Seoul's "Our Village Store Business Trend Analysis Service" was launched in 2015 to help small business owners review various factors before starting a new business. A total of 45 types of small businesses are analyzed using big data. Data released by the Korea Institute for Industrial Economics and Trade showed that about two million businesses are launched in South Korea every year but only 30 percent of them manage to survive after five years.
Seoul said in a statement that the upgraded version of the business analysis service was launched on April 19. Previously, business analysis information was provided based on commercial areas shaped in circles with a radius of a few hundred meters. The new version provides more detailed area-specific information based on the walking distance from a target store. It also provides recommendations of promising business types and regions for pre-entrepreneurs. Users can also figure out the number of competitors in the commercial area and the floating population. Business operators can also check information about other competing businesses including business hours, sales and the number of employees.
"The commercial district information provided by our analysis service will help pre-entrepreneurs make rational decisions and enhance the competitiveness of small businesses that suffered a hit by the COVID-19 pandemic," Seoul Credit Guarantee Foundation chairman Joo Cheol-soo said in a statement on April 25.
Big data-based commercial area analysis system was adopted by various domestic companies. In January 2022, Korea Seven, the South Korean operator of convenience store franchise 7-Eleven, partnered with domestic startup solution provider Oasis Business to accurately forecast sales of convenience stores. South Korea's top telecom company KT also released a commercial district analysis system called "KT Jalnagagae," which offers customers weekly information updates including marketing trends and sales of competitors.
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