SEOUL, April 24 (Korea Bizwire) — The e-commerce industry in South Korea is actively introducing measures to prevent the sale of fake products to improve consumer trust. Lotte On, an e-commerce platform of retail giant Lotte Group, has been using an artificial intelligence (AI) 24-hour monitoring system since January to detect any suspected counterfeit products. [...]
SEOUL, April 6 (Korea Bizwire) — Singapore’s Qoo10 said Thursday it acquired the entire stake in the South Korean social commerce platform Wemakeprice Inc., in the e-commerce giant’s ongoing efforts to expand in South Korea. Qoo10 said it acquired an 86.2 percent stake in Wemakeprice from its largest shareholder, Wonder Holdings Co., as well as [...]
SEOUL, April 5 (Korea Bizwire) — A handful of South Korean manufacturers are seeing their sales rise through Naver Corp.’s shopping platform after splitting with e-commerce giant Coupang Inc. due to feuds over prices. Cosmetics and household goods maker LG Household & Health Care Ltd. announced that the average sales of its premium detergent brand [...]
SEOUL, March 31 (Korea Bizwire) — Qoo10 said Friday it is taking over the entire stake in Interpark Commerce Corp. from the South Korean booking app Yanolja Co. for about around 150 billion won (US$114.9 million), as the Singapore-based e-commerce platform is pushing to strengthen its presence in South Korea. Qoo10 will acquire the entire [...]
SEOUL, March 10 (Korea Bizwire) — Boosted by the popularity of U.S. electric carmaker Tesla Inc., automakers are increasingly adopting online car selling platforms to revive sales in South Korea amid the prolonged COVID-19 pandemic. In 2017, Tesla began to sell its vehicles through an online platform in South Korea, raising questions over the effectiveness [...]
SEOUL, March 9 (Korea Bizwire) — AliExpress Korea plans to invest about 100 billion won (US$75.7 million) in South Korea this year, the top executive said Thursday, as the online retailer backed by China’s Alibaba Group is pushing to strengthen its presence in the growing cross-border shopping market. The investment is meant “to offer more [...]
SEOUL, March 3 (Korea Bizwire) — Online shopping in South Korea surged 6.3 percent on-year in January as the purchase of travel services more than doubled on eased COVID-19 restrictions around the globe, data showed Friday. The value of online shopping transactions amounted to 17.91 trillion won (US$13.64 billion) last month, compared with 16.8 trillion [...]
SEOUL, March 1 (Korea Bizwire) — Coupang Inc. said Wednesday it posted a profit for the second consecutive quarter in the final three months of last year on operational improvements. The South Korean e-commerce giant’s net income came to US$102.1 million in the October-December period last year, compared with a net loss of $405 million [...]
SEOUL, Feb. 13 (Korea Bizwire) — South Korean online grocer Oasis Corp. cancelled its planned initial public offering (IPO) on Monday amid lackluster investor sentiment. Oasis said it submitted a withdrawal letter after it received a lackluster response from domestic and foreign institutional investors during a two-day demand forecasting session last Tuesday and Wednesday amid [...]
SEOUL, Feb. 9 (Korea Bizwire) – Oasis Corp., a South Korean e-grocery store operator, on Wednesday announced its ambition to boost its members and build new logistics centers as it prepares to go public in the local stock market later this month. Oasis will debut on the secondary KOSDAQ market on Feb. 23, becoming South [...]