AI forecast turns franchise success on 7-Eleven.
Ever since “Clerks,” we’ve been dreaming of our own convenience store where we can hang out with our buddies, philosophize about life, and do good business on the side. For the latter, however, the store has to be on the right corner, otherwise you’ll just wilt your sausages. An AI now reveals whether the location has the potential to become a gold mine – at least if you want to open a 7-Eleven in Korea.
With AI matchmaking to the top location
This is because 7-Eleven in Korea has recently started using artificial intelligence to give potential franchisees an idea of their potential for success. To this end, the convenience store chain of the Korean retail giant Lotte Group has developed an AI solution in collaboration with the start-up platform Oasis Business to support potential franchisees in their decision to start a franchise business.
Tell me where the convenience stores are thriving.
To do this, the AI analyzes data on population density, sales figures for neighborhoods near shopping centers, local rental prices and traffic volumes.
Sounds as obvious to us as the candy bars in the quench zone. While people in Korea are generally open to the craziest things, they understandably like to err on the side of caution when it comes to the not entirely risk-free decision to open their own franchise store.
The AI knows what works – and where.
Choi Byung-yong, Digital Transformation Innovation Team Manager at 7-Eleven sums it up, “With Oasis Business, we will be able to conduct a digitized analysis of the business unit. We plan to offer data that can minimize the risk of failure when starting a new franchise.”
Not only Jay and Silent Bob give it a thumbs up, but also we at GROW Digital Group. After all, it really doesn’t get much more useful than 7-Eleven and Oasis Business’ idea of an AI solution in the B2B space. We’re toasting to that now with an extra large Slurpee.