Daejeon, Korea, Feb. 14 (Korea Bizwire) – Two young Koreans were arrested for a scam in which they purchased 5.7 million won (US$ 5,190) of gift cards through borrowed smartphones. According to a report by Daejeon Seobu Police Station on February 12, the police booked two young persons in their early twenties, known by their [...]
SEOUL, Feb. 10 (Korea Bizwire) — E-mart, South Korea’s biggest discount chain, said Tuesday it is launching sales at an Alibaba-powered online shopping mall, its latest effort to revive retail footing in the world’s second-largest economy after previous expansion attempts flopped. Starting mid-March, E-mart will sell some 100 food and electronic products, such as soybean [...]
SEOUL, Feb. 3 (Yonhap) — Korean Air, South Korea’s top flag carrier, has started to sell tickets through online social commerce stores from late last month, a rare move seen as an effort to reach more customers as it comes under growing pressure from low-cost carriers expanding their market share. Flight tickets for the Seoul-Jeju [...]
“South Korea is the only major global trading nation to have FTAs with the United States, the European Union and China. This uniqueness makes Korea an ideal base for global enterprises seeking market access to the three largest economies in the world. With Alibaba’s ongoing strategy to expand its presence in the global market, it [...]
SEJONG, Jan. 25 (Korea Bizwire) — Overseas direct purchases made by South Koreans reached an all-time annual high of US$1.54 billion in 2014, as consumers sought better bargains and a wider choice of products, the customs service said Friday. The total represents a 39 percent increase compared to $1.04 billion brought in from abroad in [...]
SEOUL, Jan. 16 (Korea Bizwire) – After the official launch of Naver’s Web Novel only two years ago, there are signs that the platform is succeeding in supporting writers, and helping them to earn a considerable amount of income. According to Naver, the web novel platform now features 109 official writers and around 110,000 amateur [...]
SEOUL, Jan. 15 (Korea Bizwire) — Amid controversy over the encroachment of sole proprietor small businesses by the rise of O2O (online to offline) business, it is expected that service fees of delivery apps, representing O2O business, will decrease over time. According to a report released by the KB Financial Group Research Institute, sales of [...]
SEOUL, Jan. 15 (Korea Bizwire) — WeMakePrice, a Korean social commerce company, is suffering a major setback from a decrease in sales, web traffic and online subscribers, thought to be caused by the recent controversy over the company’s firing and re-hiring of 11 merchandising assistants. According to a weekly report by Nielsen Korea on January 14, the [...]
SEOUL, Jan. 12 (Korea Bizwire) — South Korean port city Incheon said Monday it is in talks with Chinese retail giant Alibaba Group for an investment that informed sources said would be in the range of 1 trillion won (US$924 million). “It is true that we are in talks with Alibaba for investments in [...]
SEOUL, Jan. 9 (Korea Bizwire) — WeMakePrice, a Korean social commerce company, is facing criticism after firing 11 merchandising assistants after their two week probation period. WeMakePrice hired 11 assistants and assigned them to sales teams. The assistants worked 14 hours a day, and were paid 50,000 won per day. WeMakePrice said none of the [...]