide range of sustainable living solutions, meaningful design, and cutting-edge hygiene technology.

    The launch of the store comes at a time when the COVID-19 pandemic and the planet’s health have put issues such as sanitation and hygiene at the forefront of consumer minds. Besides offering LIXIL’s unique hygiene technology through the store, LIXIL is also leveraging on its industry-leading experience with a direct-to-consumer business approach and unparalleled retail concept to offer a full bathroom product line-up to reach more consumer segments. The showroom will feature products from GROHE and American Standard, with plans to include INAX, the Japanese brand that manufactures innovative sanitaryware and artistic ceramic tiles.

    Satoshi Konagai, Leader, LIXIL Water Technology-Asia Pacific, said, “We are very happy to inaugurate our flagship showroom and hope to provide the best solutions for their living and working spaces. The customer and retail experience have always been very important to us at LIXIL and we are constantly looking for ways to maximize the value for our consumers.”

    He further added, “Today the world is more concerned than ever about hygiene. Singapore’s recent commitment on sustainability and its exemplary handling of the pandemic showcases a rising awareness on these global issues, and we believe there is a growing demand for solutions to address them. Homeowners expect proven solutions that offer peace of mind. Our technologies such as Touchless faucets and flushing systems, Easy to clean solutions, Double Vortex flushing system, HygieneRim technology and Aqua Ceramic can help to provide the ‘optimum hygiene’ to our discerning consumers.“

    “Also, in a time where people are unable to travel and spend more time at home, they want to be able to feel relaxed and enjoy a spa-like experience right in their own home. Here our solutions like GROHE F-Digital Deluxe, GROHE SmartControl, GROHE Sensia Arena shower toilet can provide a ‘home spa‘ experience to consumers by bringing the enjoyment of water to them.”

    Built on the brand’s core pillars of hygiene, sustainability, and innovative design, LIXIL’s flagship showroom in Singapore takes an experiential approach at showcasing its award-winning water technology and living solutions.

    Some of the key highlights that consumers can expect to see in the store:

    • Cutting-edge technologies in interior design, such as the GROHE F-Digital Deluxe Spa System which consists of a shower system with lights, steam and sound, controlled by an app; as well as GROHE Sensia Arena shower toilet, one of LIXIL’s most internationally awarded product.
    • LIXIL’s first 3D metal-printed faucet, the GROHE Allure Brilliant Icon 3D faucet retailing at S$34,234.24.
    • Kitchen solutions, such as the GROHE Zedra SmartControl which features our “push-and-turn technology”, as well as GROHE Blue, the brand’s sustainable living water filter system and faucet.
    • American Standard’s elegant hygiene products such as its Line Sensor Technology Faucet, the elegant Acacia SupaSleek Collection, and its Signature Collection — featuring its cutting-edge HygieneClean System for toilets, with its Double Vortex flushing technology, anti-stain Aqua Ceramic material, anti-bacterial ComfortClean technology and rimless Hygiene Rim design.
    • FREE 360-degree virtual bathroom design and proprietary LIXIL’s rendering service CustoMySpace, allowing visitors to shortlist their favourite products and render them in 3D in a virtual bathroom setting for them to bring their ideas to life.
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  • Hermes opens giant store in Tokyo’s ritzy Omotesando

    Hermes opens giant store in Tokyo’s ritzy Omotesando

    Hermès is delighted to announce the opening of a new address in Tokyo’s Omotesando district on 28th February 2021. This new 488 square-meter home will be the house’s first free-standing store in Tokyo since the opening of Maison Hermès Ginza in 2001. A beautiful boulevard leading to Meiji Shrine, Omotesando Avenue is today lined on both sides with high-end boutiques and zelkova trees.

    Its intricate back streets are home to Tokyo’s vibrant street culture, attracting designers and artists from all around the world. It is here, on one of the city’s unique streets, adjacent to Shibuya and Harajuku, that the new Hermès store comes to life. The store’s distinctive façade opens directly onto Omotesando Avenue and incorporates the historic stone wall of one of the area’s most notable buildings, which has been preserved by the Parisian architecture agency RDAI.

    The façade is given a contemporary look with a copper-toned stainless-steel grid, adding depth and light to the exterior, just as light and shadows intermingle in a bamboo grove. Upon entering, visitors are greeted by the Ex-Libris in mosaic, inspired by the Hermès Faubourg SaintHonoré store in Paris. On the right side, they can peruse the colorful women’s silk collections, including the new carré Duo Cosmique designed by Kohei Kyomori, and presented exclusively here.

