Naver's Bold Move to Connect 'Small Business Owners and Creators'... 180 Billion Won Investment

[Asia Economy Reporter Bu Aeri] "Connection creates new stories and new opportunities."

Han Seong-sook, CEO of Naver, has placed a strategic bet on 'digital business' that connects 4.8 million small and medium-sized enterprises (SMEs) and 1.6 million creators active on Naver. The aim is to share creators' 'knowledge' and 'experience' to help SMEs settled on Naver grow. The intention is to strengthen 'connection' so that the crisis of the novel coronavirus infection (COVID-19) becomes an opportunity for contactless (untact) interaction.

Connecting Business and Knowledge Within Naver

At an online press conference held on the 24th, CEO Han explained, "While collaborations between famous artists and large brands are actively taking place offline, it is difficult for those conducting business or creative activities on a smaller scale to discover each other and collaborate." Naver plans to create new business opportunities by connecting SMEs and creators based on its platform technology. CEO Han said, "Naver's various technologies and platforms such as search, artificial intelligence (AI) recommendation, and data provide the foundation to connect SMEs and creators," adding, "We will create new digital business synergy by connecting business and creative activities through Naver's technology."

To this end, Naver is launching the 'Expert for SME' program, which connects Smart Store sellers with 1,000 knowledge experts (iN Experts). This method allows Smart Store sellers to easily meet experts. For example, sellers engaged in overseas direct purchase businesses can be connected with customs brokers, and sellers operating both online and offline stores can be quickly connected with labor attorneys and tax accountants. Smart Store sellers can easily meet experts who can assist according to their business growth stage and industry, while Expert professionals secure regular customers.

Naver is also preparing a 'Brand Connect Platform' to connect influencers and brands. Since its launch last year, 12,000 influencers have been active on the 'Influencer Search,' with more than 71% receiving advertising compensation. The 'Brand Connect Platform' provides information on their activity status and latest content. Naver stated, "We expect it will help brands discover creators that fit their marketing concepts and characteristics."

Hansung-sook, CEO of Naver

SME Loans Launched... 180 Billion KRW Investment Also

Naver is also preparing to launch the 'Smart Store Business Loan Service' in partnership with financial companies within this year. Previously, Naver introduced that this product allows applications even without a physical store or income as long as there is a certain amount of sales on Naver Shopping, and that loan approval rates and limits are high due to loan screening based on business information. This aims to assist Smart Store sellers with financing for business growth, and if 4.8 million SMEs use it, the ripple effect on the financial sector is expected to be significant.

Additionally, Naver will invest 180 billion KRW over two years in growth programs supporting SMEs and creators. CEO Han stated, "As data-driven growth programs for SMEs and creators diversify, we will invest 180 billion KRW over two years to create greater added value in the future."

Naver also supports strengthening the global capabilities of SMEs. To this end, it has prepared the 'Global Small Giants' training program, where SMEs can gain global experience. This method involves transferring the experiences of webtoon artists who explored local business possibilities by participating in overseas conferences and book fairs to SMEs. CEO Han said, "Next year marks the full-scale integration of management in Japan, which will be an important momentum for Naver's global business," adding, "Once COVID-19 ends, we will lay the foundation for SMEs to operate in larger markets."