Shinsegae Duty Free, Preparing for the Post-Corona Era with Big Data Business
Business Agreement with Korea Data Exchange to Activate Data Market Distribution and Trading
Development of Data Combination Products Across Different Industries, Discovery of New Big Data Businesses
[Asia Economy Reporter Lim Hye-sun] Shinsegae Duty Free announced on the 6th that it signed a business agreement on the 4th with KDX Korea Data Exchange to jointly promote big data projects.
Going forward, excluding sensitive information such as personal data, foreigner duty-free purchase trends, preferred domestic departure destinations, and product purchase analyses can be traded through the Data Exchange. The disclosed data is expected to be utilized in establishing marketing strategies in the tourism and shopping sectors.
The signing ceremony took place at KDX Korea Data Exchange located in Chungmuro, Jung-gu, Seoul, attended by Son Young-sik, CEO of Shinsegae DF, and Park Jae-hyun, CEO of KDX Korea Data Exchange. Shinsegae Duty Free plans to prepare for the post-COVID-19 era in line with the rapid industrial environment changes caused by the pandemic.
With the full enforcement of the amended Data 3 Acts (Personal Information Protection Act, Information and Communications Network Act, and Credit Information Act) in August, data, which is a ‘competitive advantage’ in the Fourth Industrial Revolution era, can now be more broadly utilized by both companies and individuals.
Through this business agreement, Shinsegae Duty Free will actively cooperate by participating in the Korea Data Exchange’s big data platform to promote the distribution and trading of data products, develop combined data products across different industries, and discover new big data businesses.
The multifaceted mutual cooperation between Shinsegae Duty Free and Korea Data Exchange is expected to revitalize the domestic data market and contribute to creating new added value.
A Shinsegae Duty Free official stated, “Awareness of the importance of data utilization is increasing, and the big data and analytics market continues to grow steadily. We will strive to generate ripple effects and synergy through data exchange with institutions.”
Meanwhile, KDX Korea Data Exchange, which signed this agreement, is the nation’s first private data exchange platform that collects data from sectors such as distribution, logistics, finance, and telecommunications, analyzes it, and sells it to demanders.
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The exchange involves a total of 10 companies as data suppliers, including Nice D&R, Daumsoft, and Roflat, providing useful data such as sales trends, restaurant information, and floating population. Currently, over 3,000 products are registered, with a cumulative transaction volume of 3,887 and more than 3,000 registered members recently surpassed.
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