Learning from Successful Merchants

LEE Kap-Soo, Research Fellow, Samsung Economic Research Institute

Merchants in traditional markets face intense competition

Customers want more convenience, selection and better service

Merchants need to innovate in marketing, products and operations to survive

Marketing

Nambu Market Youth Mall
Nambu Market in Jeonju targets young consumers with coffee shops, board game cafes and unique merchandise

Products

Aihasi
Aihasi in Busan's Kukje Market uses traditional craftsmanship and environmentally friendly techniques to make high end wooden chopsticks

Operations

Yuseong Meats
Yuseong Meats in Dongsang Market modernized its displays and posted all prices, then convinced its neighbors to do the same.

Successful traditional merchants have learned to be ST.R.O.N.G.

ST.R.O.N.G.

Spirit
Desire to do their best
Target
Set clear and precise goals
Relationships
See things from the customer's perspective
Better service, attractive packaging and design, transparent pricing
Only one
Provide products that stand out from the crowd
Be the only place to find a product
Network and Ground
Work with other merchants, and remain true to traditional markets
Share innovations with others, and maintain the atmosphere of markets

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