    The window display is also specially designed by this young Japanese artist to celebrate the opening. Further on, fashion jewellery, beauty, and perfume, including the latest men’s fragrance H24 are elegantly displayed. In the beauty corner, the Rouge Hermès lipstick collection will wait to encounter new customers from mid-April. On the left side of the entrance, home collections including tableware and men’s silk are introduced. A leather section at the back of the store welcomes bags, small leather goods, and equestrian collections.

    Walls are covered in wood paneling and bamboo marquetry, accented by fluid curves, and a selection of women’s shoes is displayed on wooden shelves extending from one of the large pillars. The floor is covered with two shades of greenstone, sourced in Asia and laid in a pattern resembling Japanese tatami mats. Custom rugs with a hue reminiscent of forest moss lend a softness to space. Behind the staircase is a refined area for watches and jewelry.

    Finally, customers can pause at a wide table, and enjoy books and a Leporello of unique drawings by French artist François Houtin, displayed in a specially made curved frame. As customers ascend the stairs, they will discover another piece of art, created by Japanese contemporary bamboo artist Shoryu Honda. Inspired by the shape of clouds and infinite Moebius strips, the bamboo sculpture is an example of the sophistication of Japan’s world-class modern bamboo artistry. The sweeping staircase is one of the most striking architectural elements of the store.

    The organic shapes of its vertical columns resemble tree branches, while the stairs call to mind pale green stepping stones. Light filters down from the upper level to the ground floor, just as sunlight glistens between the branches of a forest and invites customers upstairs to dive into the women’s and men’s universes. On the second floor, mobile partitions create an intimate space for each métier while giving the illusion of transparency. There are large fitting rooms for both men and women, with the former designed in order to incorporate made-to-measure orders in the future.

    Among the selection of special objects created for this opening are a skateboard and a surfboard, both revisited in a special edition with Jan Bajtlik’s design Cheval de Fête, and uniquely numbered Mega Chariot carrés and ties by Daiske Nomura. A newly unveiled Hermès bike made of ash wood will also be presented for the occasion. Paying tribute to local artists, materials, and know-how, this new store is a testimony to Hermès’ strong relationship with Japan and invites local customers and new visitors into a discovery of the house’s creativity and fine craftsmanship in a harmonious and warm environment.

  • US luxury jeweller Hoorsenbuhs opens first overseas store in Japan

    US luxury jeweller Hoorsenbuhs opens first overseas store in Japan

    Los Angeles-based fine jewelry and lifestyle brand Hoorsenbuhs opened its first overseas store at the Ginza Six mall in Tokyo, Japan on Friday, March 5th.

    The 1,050 square foot space in Tokyo comes to life through the eyes of founder Robert Keith. For the store, Keith designed custom chairs, tables, lights, and jewelry cases featuring the brand’s signature tri-link chain motif. Artist Damien Hirst is among the brand’s most notable collectors and collaborators. Celebrity fans of the largely-unisex handmade jewelry collection include Brad Pitt, Gwyneth Paltrow, and Lenny Kravitz.

    To celebrate the opening, the brand will offer exclusive, one-of-a-kind pieces of jewelry, apparel, eyewear, and lifestyle goods at the new boutique.

    “We’ve built a very strong and successful retail business in Japan, since our first partnership in 2011, including Ron Herman, Umeda Hankyu, and Isetan,” said Kether Parker, brand director. “The opening of our first Hoorsenbuhs store at G6 will be a destination for our extremely loyal customer base to discover and immerse themselves in all things Hoorsenbuhs.”

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  • Cybersecurity Startup Plots APAC Expansion

    Cybersecurity Startup Plots APAC Expansion

    London-based cloud-native application security startup Snyk is eyeing Asia Pacific and Japan, following a breakout year in 2020.

    Snyk has announced plans to expand in Singapore, India, Japan, Korea, Australia, and New Zealand, and has appointed vice president of APJ sales Shaun McLagan to lead and build out dedicated teams in the region, the firm announced in a blog post on Thursday.

    The appointment comes as Snyk announced its latest $300 million Series E funding, led by new partners – Singapore state investor Temasek and Geodesic Capital, a venture capital firm that specializes in helping technology companies expand into Asia.

