S. Korean convenience store operators team up with card firms for big data development

Big-name convenience store operators GS Retail and BGF Retail have collaborated with card companies Shinhan and KB Koomin to analyze spending patterns and cater to the diverse needs of consumers.

GS Retail has inked a partnership with Shinhan Card to draw data based on items purchased and consumer behavior.

Combining a wide range of data, including items sold at convenience stores and payment transactions, would give the companies deep insight into their customers that could be utilized in their operations.

GS Retail, the operator of convenience store chain GS25, and Shinhan also intend to sell data, via local data exchange platforms, to a third party.

GS Retail has been tapping the big data segment for retail and consumption, launching a consortium last year with several partners, including SK Telecom, CJ OliveNetworks, and MBN.

BGF Retail, an operator of the convenience store brand CU, utilize the data analysis provided by KB Kookmin Card to tailored product and services that it would offer at its 14,000 stores across the nation.

A BGF official noted that convenience stores attract some 150 million customers every year, and the data it collects via the stores show consumption trends.

As the stores provide data analytics technology for the card companies, card companies are expected to promote their brands and develop new services through the partnership.