Small Business Owners Will Be Able To Use ‘Big Data’ More Easily

Public institutions such as the Seoul Metropolitan Government plans to establish policies that support small business owners by combining and providing the fundamental data for market analysis such as floating population data from SKT, member store data from KB Kookmin Card, and Commercial Activation Index from Seoul Credit Guarantee Foundation.

The converged data of these three companies can be used as core data on the website ‘The Trade Analysis Service of Our Town Stores’ of Seoul Metropolitan Government, which provides small business owners with consulting on important location information such as business districts and stores.

The trade analysis service is a supporting service for small business owners that provides information of 37 types of various business districts, such as what age group or gender often visits a specific business area, what are popular industries, and how sales of similar industries are changing.

The three companies plan to develop this agreement into an exemplary case of ESG management that supports small business owners and revitalizes the local economy through the cooperation of private and public sectors.

“The purpose of this agreement is to help small business owners make decisions by providing highly consistent data on the commercial area in a rapidly changing pandemic situation,” said Jong-gwan Han, the Chairperson of Seoul Credit Guarantee Foundation. “We will continue to provide high-quality public service by expanding mutual exchanges beyond the boundaries of the public and private sectors.”

Hong-seong Jang, the head of SKT Advertising Data company, said “We expect that scientific analysis based on the convergence of the three companies will be of great help to the business operation of small business owners in difficult circumstances. SKT will take the lead in ESG management by expanding cooperation with public institutions and private companies with big data.”

Reported by 'Smart City Today'