BGF Retail, First in Distribution Industry to Sell Convenience Store Big Data
Signed a Business Agreement with the Financial Security Institute
Sales by Region, Age, Time Slot, and Product
It was announced on the 20th that consumer trend data obtained through the convenience store CU will be sold for the first time in the distribution industry. The photo shows executives including BGF Retail President Geonjun Lee (third from the right) and Financial Security Institute Director Younggi Kim (third from the left) posing for a commemorative photo at the business agreement ceremony on the 19th. Photo by Geonjun Lee
View original image[Asia Economy Reporter Minyoung Cha] BGF Retail is selling consumer trend-related data obtained through its convenience store CU for the first time in the distribution industry.
BGF Retail, which operates the convenience store CU, announced on the 20th that it signed a business agreement with the Financial Security Institute on the 19th to innovate the distribution and utilization of convenience store data.
The business agreement ceremony was held at the BGF headquarters located in Gangnam-gu, Seoul, with about 10 officials from both sides, including BGF Retail President Geonjun Lee, Head of Innovation Division Jitaek Song, Financial Security Institute Director Younggi Kim, and Head of Security Strategy Headquarters Youngjeon Kim.
Through this business agreement, BGF Retail and the Financial Security Institute plan to continue collaborating on ▲distribution of data products through the Financial Data Exchange ▲discovery and promotion of financial-consumer distribution convergence data products ▲development of data products and services utilizing consumer distribution data.
BGF Retail will sell data related to convenience store consumption that CU holds, such as sales by region, age, time period, and product, through the Financial Data Exchange operated by the Financial Security Institute. This data can be purchased by individuals as well as companies and institutions, and it is expected that there will be more opportunities for innovative product and service development and new business by combining data from various industries.
In addition, BGF Retail plans to utilize meaningful information obtained by combining consumer distribution and financial data through business partnerships with credit card companies as a core competency to strengthen the competitiveness of individual stores in the future.
BGF Retail President Geonjun Lee said, “Based on the big data of CU convenience stores nationwide, which are visited by about 100 million customers monthly, we expect to promote innovation in Korea’s future industries in the era of convergence.” He added, “We will reinvest the tangible and intangible results obtained through collaboration in the 4th industrial sector back into CU to lead continuous growth.”
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Financial Security Institute Director Younggi Kim said, “The registration of consumer distribution data based on convenience stores in the Financial Data Exchange for the first time is significant for expanding the data ecosystem in the future.” He added, “We will strive to ensure that the Financial Data Exchange grows into a true data hub by activating data distribution and integration between financial companies and consumer distribution companies.”
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