This file photo taken on Aug. 28, 2020, shows a street of restaurants and entertainment facilities full of pedestrians in eastern Seoul. (Yonhap)
SEOUL, Sept. 7 (Korea Bizwire) — An increasing number of companies are using data instead of ‘guts’ to do business with the introduction of various services that analyze sales and market trends.
Last February, major South Korean credit card issuer Samsung Card Co. introduced LINK Partner, a service that collects and analyzes customer payment data from member stores.
Member stores can easily find out the gender and age group of customers frequenting their shops, as well as their level of income and occupation. They can compare the data with neighboring commercial districts.
Cashnote, developed by startup Korea Credit Data, analyzes a store’s card payment data to find out which menu items have been the most popular during a certain period, or how many regular customers there are.
It shows the amount of revenue generated by new or returning customers, or what kind of products have been sold the most for a certain time frame.
Previously, these were areas that businesses had to use their ‘gut feeling’ to understand.
Table Manager, a startup for restaurant reservations and customer management, introduced a new service early this year that anticipates empty tables.
It analyzes the store’s reservation patterns, data sorted by business type, weather information, and other data using artificial intelligence (AI) technology to anticipate how many customers will visit the restaurant in the following week.
Restaurants can use this service to fill up anticipated empty tables by offering discounts.
H. M. Kang (hmkang@koreabizwire.com)
