SEOUL, Feb. 8 (Korea Bizwire) – Ticket Monster, South Korea’s leading social commerce company, announced Tuesday the launch of a comparative website dubbed T-Mon Finance Mall (translated), which allows customers to compare some 5,800 on and offline financial products from 220 companies. The products available include credit cards, insurance, loans, bank accounts, installment savings, and [...]
SEOUL, Oct. 12 (Korea Bizwire) – Social commerce companies are putting an end to competing each other with free delivery services as operating losses continue to soar. Coupang doubled the minimum purchase required for free delivery (Rocket Delivery) from 9,800 ($8.73) to 19,800 starting Tuesday. Rocket Delivery is the company’s ambitious service that offers delivery within [...]
SEOUL, June 22 (Korea Bizwire) – While the social commerce market has been growing rapidly in Korea, the Korean Fair Trade Commission (FTC) has begun investigating unfair trade practices at Korean social commerce businesses. According to an industry expert, Coupang and Ticketmonster are being accused of violating the Large Scale Distribution Law, which triggered the FTC’s [...]
SEOUL, April 18 (Korea Bizwire) – The lines between types of retailers are blurring, with open markets and social commerce businesses broadening their horizons to retail brokerage services. The industry is leaving no stone unturned in a push to attract consumers to mobile shopping markets. Large offline discount stores are building logistics centers for [...]
SEOUL, April 15 (Korea Bizwire) – Coupang, a social commerce operator in Korea, suffered from operating losses of more than 100 billion won last year. On April 14, Coupang announced that it posted sales of 348.5 billion won (US$317.6 million) and an operating loss of 121.5 billion won (US$110.7 million) for 2014. Although the company [...]
SEOUL, April 7 (Korea Bizwire) – TMON Pay, the proprietary simple payment system from Korea’s first social commerce provider Ticket Monster (TMON), has attracted more than 200,000 subscribers just one month after its launch. TMON Pay enables payments in just three seconds by inputting a password whenever a subscriber purchases products at the social commerce [...]
SEOUL, April 6 (Korea Bizwire) — The total trade volume of online retailers for 2014 surpassed that of large retail stores and department stores for the first time, said Statistics Korea on April 5. Although the overall trade volume through Korean online businesses stood at 45.24 trillion won (US$ 41.62 billion), which is slightly lower [...]
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. 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 [...]
![[China Report] Chinese Social Commerce Industry Undergoing a Wave of Consolidation](http://koreabizwire.com/wp/wp-content/uploads/2014/03/4965550763_4ef4648794_z.jpg "[China Report] Chinese Social Commerce Industry Undergoing a Wave of Consolidation")
SEOUL, Korea, Mar 28 (Korea Bizwire) – According to data released recently by the China International Electronic Commerce Center, the number of social commerce sites closed for business since the beginning of the first social commerce site in China has been 5,376 out of total 6,246 operators. The closure rate is as high as 86 [...]