SYCARDA, a Malaysian leading retail data analytics platform, has joined forces with Singapore’s digital solutions giant, CUE Group. On this year, the two companies solidified their partnership by signing a Memorandum of Understanding. This collaboration is set to revolutionize retail solutions, starting in Malaysia and Singapore, with plans to expand across Asia. The primary motivation behind this alliance is to address prevalent challenges in the retail sector, notably pilferage and sweethearting issues faced by a Malaysian grocery chain. By synergizing CUE’s advanced computer vision analytics with SYCARDA’s cutting-edge retail data analytics solution, they aim to equip businesses with profound and actionable insights, enhancing both operations and customer experience.
Retail data analytics platform SYCARDA and Singapore-headquartered digital solutions provider CUE signed an MoU on February 2 to begin an era of innovative collaboration to produce more comprehensive and effective retail solutions across Malaysia, Singapore, and eventually the rest of Asia.
Both organisations have consistently prioritised their dedication to adding value to clients’ systems and ways of working towards more dynamic retail data solutions, knowledge exchange in data analytics, visual AI, and machine learning. Upon officiating this collaboration, SYCARDA and CUE will integrate their expertise and develop a bespoke retail solution to address a Malaysian grocery chain’s pilferage and sweethearting issue.
SYCARDA’s mission is to assist traditional brick-and-mortar retailers to reduce their costs and increase their revenue in a rapidly challenging retail landscape by using data analytics and business intelligence. The platform is completely independent and can be used across most Points-of-Sale (POS) without the need for integration, which enabled SYCARDA to be deployed across 2,000 retail and food and beverage outlets across Southeast Asia.
Similarly, CUE Group’s customised and flexible commerce solutions and range of practice in various industries speak to its understanding of the value of research and development. From standardising security systems to improving the customer journey with visual AI, CUE Group’s solutions result in-depth consumer tracking and seamless transactions, spelling the difference for businesses across the food and beverage, automotive, FMCG, and pharmaceutical industries. Products such as RetailX enable retailers to improve and tailor their in-store experiences to better serve their customers, as well as to develop an accurate target audience profile that will boost precision marketing strategies.
With the rest of 2023 predicted to be a time of slow economic recovery in Asia, there is some room for market confidence with declining inflation rates. Still, with many businesses suffering an average pilferage rate of 5%, solutions more intelligent and enterprising than supply chain vigilance are required. By combining CUE’s computer vision analytics and SYCARDA’s POS data points, this partnership enables businesses to obtain more accurate and actionable insights into their business operations and customer experience.
“We see that the SME retail sector tends to go disappointingly under-served, with many of its problems unaddressed,” said Vernon Chua, CEO of SYCARDA. “What we’re hoping to create together [with CUE] is a way to see these problems and solve them pretty much as they happen – more than saving money, it’s about making businesses the best they can be and at an affordable rate that allows them to multiply their ROI.”
“We see a fellow enabler in SYCARDA and we’re optimistic about where this partnership can take the Southeast Asian market,” said Zainudin Nordin, Executive Director of CUE Group, SEA. “Neither of us is a big proponent of development for development’s sake; just as our services and solutions [at CUE] are ‘smart’ in the technological sense, we strive to also fulfill that in the business sense.”
