SEOUL, May 16 (Korea Bizwire) — South Korean cosmetics and household goods maker LG Household & Health Care Ltd. and food manufacturer CJ Cheiljedang Corp. have formed new partnerships with other online shopping malls, following their decision to withdraw their products from the e-commerce giant Coupang Inc.’s platform due to pricing conflicts. Gmarket said Monday [...]
SEOUL, May 10 (Korea Bizwire) — Coupang Inc. said Wednesday it racked up a profit in the first quarter and posted a record-high quarterly net revenue and gross profit, thanks to the company’s operational improvement and increased sales. The net profit of South Korea’s top e-commerce retailer reached US$90.9 million in the first quarter, compared [...]
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 [...]