Home&Shopping and Shinhan Card Join Forces to Revitalize Traditional Markets and Expand Sales Channels

Win-Win Partnership Based on Analysis of Traditional Market Consumption Trends

Home&Shopping announced on the 10th that it has signed a "Memorandum of Understanding (MOU) for Revitalizing and Expanding Sales Channels in Traditional Markets" with Shinhan Card. The two companies plan to combine big data from the distribution and financial sectors to support the growth of emerging traditional markets and small business owners, while also providing customized solutions by analyzing detailed data on when, where, and how consumers make purchases.

Recently, consumer card usage patterns have shifted away from large supermarkets, department stores, and duty-free shops, toward traditional markets, food markets, and the restaurant industry. Since last year, Home&Shopping has been supporting digital competency for small business owners at traditional markets nationwide through the "Traditional Market Revitalization Project, Let's Go to the Market-GO!" initiative. The company has provided practical education on how to use online platforms, product marketing strategies, and customer management techniques, which has received a positive response from merchants.

Through this partnership, the companies will additionally provide data-driven insights such as: ▲ who visits the markets and how often, ▲ when and what types of customers visit, and ▲ how much and in what ways customers spend. In particular, Shinhan Card will utilize its proprietary "Traditional Market Growth Index" to discover under-visited, high-potential markets in city and county areas. This approach seeks balanced development and aims to move away from business concentration in metropolitan areas. Both companies expect that this will help expand the recent consumer movement toward value-oriented consumption and "small but certain happiness," thus encouraging spending at traditional markets and within local communities.

Going forward, Home&Shopping will use the results of the "Traditional Market Growth Index" analysis to select which traditional markets to support, and will discover hidden small business owner products revealed by data in order to help them launch on its TV home shopping and mobile app platforms. The company will also provide "Scaling Up Mentoring" to improve product competitiveness, alongside on-site customized business area analysis training to strengthen the competitiveness of small business owners. Park Hae-chang, Head of Strategic Business Group at Shinhan Card, said, "I hope consumption data-based insights will become a strong foundation for the growth of small business owners," adding, "We will continue to advance the data-driven win-win model."

Jinmi Kwon, CEO of Home&Shopping, said, "It is highly meaningful to accurately diagnose the challenges faced by local businesses and provide tailored solutions through big data analysis," and added, "By utilizing Home&Shopping's broadcasting and mobile capabilities, we aim to help local small business owners grow into shops with nationwide competitiveness."

This content was produced with the assistance of AI translation services.