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Industries with Unavoidable Physical Contact Hit Hardest by Coronavirus Outbreak

Industries with Unavoidable Physical Contact Hit Hardest by Coronavirus Outbreak

SEOUL, March 4 (Korea Bizwire) — Different industries are experiencing a variety of outcomes with the novel coronavirus outbreak prompting people to avoid face-to-face contact. The e-commerce market is rapidly expanding as “untact consumption,” referring to consumption without face-to-face contact, continues to gain popularity. However, the service sector, where customers and employees have direct physical [...]

Coronavirus Outbreak Prompts Changes in Consumer Preferences

Coronavirus Outbreak Prompts Changes in Consumer Preferences

SEOUL, Feb. 21 (Korea Bizwire) — Shopping patterns have changed since the outbreak of the new coronavirus, as demand for products to take care of one’s appearance has decreased and purchases of products related to health, hygiene and convenience have increased, the TV shopping channel said. Lotte Home Shopping Inc., a subsidiary of retail conglomerate [...]

Retail Giants Undergoing Painful Restructuring amid Earnings Shock

Retail Giants Undergoing Painful Restructuring amid Earnings Shock

SEOUL, Feb. 20 (Korea Bizwire) — After years of a slump and dwindling profitability, South Korean retail giants have turned their eyes to the online business in the face of growing e-commerce operators that have changed the landscape of the retail industry here. Despite the retail behemoths’ heavy spending on IT infrastructure to revamp its [...]

E-commerce Battleground Turns to ‘Easy Returns’

E-commerce Battleground Turns to ‘Easy Returns’

SEOUL, Feb. 18 (Korea Bizwire) — The e-commerce industry, which has long emphasized “fast delivery,” is now expanding its services, with competition now turning to offering “easy returns”. South Korea’s major shopping portal 11st said Monday that it has introduced a service to offset return costs caused by customers exchanging products, in which an insurance [...]

Imports of Japanese Consumer Goods Down for 7th Month amid Boycott

Imports of Japanese Consumer Goods Down for 7th Month amid Boycott

SEOUL, Feb. 18 (Korea Bizwire) — South Korea’s imports of key consumer goods from Japan fell for the seventh consecutive month in January as a boycott of Japanese goods has dragged out amid their monthslong feud over their shared wartime history, data showed Tuesday. Imports of consumer goods from Japan dipped 35.9 percent from a [...]