Naver adopts global standards for product specifications to make online shopping easier

Naver Shopping CEO Kim Ju-gwang (third from left) and Korea Chamber of Commerce and Industry (KCCI) Chairman Jang Geun-moo (fourth from right) pose for a photo with others after a signing ceremony at the KCCI office building in central Seoul on Monday. [KCCI]

The Korea Chamber of Commerce and Industry (KCCI) and Naver will develop a platform that will systematically manage product information registered by Korean e-commerce businesses and simplify the process of comparing purchasing options for consumers.
The Korea Chamber of Commerce and Industry and Naver signed a memorandum of understanding on Monday to standardize product information circulating online and build a platform where manufacturers, companies and online retailers can manage related information.
Product information is organized using the GS1 International Standard Product Code. GS1 (Global Standard One) is a non-profit international organization with 117 member countries that promotes business communication and standards in the retail industry.
Previously, sellers had to directly register their production information on each e-commerce platform they wanted to participate in, resulting in duplicate and inaccurate details. Sellers also used different formats to register their information, making it difficult for consumers to search and compare prices.
Once this platform is established, merchants will be able to register their products once in a centralized system, where products will be indexed based on their barcodes. Each e-commerce platform will be able to access this information to manage the products sold on their sites.

Consumers also benefit by being able to easily compare selling and buying options from multiple sellers on one platform.
The collected information will also be used as data to inform other industry sectors, such as AI, personalized product recommendations, and analysis of new product trends and consumption patterns.
Naver will develop classification standards for product information and encourage online retailers to register their products on a platform built by the Korea Chamber of Commerce and Industry.
“This agreement with Naver and the creation of a standardized platform will significantly boost the competitiveness of the domestic retail industry, especially amid intensifying competition from Chinese e-commerce companies such as AliExpress and Taemu,” Chang Geun-moo, president of the Korea Chamber of Commerce and Industry, said in a statement. “Even when entering the global market, products can be efficiently distributed based on the international system without the need to enter product codes separately.”

Lee Jae-rim [lee.jaelim@joongang.co.kr]