SEOUL, June 8 (Korea Bizwire) — The e-commerce industry is scrambling to bolster over-the-top (OTT) platforms or create web video series to attract customers. South Korean e-commerce giant Coupang Inc. has recently been focusing on securing exclusive video content for new streaming service Coupang Play for its Wow Membership subscribers. In addition to sports, the [...]
SEOUL, June 7 (Korea Bizwire) — South Korean retail giants Shinsegae and Lotte Shopping submitted their bids to take over South Korea’s third largest e-commerce retailer, eBay Korea, a deal that will shake up the country’s e-commerce retail segment, retail industry sources said Monday. According to the sources, the two retail behemoths submitted their letters [...]
SEOUL, June 7 (Korea Bizwire) — SK Telecom Co., a major mobile carrier, denied a news report Monday that it is planning to sell a stake in its e-commerce unit 11Street to U.S. retail giant Amazon.com Inc. in a bid to bolster its online retail business. Local media had earlier reported that Amazon will exercise [...]
SEOUL, June 6 (Korea Bizwire) — Big-name bidders are believed to be carefully weighing how much to offer on the eve of bidding for eBay Korea, South Korea’s no. 3 retail behemoth, as the deal is expected to bring a seismic change to the local retail industry, industry sources said Sunday. Most of the preliminary [...]
SEOUL, May 6 (Korea Bizwire) — As South Korea’s online gift market is growing rapidly, the nation’s e-commerce businesses are strengthening related services. ‘Online gift’ services allow users to send gifts simply by using a phone number rather than a postal address. At present, there is are no accurate statistics about the size of the [...]
SEOUL, April 13 (Korea Bizwire) — South Korea’s e-commerce giant Coupang Inc. saw its yearly revenue almost double in 2020 from a year ago on the back of explosive growth in the e-commerce sector, and its losses sharply narrowed, filing data showed Tuesday. Coupang’s sales stood at 13.92 trillion won (US$12.38 billion) in 2020, steeply [...]
SEOUL, April 9 (Korea Bizwire) — South Korea’s leading portal operator Naver Corp., said Thursday that its financial arm Naver Financial Corp. will now transfer the full value of transactions conducted via its portal to Smartstore sellers the day after delivery, as part of the company’s ‘Quick Transaction’ policy. Smart Store is an online shopping [...]
SEOUL, March 16 (Korea Bizwire) — South Korea’s No. 1 mobile carrier SK Telecom Co., retail giant Lotte Group and others submitted preliminary bids on Tuesday to buy eBay Korea in a deal that could fetch some 5 trillion won (US$4.42 billion) and bring a seismic change to the fiercely competitive e-commerce sector, industry sources [...]
SEOUL, March 7 (Korea Bizwire) — South Korea’s corporate watchdog said Sunday it plans to revise a law governing e-commerce transactions as an increase in online platform-based trade raised the need to better protect consumers amid a non-contact trend. The Korea Fair Trade Commission (KTFC) said it will seek to revise the Act on Consumer [...]
SEOUL, March 3 (Korea Bizwire) — South Korean e-commerce giant Coupang Inc. is expected to make its landmark debut on March 11 on the New York Stock Exchange (NYSE), a day after fixing its initial public offering (IPO) price, financial industry sources said Wednesday. The speculation came after the NYSE confirmed that the IPO price [...]