SEOUL -- Lotte Shopping, a retail company affiliated with Lotte Group, partnered with Ocado, a British dedicated online grocery retailer, to strengthen its competitive edge in South Korea's online grocery market with an integrated solution that would be used to improve the inconvenience of consumers in online shopping such as product deterioration and misdelivery and establish a customized online shopping environment.
Ocado's smart platform is an "end-to-end" solution based on innovative automated logistics centers, self-developed robots, artificial intelligence, and big data to help retailers carry out fast and accurate delivery most efficiently. Ocado's warehouses are built with a giant 3D grid structure inside, within which groceries are stored in crates.
Through cooperation with Ocado, Lotte Shopping said it would open its first automated logistics center in 2025 and six by 2030. The company would launch a separate platform that enables personalized marketing based on individual purchase history and tendencies. Okado would develop technologies to support Lotte Shopping's efficient operation.
Lotte Shopping would invest about 1.0 trillion won ($706 million) by 2030 to introduce Ocado's solution. "We are happy to join hands with Okado, one of the most innovative companies in the world, to provide customers with a new online shopping experience," Kim Sang-hyun in charge of Lotte's retail department said in a statement on November 1.
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