    The startup cited an explosion of digital transformation initiatives across the region and a greater need for security among companies. Its customers include Revolut and Volt Bank.

    With an estimated 27 million software developers worldwide today, and the strongest growth for developers expected in Asia Pacific specifically, Snyk collectively recognizes that there has never been a better time to serve this market, Peter McKay, Snyk CEO said.

    Founded in 2015, the company had a breakout year in 2020, recording a 200 percent year-over-year increase in revenue and making strategic acquisitions of DeepCode and Manifold.

    With the new funding round, the company has now raised $470 million to date, bringing the company valuation to US$4.7 billion, quadrupling it since the beginning of 2020.

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  • Japan’s venture capitalist invests $700,000 in Vietnamese media start-up

    Japan’s venture capitalist invests $700,000 in Vietnamese media start-up

    Japan’s venture capital firm Genesia Ventures led the seed funding round of Vietnam based media startup Vietcetera with the investment of $700,000.

    The deal, finalized during the first quarter of 2020, is being made public after Vietcetera received its digital media license from the government, Bloomberg quoted its co-founder and CEO, Hao Tran, as saying.
    Silicon Valley-based Hustle Fund Management also took part in the seed funding.

    Vietcetera expects to complete its Series A funding of at least several million dollars in the first half of 2021, Tran said.

    Vietcetera is a digital media company targeting the nation’s growing middle class, based in HCMC. It provides Vietnamese and English content ranging from general business articles to lifestyle stories and podcasts.

    Tran said the funds will support expansion of its data science platform, accelerate product development and expand market share. Vietcetera’s website last year grew its readership by 700 percent, he added.

    Vietnam’s online media market is expected to reach $7 billion in 2025 from $3.3 billion in 2020, while its e-commerce market is projected to grow to $29 billion in 2025, according to a report by Google, Singaporean investment firm Temasek and American consulting company Bain & Company.

    Its e-economy is forecast to increase to $52 billion in value in 2025 from $14 billion last year, with e-commerce at $29 billion, according to the report.

    There were 72 million social media users in Vietnam in January 2021, according to the “Digital 2021: Vietnam” report compiled by strategic marketing consultancy Kepios Pte, social media management firm Hootsuite Media Inc. and social media marketing firm We Are Social Ltd.

    YouTube is the most popular social media platform with 92 percent of internet users aged 16-64, the report said. Facebook and local social network Zalo, owned by Vietnam’s VNG Corp., attracted 91.7 percent and 76.5 percent of users, respectively.

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  • Japan Billionaire Launches Recruitment for Moon Travel

    Japan Billionaire Launches Recruitment for Moon Travel

    Japnese billionaire entrepreneur Maezawa Yusaku is once again tapping into the public sphere to further his personal pursuits, this time for the recruitment of co-travelers in a trip around the moon.

    Eight crew members will be chosen for a private SpaceX flight around the moon in 2023, according to the founder of Japanese digital retail giant Zozo in a video posted on Twitter.

    Including Maezawa himself, the six-day trip will involve 10 to 12 people in total. Screening of applicants kicks off on March 21 with the final interviews and medical check targeted for May.

    According to Maezawa, the crew members will be selected based on how they use the trip to «push the envelope» in their respective fields and their willingness to support fellow crew members.

    Maezawa added that he was looking for people of all backgrounds and that that he hoped they would make the trip «fun» together.

    This is not the first time that the high-profiled Maezawa has attracted public interest.

    Last year, he randomly selected 1,000 of his Twitter followers to donate more than $9,000 each to test for actual boosts in happiness from monetary gains. In 2017, he paid $110.5 million for 1982 Jean-Michel Basquiat painting Untitled – an amount that broke his last record set in May 2016 for a mother untitled Basquiat valued at $57 million.

  • Japan’s J.Front starting with fashion subscription service

    Japan’s J.Front starting with fashion subscription service

    Japanese department-store operator J.Front is to introduce a fashion subscription rental service.

    According to Nikkei Asia, J.Font’s new service will offer a monthly rental option with fee starting from US$103, featuring high-end women’s apparel from local and international brands. The subscription service is expected to attract 30,000 customers and generate more than US$56 million within five years.

