Business
Infobird Enters into Equity Transfer Agreement with Shanghai Qishuo to Further Expand its Standardized SaaS in the Consumer Products and Retail Industry
Infobird and Shanghai Qishuo together will empower clients with digitalized omnichannel customer engagement and retail store operation SaaS solutions BEIJING,
About this update from Infobird Co., Ltd
[{"type":"text","content":"Infobird and Shanghai Qishuo together will empower clients with digitalized omnichannel customer engagement and retail store operation SaaS solutions\n\n\nBEIJING, Dec. 27, 2021 /PRNewswire/ -- Infobird Co., Ltd (Nasdaq: IFBD) (\"Infobird\" or the \"Company\"), a software-as-a-service provider of innovative AI-powered, or artificial intelligence enabled, customer engagement solutions in China, announced today it had entered into an equity transfer agreement to acquire a 51% equity interest in Shanghai Qishuo Network Technology Co., Ltd. (\"Qishuo\"). Qishuo is a provider of consumer product and retail store digitalization solutions in the retail footwear industry and leading clothing brands. Qishuo's main product \"Retail Rubik's Cube\" empowers clients with the digital capability to better understand and improve operational and store performances. Qishuo's Retail Rubik's Cube has gained high recognition from its customers and the company won the honor of \"Best Retail Practice Case of Big Data Application in China\" in 2018.\nWith several years of development, Qishuo has gained deep insights into retail stores' operations, especially in the clothing and footwear industry. The customer base of Qishuo comprises several leading clothing brands in China. Infobird believes the acquisition of a 51% equity interest of Qishuo is an important complimentary and synergistic strategic initiative and is expected to enable Infobird to accelerate its expansion into the consumer products and retail industry. With the Qishuo transaction, Infobird expects to provide more comprehensive and industry-specific SaaS solutions that focus on the digitalization of customer engagement and retail stores' operation optimization.\nYimin Wu, Chief Executive Officer and Chairman of Infobird, commented: \"We believe that China's consumer products and retail industry continues to have significant growth potential. Even though online purchasing has experienced a fast growth period due to changing consumer purchasing habits as a result of the COVID-19 pandemic, physical stores are still considered a very important channel for companies to engage with customers and to increase brand influences. Qishuo's product, Retail Rubik's Cube, provides an ideal solution for retailers that want to optimize the customer experience at their physical stores. By having a deep und...