South Korea: 7-Eleven to enhance its sales forecast through big data-based analysis
The retailer operator in the country has partnered up with a local startup to evaluate data such as sales of nearby shopping malls and traffic volume.
Korea Seven, the operator of the 7-Eleven brand in the country, has announced a new partnership to upgrade its sales forecast. The company has signed an agreement with Oasis Business, a local startup, to provide accurate forecast sales of franchise stores using big data-based commercial area analysis.
According to the local news site Aju Business Daily, the firm published an official statement last week acknowledging the partnership to set up an upgraded version of the startup information system. It will be implemented to estimate sales of affiliated convenience stores through several data collected.
"We will establish a reliable startup information system and provide sophisticated and accurate commercial area information to minimize the risk," said Choi Byeong-yong, Innovation Division Director of 7-Eleven's DT, according to the website.
After the deployment, store owners will be provided a consultant service through a metaverse-based startup platform by the name of Ittang. Information gathered by the system includes analysis of floating population, sales of nearby shopping malls and traffic volume.
The tool will allow users to have special hands-on startup experiences in a virtual space. Through it, owners can observe how daily sales are affected by external factors such as weather and floating population.