    Managed by Daimaru Matsuzakaya Department Stores, the service will initially feature about 50 labels, ranging from Japan’s Epoca, Adopre to Marni of Italy and France’s See By Chloe. The monthly subscription service will allow customers to rent up to three high-end fashion items and have them delivered to their doors.

    By launching the rental service, J.Front Retailing aims to recover its customer base since the Covid-19 pandemic has caused significant lost sales for the retailer.

    Subscription services have become a growing sector in Japan’s retail industry as customers are now more conscious about product waste. According to Yano Research Institute, the domestic market for subscription services is expected to exceed more than US$11 billion by the year ending March 2025.

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  • Japan’s top energy company to increase Petrolimex stake

    Japan’s top energy company to increase Petrolimex stake

    Japanese oil giant ENEOS Corporation has registered to buy 25 million shares of fuel distributor Petrolimex on the Ho Chi Minh Stock Exchange.

    The transaction, to be completed in March, if successful, will see ENEOS increase its stake in Petrolimex to 2.94 percent. It had acquired a 1 percent stake last September.

    Petrolimex’s PLX shares closed at VND57,300 on February 24, and at this price the deal will cost ENEOS around VND1.4 trillion ($62 million).

    The company’s subsidiary, JX Nippon Oil & Energy Vietnam Consulting and Holdings Company Limited, owns another 8 percent stake in Petrolimex.

    ENEOS is the largest oil company in Japan with a 47 percent market share.

    In 2020, due to the impact of Covid-19, Petrolimex saw revenues fall 34.5 percent to VND123.9 trillion. Its net profit was VND1.2 trillion, a 73.6 percent fall.

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  • AirAsia Japan closure has cost group $80 million so far

    AirAsia Japan closure has cost group $80 million so far

    AirAsia Japan’s closure has cost the Malaysia-based AirAsia Group nearly $80 million over three quarters.

    AirAsia Group owns 48.9% of the joint venture carrier, which ceased operations in October and filed for bankruptcy in the following month.

    AAJ commenced bankruptcy proceedings by a court order issued on 24 February, AirAsia Group said in a same-day Bursa Malaysia disclosure.

    As a result of the proceedings, the low-cost airline group recognized a loss of over $74 million in the second half of 2020, “due to financial assistance [to AAJ] in the form of intercompany transactions and loans being written off as these amounts were deemed to be irrecoverable”.

    AirAsia Group also incurred nearly $5.2 million in expenses related to aircraft de-registration, in the fourth quarter of 2020 and the current quarter, to move three aircraft from Japan to Malaysia.

    The group states: “Further announcement(s) will be made in due course on the particulars of claim and financial impact to AirAsia Group, if any, under the bankruptcy proceedings.”

    AirAsia Group last stated in a 25 August disclosure that it provided AAJ with financial assistance totaling $6.27 million during the second quarter of 2020.

    In 2019, the group gave AAJ a $12 million loan in November that year, as well as loans of Y1 billion ($9.4 million) and Y2 billion in January and March, respectively.

    Further back, AAJ received a Y500 million loan from the group in the third quarter of 2017.

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  • Japan’s Toyota, Honda Can Likely Cope With Global Chip Shortage

    Japan’s Toyota, Honda Can Likely Cope With Global Chip Shortage

    The global semiconductor chip shortage is not likely to significantly affect the financial profiles of Japan’s Toyota Motor Corp or Honda Motor Co, ratings agency Fitch said in a statement on Wednesday. The automakers have enough financial flexibility to absorb more costs and maintain significant rating headroom, even if the shortage persists till the second half of 2021, according to the statement. 

    The automobile industry has been grappling with a shortfall in chip supply since the end of last year, driven by coronavirus lockdowns in Southeast Asia and bulk-buying by U.S. sanctions-hit Chinese tech giant Huawei Technologies, among other reasons.

    The shortage prompted top U.S. automaker General Motor to extend production cuts at three North American plants last week, while Honda Motor and Nissan Motor were set to sell a combined 250,000 fewer cars in the current financial year.

    Toyota and Honda have enough financial flexibility to absorb more costs and maintain significant rating headroom

    Meanwhile, Toyota shrugged off the issue in its quarterly report last week and said it has up to a four-month stockpile of chips, with no immediate hit to production expected.

    “We believe the shortage should ease or even be resolved in the second half of 2021 as suppliers boost production for automotive clients,” Fitch said.

