SEOUL, March 5 (Korea Bizwire) – Online shopping sales in South Korea rose 12.1 percent on-year in January on the back of growing demand for tourism and transportation services ahead of the Lunar New Year holiday, data showed Tuesday. The value of online shopping transactions amounted to 20.28 trillion won (US$15.21 billion) in January, up [...]
SEOUL, Jan. 11 (Korea Bizwire) – As it approaches its third year of being listed on the U.S. stock market, South Korean e-commerce giant Coupang is generating buzz with expectations of its first-ever profit. However, the company faces intensifying competition with the entry of Chinese shopping platforms like AliExpress, raising concerns about the slowing growth of [...]
SEOUL, Dec. 11 (Korea Bizwire) – In a trend reflective of the times, e-commerce platforms in South Korea are increasingly becoming the main stage for cost-effective consumption, witnessing a rise in so-called ‘frugal spending.’ With soaring prices increasing consumer sensitivity to costs, there’s a notable surge in demand for products priced below 10,000 won. One example [...]
SEOUL, Oct. 17 (Korea Bizwire) – A warning has been issued regarding counterfeit products being sold on Naver’s Smart Store portal. It has been revealed that up to 300,000 counterfeit products, including fake Chanel perfume containing urine, are being sold on Naver’s portal. According to the ‘Status of Counterfeit Product Detection by Online Platforms’ issued by the [...]
SEOUL, Oct. 3 (Korea Bizwire) –The market for online e-coupon services, which provide gift certificates in the form of barcodes, is experiencing rapid growth. This surge can be attributed to the sustained popularity of non-face-to-face gifting practices that emerged during and after the COVID-19 pandemic. The online shopping industry anticipates that the transaction value of [...]
SEOUL, June 21 (Korea Bizwire) — In South Korea’s e-commerce market, a two-way race is currently underway between Coupang Inc. and Naver Corp. According to a survey conducted by local pollster Open Survey, which involved 2,500 male and female consumers aged between 20 and 59, Coupang was ranked as the most frequently used online shopping [...]
SEOUL, May 16 (Korea Bizwire) — South Korean cosmetics and household goods maker LG Household & Health Care Ltd. and food manufacturer CJ Cheiljedang Corp. have formed new partnerships with other online shopping malls, following their decision to withdraw their products from the e-commerce giant Coupang Inc.’s platform due to pricing conflicts. Gmarket said Monday [...]
SEOUL, April 24 (Korea Bizwire) — The e-commerce industry in South Korea is actively introducing measures to prevent the sale of fake products to improve consumer trust. Lotte On, an e-commerce platform of retail giant Lotte Group, has been using an artificial intelligence (AI) 24-hour monitoring system since January to detect any suspected counterfeit products. [...]
SEOUL, Aug. 25 (Korea Bizwire) — Singapore-based e-commerce firm Qoo10 plans to acquire TMON Inc. through a stock swap deal, industry sources said Thursday. TMON’s two major shareholders — Anchor Equity Partners and Kohlberg Kravis Roberts & Co. — have agreed on the stock swap deal with Qoo10, according to the sources. Under the deal, [...]
SAN MATEO, Calif., April 26 (Korea Bizwire) – Freshworks Inc. (NASDAQ: FRSH), a software company empowering the people who power business, today announced Freshworks CRM for e-commerce is now available in the Shopify App Store. The solution integrates directly with Shopify to provide its millions of merchants with a unified CRM that enables live conversational support, marketing and sales [...]