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Zilin Chen of BingoBox on the Future of ‘New Retail’ in China

Season 1

Episode 18

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GGV Capital’s Hans Tung and Zara Zhang interviewed Zilin Chen, founder and CEO of BingoBox (缤果盒子), China’s first scalable 24-hour cashier-free convenience store and a GGV portfolio company. BingoBox features a smart counter for a staffless check-out experience, and uses RFID and computer vision to keep track of items. Users scan a QR code to enter the store, and pay via Alipay or WeChat Pay.

BingoBox is a pioneer in a phenomenon known as “new retail” in China, commonly understood as using technology to transform offline retail. BingoBox was launched to public in August 2016 and now has over 300 boxes in almost 30 cities in China. GGV led BingoBox’s series A investment in July 2017. The company raised another $80 million in series B this January, which GGV also participated in.

Zilin discussed how the idea for BingoBox came about, how BingoBox differs from Amazon Go, and the technology and unit economics behind the stores.

The episode also features a bonus interview with Eric Xu, GGV Capital’s managing partner based in China, who led our investment in BingoBox. Eric discussed the meaning of “new retail” and what made him want to invest in BingoBox.

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