SEOUL, Aug. 7 (Korea Bizwire) — The government will push to shorten the period of payment settlement for e-commerce platforms to their vendors and require that companies separately manage funds needed for payments in an effort to prevent a recurrence of the crisis involving Qoo10-owned marketplaces, the finance ministry said Wednesday. They are part of [...]
SEJONG, Aug. 2 (Korea Bizwire) – In a significant shift in consumer behavior, South Korea’s overseas direct purchases, commonly known as “jikgu,” surpassed 2 trillion won in the second quarter of this year. This milestone, reached for the first time since record-keeping began in 2014, was largely driven by a dramatic increase in purchases from China. [...]
SEOUL, Aug. 1 (Korea Bizwire) — Finance Minister Choi Sang-mok vowed Thursday to seek measures to extend additional financial support for vendors and customers hit by payment delays on e-commerce platforms of TMON and WeMakePrice, if needed. Choi made the remarks during a macroeconomic meeting, also pledging to swiftly devise policy measures and regulations to [...]
SEOUL, Aug. 1 (Korea Bizwire) — Prosecutors raided the headquarters of TMON and WeMakePrice on Thursday as part of an investigation into the e-commerce platforms’ delayed payments to vendors sparked by a liquidity crisis engulfing the companies. The Seoul Central District Prosecutors Office sent investigators to the two firms’ headquarters, the home of Ku Young-bae, [...]
SEOUL, Jul. 31 (Korea Bizwire) – A recent report by CJ ENM’s digital marketing firm MezzoMedia reveals a growing trend among South Korean consumers: maximizing value from limited time across shopping, gaming, and content consumption. The 2024 Consumer Trends Series report, released on July 29, highlights consumers’ increasing preference for products and services that minimize wasted [...]
SEOUL, Jul. 29 (Korea Bizwire) – Lee, a 29-year-old office worker, has decided to cut back on the dawn delivery service she once used once or twice a week. Her decision came after learning about the tragic death of a delivery driver in his 40s who was swept away by floodwaters while making early morning deliveries [...]
SEOUL, Jul. 29 (Korea Bizwire) — The government has decided to extend at least 560 billion won (US$445.07 million) of funds to support small vendors suffering from payment delays by the e-commerce platforms TMON and WeMakePrice, the finance ministry said Monday. The two South Korean marketplaces have been in a crisis after failing to make [...]
SEOUL, July 25 (Korea Bizwire) – The personal information watchdog fined AliExpress, a Chinese e-commerce retail platform, 1.9 billion won (US$1.37 million) on Thursday for leaking the personal information of South Korean customers to about 180,000 overseas sellers without informing them. The Personal Information Protection Commission approved the decision during its plenary meeting, marking the [...]
SEOUL, July 23 (Korea Bizwire) – Hyundai Premium Outlet announced on July 23 that it will pilot an artificial intelligence service called ‘AI Human’ at its Songdo location until August 18, aiming to enhance the shopping experience for international customers. Developed in collaboration with DeepBrain AI, a specialist in generative AI technology, the service offers voice-based [...]
SEOUL, Jul. 22 (Korea Bizwire) — Alibaba.com, China’s largest online marketplace, said Monday it will open an exclusive website for South Korean companies next month, reflecting a growing demand from B2B buyers for Korean-made products. Korean products have been available at the Chinese platform, but there has been no such site that showcases only the [...]