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Dada Group Receives Grants of Funds by 2020 Shanghai Artificial Intelligence Innovation and Development Program
Shanghai, China, Nov. 17, 2020 (GLOBE NEWSWIRE) -- Shanghai, November 17, 2020 – Dada Group (Dada Nexus, NYSE: DADA) (“Dada” or “The Company”), China’s leading local on-demand delivery and retail platform, is pleased to announce that the company has received grants of funds by 2020 Shanghai Artificial Intelligence Innovation and Development Program. Dada Group will further enhance the digital transformation capability of empowering retailers based on artificial intelligence and big data, and promote the vigorous development of online economy.
"Integrated Product Recommendation System Based on Deep Learning Algorithm for Local On-demand Retail" (Product Recommendation System) is created by JDDJ, the on-demand retail platform of Dada Group and has been selected for Shanghai's 2020 Artificial Intelligence Innovation and Development Program.
Customized and Personalized Product Recommendation Service
As a part of the online infrastructure, artificial intelligence is being integrated with existing industries to promote the upgrading of China's industrial structure. China has become a hot spot for technological innovation.
The Integrated Product Recommendation System based on the deep learning algorithm, is independently developed by JDDJ and aims to serve the businesses and consumer groups with local on-demand retail needs. It belongs to the intelligent technology research and industrialization projects related to online economy, such as precise marketing and consumption experience.
According to China’s National Bureau of Statistics, the retail market of consumer goods in China exceeded 38 trillion yuan in 2018, but the online retail sales amounted to only 9 trillion yuan. The local on-demand retail industry empowers various traditional retailers to increase their values, which has become a new field for many e-commerce platforms and offline businesses to launch. Especially influenced by COVID-19 this year, both the national chain stores and regional retail outlets are accelerating the online omni-channel layout.
As the leading local on-demand retail platform in China, JDDJ has quickly built its reputation by delivering top-notch services to retailers and brand owners and offering high-quality on-demand retail experience for consumers. In 2019, JDDJ was the largest local on-demand retail platform in the supermarket segment by GMV, according to the iResearch Report. Therefore, JDDJ’s Product Recommendation System has become an urgent requirement for the platform to work with retailing partners to promote industry development.
This system is designed based on the characteristics of JDDJ platform, such as wide user coverage, personalized demand, and different products from different businesses. It is necessary to ensure the rich of product categories, the timeliness of delivery and controllable cost. Accurate, efficient and intelligent solutions are provided: flexible and fast provision of customized products for different scenarios can be recommended; reliable and expandable system, which can bear the pressure of instantaneous ultra-high traffic; the code has strong security, easy maintenance and convenient access to different systems.
For consumers, the system helps them get more detailed and more considerate services. For retailers on the platform, it helps them reach users more accurately and efficiently. Moreover, the increase in order quantity will help the delivery riders of Dada Now, the on-demand delivery platform of Dada Group, to get higher income. It will help promote the vigorous development of online economy and further release the consumption potential.
About Dada Group
Dada Group is a leading platform of local on-demand retail and delivery in China. It operates JDDJ, one of China’s largest local on-demand retail platforms for retailers and brand owners, and Dada Now, a leading local on-demand delivery platform open to merchants and individual senders across various industries and product categories. The Company’s two platforms are inter-connected and mutually beneficial. The Dada Now platform enables improved delivery experience for participants on the JDDJ platform through its readily accessible fulfillment solutions and strong on-demand delivery infrastructure. Meanwhile, the vast volume of on-demand delivery orders from the JDDJ platform increases order volume and density for the Dada Now platform. In June 2020, Dada Group began trading on the Nasdaq Global Market, under the ticker symbol “DADA.”
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