Yuguo Cross-Border Collaborates with ONECLUB to Organize a Visit to South Korea for Cross-Border Big Sellers

A Deep E-commerce Exploration Journey

To explore new opportunities in cross-border e-commerce, recently, YUGUO Cross-Border, together with ONECLUB, organized a visit to South Korea. More than ten leading cross-border big sellers walked into local e-commerce giants in South Korea such as Coupang and Gmarket, integrated into the local business ecosystem, and deeply investigated the current situation and trends of the South Korean cross-border e-commerce market to precisely unlock new growth tracks in cross-border e-commerce.

This is an e-commerce exploration journey full of sincerity and depth.

Founded in 2010, Coupang is one of the largest e-commerce platforms in South Korea with a market capitalization of hundreds of billions of US dollars. Lee Geun, the business development director of Coupang, and his core team warmly received the delegation.

According to Lee Geun's introduction, South Korea has become the fourth largest e-commerce market in the world, and its e-commerce foundation is strong. However, the volume currently occupied by Chinese cross-border e-commerce is not very large, and sellers still have great opportunities. At present, Coupang has also launched the "Korean Local Rocket Warehouse Plan" for Chinese local sellers. The goods of Chinese sellers are delivered to the Rocket Warehouse of Coupang in South Korea through cross-border logistics. After orders are placed on the platform, they are directly delivered to South Korean consumers from the local Rocket Warehouse in South Korea. Through this plan, sellers can not only enjoy lower operating costs but also achieve high sales volume, fast inventory turnover and high net profit.

It is worth mentioning that on the spot, Coupang also specially formulated an exclusive plan for the big sellers of the delegation.

After in-depth exchanges and discussions, the participating sellers all showed extremely high expectations and confidence in the prospects of the South Korean market. They generally believed that the South Korean market contains huge business opportunities and is a new blue ocean for the development of cross-border e-commerce.

The YUGUO Cross-Border - Big Sellers' South Korea Delegation also visited Gmarket. As a top-level online shopping platform in South Korea, 64% of the South Korean population uses Gmarket. There are many consumers and it covers high-quality traffic in South Korea.

The senior management and team of Gmarket introduced the overview of the South Korean market and Gmarket in detail to the delegation and actively responded to the questions of the delegation. They had in-depth exchanges and discussions on market trends, operation strategies, cooperation opportunities and other aspects.

New Opportunities: The South Korean E-commerce Market Holds Great Promise

As the fourth largest economy in Asia, South Korea has developed Internet and logistics infrastructure, high income levels and a large consumer group. In 2023, the scale of the South Korean cross-border e-commerce market exceeded 170 billion US dollars, ranking fourth in the world. Some institutions predict that the compound annual growth rate of the South Korean cross-border e-commerce market in the next 5 years will reach 8.7%. China has also surpassed the United States to become the largest source country of cross-border e-commerce imports for South Korea. From the perspective of the categories that South Korean consumers are keen on for overseas shopping, the growth rate of sports and entertainment products is as high as more than 60%.

At the YUGUO Cross-Border South Korea branch, the big sellers' delegation also saw that a large number of Chinese brands are entering the South Korean market through the precise operation strategies of the YUGUO South Korea team.

YUGUO Cross-Border has in-depth cooperation with platforms such as Coupang. Through the bulk direct procurement of overseas e-commerce platforms, many Chinese brands such as Midea, Changhong, Puppy, and Deli are directly supplied to overseas e-commerce platforms, and one-stop services from product selection, operation to after-sales are provided. At present, YUGUO Cross-Border has become the largest comprehensive supplier of Coupang in China, covering multiple categories such as 3C electronics, kitchen appliances, large household appliances, beauty and hairdressing, massage instruments, and children's products.

During this visit journey, the member enterprises of ONECLUB not only deeply understood the current situation and trends of the South Korean cross-border e-commerce market but also found effective ways to break into the South Korean market. They said that they would actively utilize the results of this visit to strengthen their own brand building and market promotion and continuously improve the competitiveness and market share of enterprises.

Continuously pay attention to the dynamics of the global e-commerce market and help more Chinese brands succeed in going global. In the future, YUGUO Cross-Border will also organize more big sellers to visit more overseas markets.

(Source: YUGUO Express)