What: Lotte Group launched a data governance task force to reinforce its e-commerce business.

Why it is important: Data management is now becoming critical.

South Korea’s retail conglomerate Lotte Group launched a data governance task force under direct control of Kang Hee-tae, Lotte Shopping vice chairman and head of the group’s retail business units, to reinforce its e-commerce business through better use of massive consumer data. It is also part of its efforts to maintain its leading position in the retail market increasingly threatened by emerging e-commerce and online shopping players. The group has established the team to integrate management of the massive amount of data garnered from so many different places to create synergy and discover customers’ need as fast as possible. The group is expected to first use the data processed at the new team to upgrade its online shopping platform Lotte ON launched in April.

Lotte has the highest number (40 million) of subscribers to its membership service Lotte Members among the nation’s retailers. More than 60 million data is collected every month via its retail units.

Lotte going all-out to bolster data power to survive ecommerce competition