Homeplus Collaborates with Shinhan Card on Big Data... Joint Development of 'Club' Membership

Integration of Distribution and Financial Big Data
Collaboration on Consumer Information Analysis and New Product Development
Establishment of Investment Indicators for Consumer Sectors and Items

Homeplus is accelerating its management utilizing big data. The photo shows Jang Jung-ho, Head of Marketing Division at Homeplus, and Ahn Jung-sun, Head of Life Information Group at Shinhan Card, from right to left, posing for a commemorative photo after signing a Memorandum of Understanding (MOU) for 'Strategic Business Cooperation Based on Big Data' at Shinhan Card headquarters in Euljiro, Seoul, on the afternoon of the 12th. Photo by Shinhan Card

[Asia Economy Reporter Minyoung Cha] Homeplus is accelerating its management utilizing big data.

Homeplus announced on the 13th that it has signed a data business memorandum of understanding (MOU) with Shinhan Card, the number one credit card company in Korea with 24 million members and a leader in the card industry’s big data business, agreeing to promote joint projects based on big data.

On the afternoon of the 12th, the two companies held an MOU signing ceremony for “Strategic Business Cooperation Based on Big Data” at Shinhan Card headquarters in Euljiro, Seoul, attended by Jang Jung-ho, Executive Vice President and Head of Marketing Division at Homeplus, and Ahn Jung-sun, Vice President and Head of Life Information Group at Shinhan Card.

According to this agreement, Homeplus, the second largest domestic large-scale mart operator, and Shinhan Card will combine their industry-leading big data and expertise?Homeplus’s distribution item data and Shinhan Card’s card consumption data?to jointly discover new business models.

Last June, Homeplus CEO Ilsoon Lim presented in a “handwritten letter” to employees one of six management tasks as “the determination and immersion to become a ‘data powerhouse,’ the absolute new capability of future distribution businesses.”

Through this agreement, the two companies aim to advance beyond a simple card partnership to a “data partnership.” First, they agreed to promote joint projects based on big data by combining their customer data. Accordingly, the pseudonymized combined card consumption data of both companies will be commercialized and provided through financial data exchanges such as the Financial Data Exchange and Korea Data Exchange, allowing manufacturers, advertisers, and public institutions to purchase it. This data can be utilized in various areas such as customer characteristic analysis, new product development, and promotions.

Additionally, they agreed to expand new business planning through joint development and marketing of various lifestyle-based “club” memberships; promote new curation businesses such as subscription services combining Homeplus’s distribution item data and Shinhan Card’s consumption information data; and prioritize cooperation in a three-party data collaboration project among Homeplus, Shinhan Card, and Shinhan Financial Investment (Big Data Center) to jointly develop investment indicators for consumer industries and items.

Jang Jung-ho, Head of Marketing Division at Homeplus, said, “This agreement has created the industry’s largest big data consortium through the cooperation of Homeplus with 8 million membership customers and Shinhan Card with 24 million card members. By combining the big data and expertise held by both companies, we can discover joint new business models and lay the foundation for ‘data management.’”

Ahn Jung-sun, Head of Life Information Group at Shinhan Card, also stated, “This agreement is significant in that it develops differentiated customer services that were difficult to attempt before through the combination of data from the distribution and card industries. Linked with Shinhan Financial Group’s Neo Project, we will continuously strive not only to strengthen Shinhan Card’s data business competitiveness but also to contribute to revitalizing the domestic and international data economy as part of the government’s New Deal policy.”

This content was produced with the assistance of AI translation services.