Lotte Group, a South Korean conglomerate, is accelerating its efforts to strengthen its global competitiveness and drive business innovation through the adoption of artificial intelligence (AI) technology.
Lotte Group has unveiled a series of initiatives aimed at transforming its business operations and expanding its global footprint. The company has been at the forefront of AI adoption, developing advanced AI platforms and integrating AI-powered solutions across its various business units.
AI-Powered Innovation
One of the key highlights of Lotte's AI strategy is the launch of "iMember 2.0," an enhanced version of its AI platform. This platform offers a wide range of AI-powered features, including improved user interface, enhanced accuracy, and a more robust set of functions.
Additionally, Lotte has introduced "AIMS," an AI-powered marketing system that provides comprehensive marketing solutions, from research and data analysis to ad content creation and media strategy. AIMS is currently being utilized across all Lotte Group affiliates.
Retail Revolution
Lotte's retail division has been at the forefront of AI adoption, implementing AI-powered solutions to enhance customer experience and operational efficiency. For instance, Lotte Department Store has introduced an AI-powered translation service at its Jamsil branch, catering to foreign tourists. Lotte Mart and Lotte Super have also implemented AI-based fruit quality control systems.
Global Expansion
Lotte is aggressively pursuing global expansion, particularly in emerging markets. The company has initiated a "Sustainable Cocoa Bean Project" in Ghana, aimed at improving cocoa farming practices. Lotte is also targeting the Indian market with its popular "Pepero" brand and has established a subsidiary in the United States.
Diverse Business Portfolio
Beyond its core retail business, Lotte is diversifying into new growth areas such as biopharmaceuticals and the metaverse. Lotte Biologics is building a large-scale biopharmaceutical production facility in South Korea, while Lotte's subsidiary Calibers is leading the company's foray into the metaverse.
A Lotte spokesperson said, "By diversifying our portfolio into new business areas like biopharmaceuticals and the metaverse, we are transforming our business model and ensuring sustainable growth."
[Copyright (c) Global Economic Times. All Rights Reserved.]
