Shinhan Card is utilizing card consumption data to identify traditional markets with high growth potential and support small businesses in expanding their sales channels.
On August 10, Shinhan Card announced that it has signed a business agreement with Home & Shopping to revitalize traditional markets nationwide and enhance sales opportunities for local small businesses.
The two companies plan to combine their strengths in finance and retail to support the growth of traditional markets and small businesses that have not received much attention.
The initiative will utilize Shinhan Card's proprietary 'Market Leap Index,' which quantifies the growth potential of 1,324 traditional markets and approximately 103,000 affiliated stores based on consumption data.
Rather than focusing solely on sales volume, the index analyzes various consumer variables, including customer visitation patterns, usage behaviors of affiliated stores, and market locations, to assess future growth potential.
Shinhan Card will analyze the commercial districts of each traditional market using this index and share the results with local merchants. The company will also provide training on the characteristics and case studies of high-potential markets, helping small businesses understand their commercial areas and customer characteristics based on data.
Home & Shopping will select target markets based on Shinhan Card's analysis and will be responsible for expanding sales channels. The company plans to support the inclusion of high-quality small business products in home shopping broadcasts and mobile applications, as well as provide 'scale-up mentoring' to enhance product competitiveness.
A Shinhan Card representative stated, “This agreement is an example of how Shinhan Card's data capabilities can be transformed into tangible value for local economies and small businesses. We will continue to expand our data-driven win-win model.”
* This article has been translated by AI.
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