MOFCOM Will Closely Monitor Unmanned Retail Sector, Expects Regulatory Challenges, Official Says
Tang Shihua
DATE:  Sep 22 2017
/ SOURCE:  Yicai
MOFCOM Will Closely Monitor Unmanned Retail Sector, Expects Regulatory Challenges, Official Says MOFCOM Will Closely Monitor Unmanned Retail Sector, Expects Regulatory Challenges, Official Says

(Yicai Global) Sept. 22 -- The emerging unmanned retail store industry remains in an exploratory stage and still faces some hurdles related to regulation and technology, Gao Feng, spokesman for China's Ministry of Commerce (MOFCOM), said in a regular press briefing on Sept. 21.

The ministry will follow the sector's development closely and plans to release a framework paper related to its technology applications to guide retail enterprises in developing its innovative characteristics, Gao said.

Artificial intelligence, image recognition, mobile payments, the Internet of Things and other advancements are the key underlying technologies for the emergence of unmanned stores, as well as the main driving force for the innovation and transformation of China's retail industry, he added.

Unmanned stores mainly cater to a fragmented consumer market providing competitive advantages in terms of costs, efficiency, and experience compared with traditional formats.

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Keywords:   Self-Service Store,Internet of Things,AI,Mobile Payment,MOC,Retail