7-Eleven to adopt big data-based commercial area analysis system for accurate sales forecast

By Kim Joo-heon Posted : January 21, 2022, 11:01 Updated : June 23, 2023, 01:30

[Courtesy of Korea Seven]

SEOUL -- The South Korean operator of global convenience store franchise 7-Eleven partnered with a domestic startup solution provider to accurately forecast sales of franchise stores through big data-based commercial area analysis. Various data including an analysis of floating population, sales of nearby shopping malls and traffic volume will be provided.  
On January 21, Korea Seven, the operator of 7-Eleven stores, said in a statement that the company signed an agreement with Oasis Business to set up an upgraded version of the startup information system. The system will be used to estimate sales of affiliated convenience stores. Consultant services for store owners will be provided through a metaverse-based startup platform called "Ittang" in the future.
A metaverse is a virtual world where users can engage in social and economic activities. Ittang allows users to have special hands-on startup experiences in a virtual space. Users can observe how their daily sales are affected by external factors including weather and floating population.  
"We will establish a reliable start-up information system and provide sophisticated and accurate commercial area information to minimize the risk," 7-Eleven's DT innovation division director Choi Byeong-yong was quoted as saying.
The number of startup companies has significantly increased in South Korea where millennials and Gen Z suffer from the unemployment crisis. Despite the outbreak of the COVID-19 pandemic, about 1.48 million startups were created in 2020 up 15.5 percent from a year ago. 
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