Shinsegae Group Executives Discuss Growth Strategy with AI Expert Andrew Ng

Emart and Gmarket CEOs Among 20 Attendees
"AI Is Essential for the Future of Online and Offline Retail"
"AI Must Be Adopted as a New Growth Weapon," Consensus Reached

More than 20 executives from Shinsegae Group, including the CEOs of Emart and Gmarket, met with Andrew Ng, a world-renowned artificial intelligence (AI) expert and professor at Stanford University, to discuss growth strategies. Professor Ng is considered one of the 'Big Four AI Scholars' alongside Yann LeCun of New York University, Yoshua Bengio of the University of Montreal, and Geoffrey Hinton of the University of Toronto. He is currently a professor of computer science and electrical engineering at Stanford University.

Professor Andrew Ng is delivering a keynote speech to the representatives of Shinsegae Group about the use of AI in distribution.
[Photo by Shinsegae Group]

On the 30th, Shinsegae Group announced that it invited Professor Ng to the Chosun Palace Hotel in Seoul to give a lecture and hold discussions on the theme of 'AI Market Changes and Retail Response Strategies.' The event was attended by key group executives, including Lim Young-rok, Head of Shinsegae Group's Corporate Strategy Office, Han Chae-yang, CEO of Emart, Jung Hyung-kwon, CEO of Gmarket, and IT executives from major affiliates.

Professor Ng stated, "The impact of AI on industries is growing increasingly significant," adding, "It is important to understand AI trends specialized for each industry sector and seize opportunities." He emphasized, "Shinsegae Group, with its extensive retail portfolio, must actively utilize AI for future retail innovation."

Executives from Shinsegae Group, including Head Lim, discussed plans with Professor Ng to actively leverage AI for transformation. In particular, CEO Han said, "We aim to organically connect multiple offline stores and online platforms seamlessly from the customer's perspective using AI," adding, "We are deeply considering how to make AI a new growth engine not only for the company but also for each employee." CEO Jung mentioned, "We are envisioning how to use AI to leverage the extensive data accumulated by Shinsegae Group."

Professor Ng responded, "Rapidly advancing generative AI is transforming traditional 'search-based retail' into 'conversational retail,' which will change not only online but also offline stores." He advised, "Companies should try many AI-based projects even in small areas to reduce employees' fear of AI and help them recognize its necessity."

On the 0th, at the Chosun Palace Hotel, Han Chaeyang, CEO of Emart, Lim Youngrok, Head of Shinsegae Group's Management Strategy Office, and Jung Hyungkwon, CEO of Gmarket (from left), are having a conversation with Professor Andrew Ng, an 'AI scholar' (second from left), during a meeting between Shinsegae Group and Professor Ng.
[Photo by Shinsegae Group]

Professor Ng also said, "Many consumers already feel that AI is making their consumption more convenient not only online but also offline," adding, "AI realizes 'hyper-personalized marketing' by analyzing each customer's preferences to recommend products." He continued, "The sophistication of AI ultimately depends on the quantity and quality of big data," and said, "If there is sufficient data, it is possible to connect even previously unconsidered areas to profitable businesses."

Shinsegae Group is currently utilizing AI in various ways. Emart's discount events are designed using AI, and SSG.com has equipped its image search service 'SSG Lens' with its own developed 'multimodal AI.' Starbucks analyzes CCTV footage in real-time at stores to provide partners with information on beverage return stations and store congestion through a dedicated monitor (BDS).

Shinsegae Group plans to enhance corporate competitiveness by making AI a new driving force. A Shinsegae Group official said, "Shinsegae Group will actively utilize AI to realize its vision of providing new experiences and satisfaction to customers both online and offline, leading the new retail market."

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