Hwasung Jeon's Innovation Company Morning Briefing #1002: Farmkit

The YouTube program 'Startup Morning Coffee,' hosted by CEO Jeon Hwa-seong, is gaining attention by vividly conveying the vibrant scene of the startup ecosystem. Meeting viewers live every day at 8:40 AM on the 'Jeon Hwa-seong's CNTV' channel, this program deeply explores the core competencies and market potential of promising startups. In particular, interactive communication through real-time comments serves as a valuable platform for information exchange for those interested in startups. 'Farmkit,' recently introduced on the program, has captured attention as a technology company poised to bring innovation to the food commerce market. A chronic problem faced by food commerce companies—low purchase conversion rates, averaging only 2.6% despite high marketing costs, and the resulting deterioration of profitability—is a major concern in the industry. To solve these challenges, Farmkit provides personalized recommendation and advanced CRM marketing technologies, particularly drawing attention with its 'FoodQ' solution, which strengthens on-site marketing. Farmkit's core competitiveness lies in its sophisticated AI-based personalization services. Representative services include an AI personalized product recommendation feature that analyzes a company's commerce mall data to suggest customized products based on food preferences, and an AI personalized diet recommendation service that automatically generates healthy meal plans through surveys. Currently, various companies, including Samyang Foods and other proprietary mall-based shopping sites, specialized malls like Dolswoine Agricultural Products, and Dr. Coach, are adopting Farmkit's solutions, proving their effectiveness. Farmkit has not only successfully completed CNT Tech's 'Next Elevation' support program but also secured direct investment from CNT Tech and is proceeding with TIPS (Tech Incubator Program for Startup) linked projects, laying a solid foundation for growth. CEO Jeon Hwa-seong offered a very positive outlook on Farmkit's future. It is evaluated that if the current service model is expanded to an on-premise model targeting large corporations, it is expected to achieve significantly higher growth than at present.