    Top economic and national security officials in the White House have launched a new effort to help the U.S. auto industry fight the chip shortage, a White House official said on Thursday.

    The issue could impact nearly 1 million units of global light vehicle production in the first quarter, according to data firm IHS Markit.

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  • SoftBank-backed Coupang reveals revenue surge ahead of US IPO

    SoftBank-backed Coupang reveals revenue surge ahead of US IPO

    South Korean e-commerce giant Coupang, backed by Japan’s SoftBank Group Corp, on Friday filed to go public on the New York Stock Exchange, hoping to cash in on strong demand for high-growth tech stocks as it reported a near-doubling of annual revenue and narrowing losses.

    Coupang is aiming for a valuation of around $50 billion in its U.S. initial public offering (IPO), according to a person familiar with the matter.

    This would make it the largest IPO in New York by a company based outside the United States since Alibaba Group Holding in 2014, Dealogic data showed.

    Founded in 2010 by Harvard graduate Bom Kim, Coupang made a splash in Korea with its ‘Rocket Delivery’ service, which promised delivery within 24 hours, shaking family-owned retail conglomerates such as Shinsegae and Lotte.

    Coupang was valued at $9 billion in its last private fundraising round in 2018, according to data provider PitchBook.

    In a regulatory filing, Coupang said total revenue jumped 91% in 2020 to $11.97 billion, while net losses narrowed to $474.9 million from $698.8 million.

    The company, viewed as a rival in South Korea to e-commerce giant Amazon.com Inc, received $1 billion in funding from SoftBank in 2015 and $2 billion from its Vision Fund in 2018.

    Coupang’s other investors include BlackRock Inc, the world’s largest asset manager, venture capital firm Sequoia Capital and billionaire investor Bill Ackman.

    The U.S. IPO market is at its strongest in more than two decades, and investors are flocking to buy shares in technology companies that have benefited during the COVID-19 pandemic.

    Coupang plans to list under the symbol “CPNG”. It has yet to provide a target asking price for its shares.

    Goldman Sachs, Allen & Co, JP Morgan, BofA Securities and Citigroup are among the underwriters.

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  • Japan retailer turns to cuddly toys to boost Lunar New Year sales

    Japan retailer turns to cuddly toys to boost Lunar New Year sales

    Japan’s cuddly bear character Rilakkumma, who has captured the hearts of children and adults alike with his laidback demeanor, sits on the shelves of a swanky department store in the capital, flanked by Hello Kitty and other plush toys.

    As the Lunar New Year begins on Friday, they are taking the place of home appliances, from rice cookers to electric toilet seats, normally favored by Chinese tourists who are absent this year because of coronavirus restrictions.

    “Due to the current travel bans, it’s impossible for them to come to Japan,” said Jin Xuezhu, head of the inbound sales division at the Laox duty-free retail chain, which runs the store in Tokyo’s district of Akihabara.

    Chinese have accounted for 90% of the chain’s customers since 2014, Jin said, adding, “So the absence of that 90% has a huge impact on our business.”

    The sharp contraction in global tourism brought by the pandemic forced the chain to shutter half of its 24 stores last year to cut costs and restore cash flow. It has refurbished its image, adding friendly touches to lure domestic customers.

    “We have put out many hobby and toy goods that are unique to Akihabara,” Jin said. “Before we were branded as a duty-free shop, but last year we renovated our stores so that Japanese customers can also feel welcome.”

    But Laox has not forgotten its clientele in China, hosting live broadcasts from Tokyo since last autumn on Chinese e-commerce platforms, such as those of electronic giant Suning and messaging app WeChat.

    “We have great expectations for online shopping through live streams,” said Cui Wenzhe, the manager of the chain’s live commerce section.

    The chain hosted 350 such broadcasts last year and expects even better numbers during the Lunar New Year holiday, he added.

    “We’re also looking forward to more sales events for Valentine’s Day.”

    Laox declined to provide details of the hit to current Lunar New Year sales, but acknowledged the pandemic’s “huge impact” on its business.

    Although Japan has not suffered virus outbreaks on the scale of other major economies, such as Britain and the United States, it has just extended by another month its state of emergency in Tokyo and other regions.

    The continued travel ban, particularly the absence of holidaying Chinese for a second successive year, is expected to hurt Tokyo retailers further.

