BOE Technology Group, a public company specializing in display devices and smart systems in China, has signed agreements with Hema Xiansheng, Alibaba’s fresh food supermarkets and SAP, a German multinational software corporation, to conduct a strategic cooperation in applying IoT (Internet of Things) to retailing, reported.

The company aims to expand in the area of new retail, a specialty of Hema Xiansheng, which has been using electronic price tags and electronic shelves. The two companies will explore smart hardware, including electronic price tags and transparent display devices.

It is understood that the electronic price tag can be real-time synchronized with the price of products sold online or in the store. By scanning the QR code on the price tag, customers can order online and pick up offline immediately.

Chen Yanshun, CEO of BOE, thinks the IoT market will reach US$58 trillion by 2035, while bringing social value to sectors such as manufacturing, health care, retail, transportation and logistics.

For example, electric payment will reduce customer waiting time by 88% and cut the merchant’s settlement costs by 75%.