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Companies investing in e-commerce growth

Companies investing in e-commerce growth: Introduction

Due to the exchange rate and the influence of K-drama and movies, more and more consumers from overseas are purchasing cosmetics directly from Korea.

According to the information, exports in the form of "E-commerce," which purchases cosmetics directly from Korea via the Internet, have been rising in recent years.

The number of cases increased by 50.6% year-on-year to 40.497 million, and the amount raised by 46.6% year-on-year to $1.745 billion.

Companies investing in e-commerce growth: Coupang

Coupang announced on the 26th that they will launch a platform service in Taiwan. 

When the platform is completed, Taiwanese consumers will be able to receive Korean products very quickly. Coupang is building a service that is responsible for logistics and customs clearance for local delivery, and experts predict that many Taiwanese customers will use it.

Furthermore, Coupang is also seeking to establish a corporation in Singapore, and it is now known that they have started hiring locals.

Companies investing in e-commerce growth: CJ Olive Young

Olive Young will hold the "KOTRA-CJ Olive Young Global Special Promotion Exhibition" for a month in November in partnership with KOTRA.

This will focus on introducing more than 100 domestic cosmetics brands carefully selected by Olive Young to overseas consumers, and it is analyzed as a strategy to raise sales at the same time informing the world of K-beauty as well as the growth of the brand.

The event can be found at the K-beauty Hall in CJ Olive Young Global Mall.

Olive Young plans to make Global Mall compatible with English and Japanese pages, while also opening Olive Young on the Japanese platform through Rakuten.

Olive Young prepared the following for marketing purposes.
  • Keyword ads on Google, a search portal
  • an ad on Facebook
  • Discount coupon distribution
  • influencer Marketing Progress

KOTRA also plans to actively promote sales events for Japanese consumers by utilizing channels from leading local influencers at the Osaka Trade Center.

In addition, B2B consultations with buyers are being arranged to support brands' overseas sales and exports.

Companies investing in e-commerce growth: Why invest

The biggest reason for investing in e-commerce at the national and corporate levels in Korea is the high exchange rate.

As the KRW depreciated, overseas sales became an imposing target.
In fact, sales of Olive Young Global Mall soared 80% year-on-year this year.

Analysts say that if the influence of dramas and K-pop has shown strong marketing effects in Asia, sales have increased this time due to the rise in the value of the dollar due to the increase in purchasing power of U.S. consumers.

It is a very reliable analysis in that sales in the U.S. or North America, where Canada is located, account for 70% of the total sales of Olive Young Global Mall.

This information is investing more attention and money in cosmetics in e-commerce fields because the number of overseas customers purchasing directly is overwhelming compared to other products.

In the case of cosmetics last year, the number of purchases made by overseas customers through e-commerce was the highest at about 9.74 million.

On the other hand, there was a clear difference between 2.81 million cases of electronic electricity and 2.2 million cases of plastic.

Source

- Image by Mediamodifier from Pixabay 

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