This image provided by SK Telecom Co. on Aug. 25, 2021, shows the logos of its new subscription brand T Universe and its partner companies.
SEOUL, Aug. 25 (Korea Bizwire) — SK Telecom Co. on Wednesday introduced a new subscription platform that covers various areas of services as South Korea’s leading mobile carrier eyes to expand its presence in the subscription market.
With the launch of its subscription brand T Universe, SK Telecom said it aims to have 36 million subscribers and achieve an annual gross merchandise value of 8 trillion won (US$6.8 billion) by 2025.
SK Telecom said T Universe offers various subscription products in collaboration with major service providers.
Its partners include global e-commerce giant Amazon and the country’s largest discount chain operator E-Mart for the shopping category.
Global coffee brand Starbucks and Paris Baguette, the country’s leading bakery chain, joined as food and beverage subscription service providers.
T Universe will also cover various digital services after joining hands with players like Google One and Xbox Game Pass. It will also offer mobility, cosmetics, flower subscription, pet products, insurance and education services.
SK Telecom said more subscription products will be available on T Universe as it is currently in talks with around 100 companies for service expansion.
SK Telecom will also offer subscription packages called Universe Pass that groups together subscription products centered around the Amazon Global Store and its e-commerce subsidiary 11Street.
The telecom firm said the Amazon Global Store will allow customers in South Korea to shop for tens of millions of Amazon products on 11Street starting next Tuesday.
It will offer four to six days delivery for over 160,000 products that are frequently purchased by South Korean customers.
“Customers can search and view product information in Korean and pay in Korean won using 11st payment methods,” it said.
“SK Telecom expects that Universe Pass will allow customers to feel as if they are shopping domestically through free international shipping benefits with no minimum spending.”
This file photo taken Aug. 25, 2020, shows the lobby of SK Group’s office building in Seoul. (Yonhap)
To beef up its subscription services, SK Telecom said it will operate around 1,000 specialized subscription offline retail stores nationwide and plans to foster over 1,000 consultants.
“Building on these offline and online channels, SK Telecom also has in place an artificial intelligence (AI) and digital transformation (DT) system through which it can offer subscription products tailored to each individual’s tastes and preferences based on their data,” the company said.
SK Telecom said the outlook for the subscription economy appears to be rosy with the rise of younger generations and contactless trends driven by the COVID-19 pandemic.
The company expected the global subscription market to be around 100 trillion won in 2025.
(Yonhap)
