Jaehyun Park, CEO of Sunday Thinker. /Photo = Provided by Sunday Thinker
There is an e-commerce analysis service that has 120,000 users in 4 months of launch and is growing by more than 10% every week. It is’Panda Rank’. This service was recommended by the economy and financial tech YouTuber’Shinsaimdang’ with 1.33 million subscribers and became a hot topic.
Sunday Thinker Park Jae-hyun, 31, who created this service, introduced himself, “We are operating the world’s easiest market research service.” As he said, Pandarank is a data analysis service, but you can’t find the word’data’ anywhere on the website. The reason is that ordinary people think of data as’complex and cumbersome’.
Instead of introducing these’complicated and cumbersome’ numbers to small business owners, Panda Rank said,’Is the price higher than that of the competitors?’,’Is the competition too fierce?’ It helps you to grasp your back intuitively.
Panda Rank is a service that melts Park’s experience so far with an algorithm. He said that he started his first business without fear at the age of 21 and ran several services for 11 years. Representatively, he founded’Lumud’, an interior accessory company in 2016, and used e-commerce to generate sales of 5 billion won over three years and sold it in 2019.
“The reason why most beginners fall in e-commerce is not a matter of enthusiasm,” he explained. “Using web data properly is the key to success.” But “the general public and early stage companies rarely use it,” he said. That is why Pandarank was made with the aim of making e-commerce widely beneficial with data.
The equation of success of a young businessman,
It was dissolved with an algorithm so that even elementary school students can use it.
As with any business, Park believes that the data business should be more user-friendly. In general, in the industry, a person in charge of marketing performance evaluation is used to analyze return on investment (ROAS) and cost per thousand advertisements (CPM), etc., to be used for corporate strategy, or to employ high-paid data scientists to analyze their commerce. However, there are many cases where small business owners have neither the ability nor the circumstances.
CEO Park said, “Small business owners have to find out whether they are spending too much advertising money or too low prices by pulling out data,” he said. “But it is too difficult to use application program interface (API) data open to the web.” Pointed out. “If you say’relative ad click is 2.4287′, can a non-professional founder understand?” he asked.
Sunday Thinker’s e-commerce analysis service’Panda Rank’. There are six market analysis frames of CEO Park Jae-hyun. For user convenience, data visualization was taken from the game. /Source = Panda Rank Homepage
Therefore, Pandarank has lowered the barriers to entry so that people who have just entered e-commerce, even elementary school students, can run data-driven businesses without marketers or data scientists. He said, “If you look at Panda Rank, you can intuitively judge that’advertising costs are high’,’shopping conversion rate is high’, and’competition is fierce.”
He then explained, “Here is my own frame of understanding the market and products,’Shiban must-read permission’,” he explained. The analysis visualization also took a lot of it from the game. This is because users can intuitively and conveniently use data.
Is e-commerce Red Ocean?
MZ generation and AI will grow more sales
The reason he created a service for the e-commerce market is because of its infinite potential. There are three main reasons for his confidence in e-commerce. The first is the characteristics of new generations such as the MZ generation (millennials and generation Z in their 10s and 30s). He explained, “It is quite different from the old generation in that the new generations think of the company separately from the individual,” he said. For this reason, the number of people seeking side jobs will increase, and after retirement, the number of people willing to enter e-commerce that is easier and sells a variety of goods will increase, he predicts.
The second is the belief that the acceleration of digital and the spread of artificial intelligence (AI) due to the novel coronavirus infection (Corona 19) will advance the “age of side jobs” by reducing working hours. “As technology advances, human working hours will become shorter and surplus hours will increase,” Park said. “As Elon Musk said, everyone may receive a basic salary.”
“In such a future, one of the three will only play, eat, and consume in their spare time, and the other will self-develop or enjoy hobbies,” he said. “The other one will try to generate additional income. At this time, on an individual basis, the most “E-commerce using smart stores and the like is an area with low accessibility and good business potential,” he said.
Third, offline is a game that depends on a finite floating population, but e-commerce has infinite customer potential, so the market potential is endless. He emphasized, “If the online market is still, no one will come, but if you do well with thorough data analysis, the number of customers is infinite.”
He said, “There are many blue ocean categories that are still unexplored,” in response to some concerns that the online market is red ocean. He said, “E-commerce has more than 5000 categories,” he said. “There are too many fields in the Korean market that have not yet entered the market compared to overseas.”
I have to draw a future that is bigger than profit before my eyes
Panda Rank is open for free. CEO Park said, “I will continue to adhere to the free policy in the future.” It is calculated that only users lose if paid for profits immediately. As with successful platform services such as the carrot market, the goal is to eliminate barriers to entry with free services, and to generate revenue through additional businesses when more users are secured. Even now, about 80% of the service is made available without login. Membership registration is just as much as requiring text authentication.
CEO Park said, “In the future, we plan to conduct business-to-business transactions (B2B) targeting distribution and manufacturing based on data,” he said. “Panda Rank is an e-commerce big data company and dreams of becoming a hub for sellers and companies. “He said.
Shin Hyun-bo, Hankyung.com reporter [email protected]