HANGZHOU, China, Jan. 12, 2018 /PRNewswire/ -- Artificial intelligence, or AI, will be a game changer for our planet, leading to transformational changes in lifestyle for every human being regardless the walk of life. A growing number of firms have initiated efforts in AI development. A white paper entitled "China's innovative applications of artificial intelligence", jointly issued by the Chinese Association for Artificial Intelligence and Munich, Germany-based global strategy consulting firm Roland Berger, foresees the global AI market growing from US$126 billion in 2016 to over US$3 trillion in 2025, with an annual compound growth rate of more than 43 per cent on average.
Tuya Smart is a China-based IoT firm with international reach. Its founder and CEO, Jerry Wang, and members of the founding team were previously star managers and developers at leading internet firms as well as at forward-looking manufacturers, among them, Alibaba, Huawei and Haier. Wang left his position as general manager at Aliyun in 2014 and founded Tuya Smart, a software service firm that helps manufacturers intelligentize hardware products in the quickest way possible, with a focus on services for product manufacturers. Tuya Smart's connected modules, cloud and app-based one-stop smart services are interconnected across the IoT ecosystem.
The focus is on enhancing the efficiency of the AI process and on helping manufacturers heighten the awareness of their brand
The entire smart home industry has found it difficult to take off due to the lack of a unified application platform, as the multiplicity of interfaces and control devices result in low compatibility. Due to the challenges, smart home makers end up releasing expensive products, hobbled by high deployment and service costs.
Tuya Smart, a China-based IoT platform, empowers manufacturers with AI and IoT functionalities, enabling them to provide consumers with affordable smart devices and with a short time-to-market. Typically, firms keen to convert to AI turn to a third-party team for help. An investment that can easily run a million yuan in research and development can still require at least 12 months before a working prototype is produced. However, Tuya Smart's one-stop platform allows manufacturers to start mass production in just 15 days, and to be able to do so at low cost. Its zero-code OEM automated app generation engine service enables firms to design and develop their own distinctive app within a few minutes by choosing from a variety of modules and then branding them with their own logos. In the three years since coming into existence, Tuya Smart has already partnered with upwards of 10,000 firms including Geeni, Merkury and Philips, helping them to create eye-catching products such as the Magic Leap head-mounted virtual retinal display.
Tuya IoT Platform provides companies with Intelligent solutions, help manufacturers connect with several mainstream digital assistants (such as Alexa and Google Home). Besides, Tuya has an abundance of supply chain resources to help manufacturers build upstream and downstream industrial ecosystems. Many products powered by Tuya platform have entered the international market.
Helping American retailers establish an AI inventory and integrate their online and offline sales channels
Tuya Smart is most optimistic about the US market, as American consumers are notably receptive to AI-driven products and keen to try whatever is new in the marketplace in addition to having strong purchasing power. As a result, AI products are expected to experience explosive growth in sales in the US.
The current retail environment has changed significantly. Consumers want a multi-channel retail environment capable of integrating new technologies, new devices and social media. What should today's retail channels provide to consumers? Over the next few months, which products are expected to perform best when sold via offline channels? How can firms efficiently manage sales in the new environment? Wang, Tuya Smart CEO, said: "Despite huge changes posed on the retail environment by online shopping, we expect impulse buying to become even more prevalent while offline channels will be converted into experience centers. Management of customer databases will become more efficient as a result of the continued proliferation of smart devices and expansion of social media."
With years of experience in AI and in the supply chains that serve the entire IoT industry, Tuya Smart has helped retailers such as Walmart, Home Depot and Costco build an AI inventory, allowing them to better manage offline supply chains, attract customers with an increasingly diversified product mix in tandem with high-quality services, improve profitability and establish good relationship with customers.
With proper systems and processes in place, retailers can add new channels flexibly based on existing systems while guaranteeing the success and profitability of new channels. Tuya Smart aims to help retailers worldwide improve the management and the elasticity of the supply chain.
Tuya Smart's tie-ups with manufacturers that have resulted in the output of smart products with production runs yielding millions of units monthly, demonstrate the degree to which the software services provider has developed into a fully mature operation.
As of the end of 2017, Tuya Smart had supplied AI services covering a wide spectrum of home appliances to over 10,000 customers in 200 countries and regions across six continents.
The gross merchandise volumes that Tuya Smart has been responsible for are a testament to the firm's achievements. Sales of Amazon Echo exceeded 10 million units in 2017, with some 800,000 units being shipped monthly. Monthly sales of the iPhone reached 15 million units. Wang explained that Tuya Smart helps brands and the manufacturing operations that support them produce millions of units of smart products monthly and the figure continues to rise at a rapid rate. Geeni and Energize, two brands that are quite popular with American consumers, and Chinese brands, among them, Changhong, TCL and Delixi, are all partners of Tuya IoT platform. Wang concluded by saying, Tuya Smart has entered a period characterized by fast growth, during which it aims to empower more people and facilitate the further development of IoT and AI.