Market Analysis
As we know, market analysis studies the attractiveness and the dynamics of a special market within a special industry. It is part of the industry analysis and thus in turn of the global environmental analysis. Through all of these analyses, the strengths, weaknesses, opportunities, and threats (SWOT) of a company can be identified. Finally, with the help of a SWOT analysis, adequate business strategies of a company will be defined. The market analysis is also known as a documented investigation of a market that is used to inform a firm's planning activities, particularly around decisions of inventory, purchase, workforce expansion/contraction, facility expansion, purchases of capital equipment, promotional activities, and many other aspects of a company.1
So today we will try to analyze the market status of RINGx Platform
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Mileage market size of Korea
First of all, I would like to start with that, the size of the local mileage market exceeded 10 trillion won in 2017, according to a release by Korean Statistics. As the online purchasing lifestyle becomes more robust, the mileage market continues to grow in tandem with the growth of the online e-payment market.
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Mileage of Korean Credit Card
The second one, the size of the local mileage market for credit cards, most commonly used as an electronic payment tool, exceeded 3 trillion won in 2018, according to the data by the Financial Supervisory Service.
Market Status
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Sales of 2018 by contents sector
Talking about the Market Status, I would like to talk that, the Korean content industry has been growing steadily over the past five years, reaching 116 trillion won in 2018 after surpassing 100 trillion won in 2015. Interest in content has led to purchases and is being reflected in the growth of the content industry.
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Sales pf 2018 by contents sector
The users of contents in Korea are relatively evenly interested in various areas, including publishing, music, movies, broadcasting, characters, games and advertisements.
Issues of Market Analysis
• Lack of expertise in running mileage shopping malls
• Urgent to increase online traffic
• Inconvenience use of mileage
• A small amount of mileage is easy to forgettable
• Complaints about corporate policies in which mileage will expire after a certain period of time.
• Complaints due to lack of use and limited use of mileage
• Reduced profitability due to bleeding competition among content providers
• Platform company's unreasonable profit distribution structure and complex distribution structure
• Encourage mileage consumption policies to protect consumer rights and interests
• Cash-for-customer's Mileages
• Encourage the conversion of miles to third-party mileages
• The policy of donating expired mileage to the public service foundation
Vision
RINGx Platform is a mileage integration platform that converts the mileage that customers used to leave unused to RINGx mileage, providing a chance to use and trade in a stable, convenient way. By bringing distributed customer miles together, RINGx Miles, which is an integrated mileage, is provided to enable customers to use within the platform. This not only provides customers with a variety of conveniences and benefits but also significantly reduces the debt and marketing costs of mileage issuers and provides content providers with new market places to create new markets.
In conclusion, based on its partnership with developers with extensive experience in developing financial technology, RINGx Platform extends its business areas to financial companies, airlines, telecommunications, oil refiners and distributors, targeting all industrial groups and their customers covered by mileage. Ultimately, we want to create a global mileage integration ecosystem through the RINGx Platform and build a mileage integration ecosystem for all economic people around the world.
Form more information check RING Platform