SEOUL, Nov. 21 (Korea Bizwire) — Coupang said Wednesday it has attracted US$2 billion from Japan’s Softbank Group Corp., a move that could give a boost to South Korea’s top e-commerce company mired in mounting losses in recent years. The South Korean retailer said it will use investments from Softbank Vision Fund in innovating its [...]
SEOUL, Nov. 15 (Korea Bizwire) — An annual sale offered on November 11 by the Turkish edition of the popular Korean e-commerce website 11Street has become Turkey’s most popular “shopping day” just three years after it was first held. The website known as n11 (www.n11.com) revealed yesterday that it had recorded approximately 50 billion won [...]
ULSAN, Nov. 15 (Korea Bizwire) — The city of Ulsan and KT Corp. signed a memorandum of understanding on Wednesday to adopt a mobile currency for the city. The two parties agreed to carry out preparatory projects to adopt the local currency, conduct joint studies and research projects, exchange information, and discover innovative ideas that [...]
SEOUL, Nov. 12 (Korea Bizwire) — The Korean Customs Service (KCS) has launched a crackdown on illegal imports and the resale of imported products until November 28 as transactions via foreign direct purchasing are expected to jump due to China’s annual Singles Day. The KCS will be focusing on the act of reselling products acquired [...]
SEOUL, Nov. 11 (Korea Bizwire) — South Korea’s online malls have raked in sales during massive discount campaigns held well in advance of Black Friday in the United States, according to industry insiders Sunday. Major online malls and market places presented door-busting deals in early November to entice consumers even before department stores and discount [...]
SEOUL, Nov. 9 (Korea Bizwire) – The Korea Customs Service and Korea Post announced yesterday that they will be cracking down on “fake” branded goods produced in China from November 11 to 30. The crackdown is in response to the worry that a significant number of fake products will infiltrate the nation during Singles’ Day, [...]
SEOUL, Nov. 8 (Korea Bizwire) — Popular South Korean food products are gaining ground in the Chinese online food market. Online direct purchasing, where customers buy products directly from sellers rather than through agents, is becoming extremely popular among Chinese consumers interested in Korean food products. The Korea Agro-Fisheries and Food Trade Corp. (aT) announced [...]
SEOUL, Nov. 2 (Korea Bizwire) — Of the many foreign-made household appliances that can be purchased directly from foreign e-commerce websites, electric stoves and vacuum cleaners were found to be cheaper on foreign websites, while air purifiers produced overseas were cheaper on local websites. According to a comparison survey by the Korea Consumer Agency (KCA) [...]
SEOUL, Oct. 22 (Korea Bizwire) — Online shopping sites are losing visitors, with the number falling by some 14 percent over the past two years, industry data showed Monday. The data counted 77.97 million people visiting the six major online shopping malls in September, down from 83.86 million in the same month last year. Compared [...]
SEOUL, Oct. 15 (Korea Bizwire) — Airbnb Inc. launched a campaign on Monday to call for a revision to the law to allow South Koreans to share their homes with domestic travelers in the country’s major cities, it said. Under South Korea’s Tourism Promotion Act, residents in urban areas, excluding rural communities defined by law, [...]