Namdo Market Revolutionizes Traditional Markets with AI, Wins SME Agency Excellence Award

AI retail and wholesale platform NAMDUMARKET was recognized for its innovative digital transformation achievements and won the prestigious Excellence Award at the ‘SME AI Transformation Best Practice Contest’ hosted by the Korea SMEs and Startups Agency (KOSME). At the awards ceremony held on November 19th at the ‘Regional AI Grand Transformation Vision Declaration Ceremony,’ NAMDUMARKET received a commendation from the Chairman of KOSME, proving the magnitude of change AI technology has brought to traditional markets. Namdaemun and Dongdaemun traditional markets, the largest retail and wholesale districts in Korea and the heart of K-distribution, are vibrant hubs generating 30 trillion won in annual transactions and densely populated with 200,000 businesses. However, the deepening digital divide and the sharp decline in visitors due to the COVID-19 pandemic clearly exposed the limitations of offline-centric transactions, leading to a severe crisis. Seizing this crisis as an opportunity, NAMDUMARKET put AI technology at the forefront to fundamentally innovate the transaction structure of traditional markets. In particular, the introduction of AI-based transaction matching algorithms and image recognition technology played a crucial role in revitalizing the market. The ‘ND MARKET’ service, which precisely analyzes transaction data (product registration, frequency, repurchase rate, etc.) to automatically match optimal transactions between wholesalers and retailers, became a reliable facilitator for merchants to secure stable new trading partners. Furthermore, the ‘ND UNCLE’ service, utilizing image object recognition technology, implemented a global expansion environment where overseas buyers can easily place orders just by providing product photos, accelerating the global expansion of K-products. The results were astonishing. Online transaction volume in traditional markets through NAMDUMARKET surged by a remarkable 16 times, customer numbers expanded by 236%, and export value recorded an astounding growth of 559%. By having AI analyze merchants' transaction data and recommend customized trading partners, the offline-centric distribution structure was successfully reorganized into a robust online-centric one. Currently, NAMDUMARKET operates a solid global B2B distribution network connected with buyers from over 20 countries, including Japan, the US, and Southeast Asia, and is dedicated to further enhancing the accuracy of product recommendations and transaction efficiency through AI advancement. Yang Seung-woo, CEO of NAMDUMARKET, stated, “This award holds great significance as it demonstrates that AI technology has brought tangible results in restoring the competitiveness of traditional markets and the retail and wholesale industry,” and expressed his ambition to continue leading the digital transformation of small business owners and artisans and contributing to regional economic revitalization.