New contract marks another milestone of expanding into the fast-growing retail market
BEIJING, CHINA, August 3, 2021– Infobird Co., Ltd (Nasdaq: IFBD) (“Infobird” or the “Company”), a software-as-a-service provider of innovative AI-powered, or artificial intelligence enabled, customer engagement solutions in China, announced it has signed a service contract with a subsidiary of a globally well-recognized Fortune 500 retail and consumer product company. The company is a renowned leader in retail and consumer products, with operations in more than 80 countries around the world. Through this contract, the client will leverage Infobird’s intelligent quality inspection to comprehensively upgrade its customer service system in China and bring users the ultimate consumer experience by creating professional, caring and convenient integrated customer services. This cooperation is another major breakthrough in Infobird’s market development strategy in the retail and consumer product industry, demonstrating that Infobird is successfully expanding into the market of retail and consumer product companies.
According to the Ministry of Commerce of PRC, in the first half of 2021, the total retail sales of consumer products in China was 21.2 trillion yuan, representing an increase of 23% compared to the same period last year, and an average growth rate of 4.4% for the past two years. In the post-pandemic period, the retail and consumer products market ushered a historic development opportunity. McKinsey & Company, a leading international management consulting firm, stated in the “China Consumer Report 2021” that in the post-pandemic era, China will continue to be the growth engine of the global consumer products market. At the same time, the digital transformation trend of retail and consumer products companies is becoming more and more significant. The digitalization of customer engagement has become one of the important directions of the digital transformation of enterprises. The company believes that optimizing the customer engagement process and enhancing customer’s experience through technological and business model upgrades is the key to a company’s future victory in new retail.
As a leading AI SaaS software service provider in China, Infobird is committed to making customer engagement more personalized and intelligent for enterprises. Infobird identified the retail and consumer products industry as an important market for its strategic development. At present, Infobird’s solutions for retail and consumer product industry have been applied in many large leading companies such as SaSa, a Hong Kong beauty brand, and Zu Li Jian, a leading footwear brand for the elderly in China. The solutions cover multiple business scenarios such as customer service, marketing and management. Infobird’s comprehensive retail and consumer product solutions are based on a series of smart products including cloud call center, omni-channel cloud customer service, AI voice/text chatbots, intelligent quality inspection and CEH (customer interaction hub), which are able to help enterprises from multiple dimensions such as marketing, customer service and management, promote the digital transformation of customer engagement, improve customer experience, and achieve cost reduction and efficiency enhancement.
Working collaboratively with this global retail brand, Infobird’s intelligent quality inspection system will help the company achieve 100% coverage and automation of intelligent quality inspection, and optimize the coverage of quality inspection channels, speech flow, customer service soft power and other aspects. It will improve the quality of customer service, optimize the customer service experience, and allows the company to better serve and influence clients. In addition, based on the data accumulated by Infobird’s intelligent quality inspection system, it builds the technical foundation to empower the company to analyze the value of customer data, allow the company to better understand client needs and the market, and provide an insightful reference for precise marketing and corporate decision-making.
Since establishment, Infobird has accumulated rich experience in serving major customers in the financial industry for more than ten years starting from a cloud call center, and later expanding into other intelligent products based on its self-developed cloud-native architecture. Starting from the end of 2020, Infobird has transformed its business focus to standardized SaaS. Through technological iterations, product innovations and service upgrades, Infobird intends to further increase its business and influences in the financial industry while accelerating its entrance and expansion in other industries, especially in the fast-growing retail and consumer products industry. This development strategy has achieved very positive new client contracts for the Company. Entering the vast market of retail and consumer products industry, Infobird has the confidence and strength to go further. In the future, Infobird intends to continue to capture more market share in the retail and consumer products industry, give full play to the linkage effect of intelligent quality inspection and Infobird’s series of intelligent products, and help more companies develop long-term customer relationships through full-stack and full-chain solutions, and inject new vitality to the digital transformation of the retail and consumer products industry.
About Infobird Software Co. Ltd.
Infobird, headquartered in Beijing, China, is a software-as-a-service provider of innovative AI-powered or enabled customer engagement solutions.
For more information about the company, visit www.Infobird.com.
This press release contains certain forward-looking statements, including statements with regard to Infobird’s proposed initial public offering. Words such as “will,” future,” “expects,” “believes,” and “intends,” or similar expressions, are intended to identify forward-looking statements. Forward-looking statements are subject to inherent uncertainties in predicting future results and conditions and no assurance can be given that the proposed initial public offering discussed above will be completed on the terms described. Completion of the proposed initial public offering and the terms thereof are subject to numerous factors, many of which are beyond the control of Infobird, including, without limitation, the failure of customary closing conditions and the risk factors and other matters set forth in the prospectus included in the registration statement in the form last filed with the SEC. Infobird undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
Infobird Co., Ltd
Yimin Wu, Chief Executive Officer and Chairman of the Board of Directors