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  • Muji ready to open largest Philippines retail store yet

    Muji ready to open largest Philippines retail store yet

    Fans of Japanese minimalist brand Muji will be delighted to know that the retailer is planning to open its “largest” store in the Philippines — soon.

    Muji announced this last night in a social media post, where it told followers to “stay tuned for more info.” It did not divulge where the new store will be located.

    The pandemic has hit the retail sector in the Philippines severely, with countless brick-and-mortar stores closing inside now-empty malls. Rents in malls are expected to fall by 2%, while registered online businesses have increased to 75,876 in September from 1,753 in March. Many Filipinos now prefer to buy from e-commerce platforms Lazada and Shopee, mainly because they fear that they will get infected with the coronavirus if they venture outside their homes.

    The changes taking place have prompted Muji Philippines to launch its own pick-up and delivery service in August.

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  • NZ smart-trolley startup finds strong demand in Japan

    NZ smart-trolley startup finds strong demand in Japan

    IMAGR says the deal with Japanese H2O Retailing Corporation is its first international sales partnership. The Kiwi tech startup is the creator of the SmartCart intelligent shopping trolley. The system uses computer vision technology and AI to reduce queues in retail stores, as it automates checkouts and payments for a frictionless shopping experience.

    IMAGR has also piloted the technology with Kiwi supermarket group Foodstuffs. IMAGR’s first international rollout is anticipated for May 2020.

    It says it is also in discussions with other New Zealand, US, and European retailers for further rollouts.

    H2O Retailing Corporation is headquartered in Osaka, Japan, and operates supermarkets mainly in Osaka and other cities such as Kyoto and Kobe.

    Globally leading retailers are investing heavily in technology to personalize and automate retail, in order to increase customer experience and profits, says IMAGR founder and CEO William Chomley.

    “We’re operating in a $5.7 trillion global brick and mortar grocery retail sector, let alone other types of retail. So, it’s a fallacy that there isn’t opportunity in bricks and mortar retail,” he says.

    “We know Japan is leading the way in evolving retail and it’s doing so on a mammoth scale.”

    He says Japan is the second-largest retail market in the world, at close to US$600 billion in supermarket revenue, home to 127 million people, 55,000 convenience stores, and over 8,000 supermarkets. It also has an aging population and labor shortages which make it cost-prohibitive for retailers to find staff.

    “To break into this market so early in our operation is a real coup and a sign of what we believe is to come,” says Chomley. “Beyond Japan, the opportunity for SmartCart is immense.”

    Off the back of this deal, IMAGR is opening its first office outside of New Zealand. The Japanese office will work closely with H2O Retailing Corporation to ensure a smooth rollout of the technology next year.

    Existing premises are also suitable for the immediate introduction of SmartCart, as the technology is self-contained in the shopping trolley.

    “With SmartCart, doing your shopping is easier and faster. There’s no need to wait in line, there’s no need to pull out a credit card, there’s no need to engage in small talk. Customers just put the goods in their trolley then walk right out of the store. It’s as easy as that,” says Chomley.

    IMAGR’s SmartCart contains four cameras that work with the world’s most powerful AI vision recognition system.

    As a result, SmartCart knows what a customer puts in, or removes, from their carts. Self-contained in a robust trolley that is visually indistinguishable from a regular shopping cart, the cameras examine, recognize and account for goods as they are added or removed.

    IMAGR says its system is vastly more efficient than ceiling-based frictionless retail solutions, such as Amazon Go, and is far easier to implement.

    There is no facial detection with SmartCart, because the SmartCart cameras are focused within the cart, not the surrounding area, it states.

    Existing premises are also suitable for its immediate introduction, as the technology is self-contained in the shopping trolley.

    Customers can use SmartCart by installing an app, linking a payment method, and then syncing their handset with the cart when shopping for the easiest experience.

    Alternatively, SmartCart can be used without linking to a handset or bank card: customers arrive at the checkout with the trolley recording a predetermined total, eliminating the need for unloading, scanning, and reloading individual items.

    “We’ve specifically designed SmartCart for an easy introduction so it generates revenue for retailers rapidly. In fact, the setup cost is roughly equivalent to that of introducing self-checkout,” says Chomley.

    “Globally, retailers are looking for ways to improve the customer experience while reducing overheads. SmartCart does both. We’re confident that once seen in action, SmartCart will become the preferred way of shopping for shoppers.”

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