About two million businesses are kick-started in South Korea every year but only 30 percent of them manage to survive after five years, according to the Korea Institute for Industrial Economics and Trade. One of the main reasons for business failure is caused by business operators' error in analyzing their business surroundings and market demands.
The telecom company said in a statement on November 26 that the company will release "KT Jalnagagae," a commercial district analysis system, which will offer customers with weekly information updates containing the size of the area's moving population, marketing trend and sales of other businesses in competition.
"Retail and service business operators who found it hard to use big data can now conveniently use commercial district analysis system," KT said. The service will be provided for free for a short period of time.
Previously, similar commercial district analysis services were offered by marketing companies but they provided analyzed area information services based on blocks. KT said that its new service can pinpoint information centered on the store building.
Using big data, KT's analysis service will provide detailed information about how and where consumers are moving through the area around the store building. KT will also provide shop operators with estimated monthly sales of other stores in the same area. The service will analyze social media posts and local news to offer the latest consumer trends in the market.
© Aju Business Daily & www.ajunews.com Copyright: All materials on this site may not be reproduced, distributed, transmitted, displayed, published or broadcast without the authorization from the Aju News Corporation.