Kang Seok-woo, Executive Vice President of the Korea Franchise Industry Association (KFIA), and Kim Do-hyun, CEO of JB Group, signed a Memorandum of Understanding (MOU) on February 9th at the SBA International Distribution Center in Gangseo-gu, Seoul.

The signing ceremony was attended by over 10 officials, including key representatives from the association and JB Group.

Supporting Small Businesses Amid Economic Challenges

The KFIA and JB Group have agreed to collaborate on improving the business environment for small business owners who are facing challenges due to inflation and weakened consumer spending.

Kang Seok-woo, Executive Vice President of the KFIA, emphasized the importance of practical support:

“Despite the end of the COVID-19 pandemic, many small businesses are still struggling with high inflation and reduced consumer demand. We will work closely with JB Group’s integrated mileage system to help franchise member stores recover and increase their sales.”

Promoting JB Group’s Integrated Mileage System

The association will promote JB Group’s integrated mileage system among its franchise members, ensuring that the mileage provided to consumers can be seamlessly redeemed at member stores.

JB Group operates as an ICT-based platform company that combines a postpaid advertising system with its mileage program. Businesses only pay advertising fees after revenue is generated, ensuring efficient marketing spending. JB Group also plans to provide special benefits to franchise members that adopt the system, creating a positive feedback loop for both businesses and consumers through reward incentives.

Expanding Collaboration through Key Platforms

Both organizations will explore further collaboration through various initiatives, including the K-Franchise Comprehensive Support System and the IFS Franchise Seoul startup expo. The goal is to expand the adoption of the integrated system and promote improvements that benefit the industry as a whole.

Copyright © Food Journal foodnews. Unauthorized reproduction or redistribution is prohibited.

Source: Food Journal foodnews