Lotte announces agreement with IBM to leverage Watson for retail

In combination with the 'Intelligent Shopping Advisor', Lotte will adopt a 'Cognitive Business Decision Advisor' that employees can leverage for new product development across the organization. Using Watson technologies, Lotte will gain new insights for better decision making with the analysis of huge amounts of data from various sources like social media, blogs, news articles and customer data from point of sale terminals.

IBM will collaborate with teams from the Lotte Information & Communications and the Lotte Members affiliates for IT system support services, data integration and data analysis. Within the next five years, Lotte plans to build and upgrade its artificial intelligence-based application for business innovation to support personalized services throughout the customer life cycle. These initiatives are part of Lotte Group's technology roadmap to expand the introduction of IBM Watson to all affiliates from retail to food, chemical, tourism and finance.

"IBM is committed to helping our clients accelerate the development and delivery of cognitive computing on cloud into markets and industries where we can see tremendous opportunity. Together, Lotte and IBM are bringing Watson cognitive technologies to an important business challenge in the Korean market and globally – innovative, more personalized customer services," said IBM Korea General Manager Jeffrey Rhoda.

About the Lotte Group:

The Lotte Group aims to contribute to the enrichment of human life by providing products and services that are loved and trusted. After establishing Lotte Confectionery in 1967 and entering the food industry, Lotte has expanded its business into various fields such as distribution, tourism, chemical, construction and finance. Today, Lotte is the 5th largest company in Korea with 9 affiliates and 120,000 employees. Lotte strives to become a world-leading company beyond Korea. China, Russia, India, Vietnam, Indonesia, the United States and Europe, and is actively conducting business in more than 20 fields in 30 countries around the world.

For more information, visit: https://www.lotte.co.kr/eng/index.jsp

About IBM Watson: Pioneering a New Era of Computing

Watson represents a new era in computing called cognitive computing, where systems understand the world in a way more similar to humans: through senses, learning, and experience. Watson continuously learns from previous interactions, gaining in value and knowledge over time. With the help of Watson, organizations are harnessing the power of cognitive computing to transform industries, help professionals do their jobs better, and solve important challenges. As part of IBM's strategy to accelerate the growth of cognitive computing, Watson is open to the world, allowing a growing community of developers, students, entrepreneurs and tech enthusiasts to easily tap into the most advanced and diverse cognitive computing platform available today. Watson solutions are being built, used and deployed in more than 45 countries and across 20 different industries. 

For more information on IBM Watson, visit: ibm.com/Watson and ibm.com/press/watson. Join the conversation at #ibmwatson.

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SOURCE IBM