POHANG, Oct. 10 (Korea Bizwire) – The coastal city of Pohang in North Gyeongsang Province is actively pursuing Costco, the American multinational wholesale corporation, in a bid to boost its local economy and improve living conditions for its residents. However, the potential location of the store has become a topic of debate among citizens and officials [...]
SEOUL, Oct. 10 (Korea Bizwire) – Three key South Korean government bodies announced on October 9 that they will initiate a bidding process for a consultancy project aimed at establishing guidelines for a Digital Product Passport (DPP) response platform. The Ministry of Trade, Industry and Energy, the Digital Platform Government Committee, and the Ministry of Science [...]
SEOUL, Oct. 9 (Korea Bizwire) – South Korea’s job market presented a mixed picture in the first half of 2024, with significant job losses in construction and retail sectors contrasting with growth in social welfare and software development, according to a report released by Statistics Korea on October 8. The “Regional Employment Survey: Industrial and Occupational Characteristics [...]
SEOUL, Oct. 4 (Korea Bizwire) – Coupang, the South Korean e-commerce giant, has seen an increase in its user base despite raising its membership fees. This development challenges predictions of a mass exodus from the platform and underscores the company’s strong market position in a fiercely competitive landscape. According to data from WiseApp, Coupang’s monthly active [...]
SEOUL, Oct. 2 (Korea Bizwire) – The South Korean Fair Trade Commission (FTC) has initiated regulatory action against AliExpress, the popular Chinese online shopping platform, over allegations of false advertising. On September 30, the FTC sent a report detailing potential sanctions to an AliExpress affiliate responsible for product sales. The commission determined that the company’s advertisements, [...]
SEOUL, Sept. 30 (Korea Bizwire) — Prosecutors on Monday grilled an e-commerce tycoon believed to be at the center of the large-scale insolvency incidents involving online shopping platforms TIMON and WeMakePrice. Ku Young-bae, CEO of the Singapore-based Qoo10 Group, the parent company of TIMON and WeMakePrice, underwent questioning as a fraud and embezzlement suspect at [...]
SEOUL, Sept. 27 (Korea Bizwire) – The rise of e-commerce in South Korea has led to a steady decline in retail employment, with the number of sales workers decreasing for 60 consecutive months, according to recent government data. Statistics Korea reported on September 26 that the number of sales workers last month stood at 2.55 million, [...]
SEOUL, Sept. 19 (Korea Bizwire) – In a move to elevate customer satisfaction, Hyundai Department Store announced on September 18 the implementation of an artificial intelligence (AI) system called Insight Labs to assist its employees in customer interactions. Developed in-house, Insight Labs is designed to analyze customer complaints and feedback related to department store experiences, offering [...]
SEOUL, Sept. 12 (Korea Bizwire) –Lotte Asahi Liquor, a prominent player in South Korea’s beverage industry, announced on September 12 that it will officially launch its premium beer Asahi Shokusai in the Korean market on September 24. This move comes after a limited release earlier this spring that garnered significant attention from beer enthusiasts. [...]
SEOUL, Sept. 11 (Korea Bizwire) – As inflation continues to squeeze household budgets, South Koreans are turning to secondhand marketplace applications in record numbers, according to a recent study. App and retail analysis service Wise App reported on September 10 that last month saw an all-time high in both installations and active users of major secondhand [...]