Shinhan Card and GS Retail Sign Data Business Agreement: "Combining Distribution and Consumer Data"

Discovering New Revenue Models by Combining Distribution and Consumer Item Data
Also Selling Data Combination Products through Korea Data Exchange

Shinhan Card announced on the 19th that it has signed a business agreement with GS Retail to combine distribution item data and card consumption data to promote a new data business. At the agreement ceremony held at Shinhan Card headquarters in Euljiro, Seoul, Hyunsoo Heo, Vice Chairman of GS Retail (right), and Youngjin Lim, President of Shinhan Card (left), are taking a commemorative photo.

[Asia Economy Reporter Ki Ha-young] Shinhan Card is partnering with convenience store GS Retail to combine distribution and consumption data. Following its collaboration with SK Telecom, the leading telecommunications company, in August to merge telecom and consumption data, the company is expanding its data-related business areas.

On the 19th, Shinhan Card announced that it signed a business agreement with GS Retail, a major domestic distributor, to jointly promote various data businesses and discover new revenue models by combining distribution item data with card consumption data. The agreement ceremony, held at Shinhan Card headquarters in Euljiro, Seoul, was attended by Huh Yeon-soo, Vice Chairman of GS Retail, Lim Young-jin, President of Shinhan Card, and other officials.

Through this agreement, both companies plan to combine convenience store purchase item data with card consumption data from various sectors, leveraging the industry's largest big data and data analysis capabilities. For example, ramen manufacturer A, which previously only knew sales volume and market share by store, can use the pseudonymized combined data of convenience store and card consumption to compare and analyze characteristics such as gender, age, and lifestyle of customers purchasing A’s ramen versus competitors’ products. Furthermore, insights gained can be utilized for new product development and targeted linked promotions for specific customer segments.

In particular, the combined data from the collaboration will be commercialized and sold to manufacturers, advertisers, and public institutions through platforms such as the Korea Data Exchange (KDX) and the Financial Data Exchange. Additionally, the combined data analysis will enhance insights into internal customers of both companies, and marketing and other business initiatives based on the linked data will be pursued.

Ahn Jung-sun, Head of Life Information Group, said, "This agreement is significant in that it combines distribution and card data and applies it to business in the era of the Fourth Industrial Revolution. Linked with Shinhan Financial Group’s N.E.O project, it will not only strengthen Shinhan Card’s data business competitiveness but also continuously strive to contribute to the activation of the domestic and international data economy as part of the government’s New Deal policy."

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