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Welcome to the final February issue of Inquivix Insights. In this edition, we take a deep dive into the world of eCommerce and explore how businesses are trying to improve their performance. We also take a look at some of the latest trends in advertising and marketing in South Korea. As always, we have updates on how social media is shaping how users consume information. I hope you enjoy reading it!
1. Transformation of Department Stores to “Social Media Attractions”
To entice customers who are used to non-face-to-face consumption back into the store, department stores are transforming themselves into “SNS attractions” (Social Network Sites). Because how many people visit businesses is a major factor in determining sales, the interior spaces are designed to become a hot topic on social media, prompting more individuals to snap pictures or go to department shops to see them.
2. A Full-Scale “Advertising Battle” in the Audiobook Industry to Secure New Customers
The “Advertising Competition” in the audiobook industry in Korea is heating up. With new reading methods like audiobooks gaining in popularity, leading platforms are making all-out bids to attract new clients by utilizing TV commercials featuring their advantages. By the year 2027, global audiobooks are expected to have a revenue of approximately 17.9 trillion won. In Korea, people who want a change from video material are switching to audiobooks that immerse them in the story and allow them to multitask while listening.
3. Wadiz Is Recruiting Content and Marketing Experts to Help the Designers Grow
Wadiz, a funding platform for designers and innovators, is looking for official partners to develop and market content for its designers/innovators. This job opportunity has two categories. One is “Content Partner,” which creates content such as story planning for funding initiatives. The other is “Marketing Partner,” which helps fund projects run more successfully.
4. Small and Medium Ecommerce Sites Attract New Sellers with Low Fees
Small and medium-sized eCommerce companies are competing fiercely in the e-commerce sector, and they’re all attempting to attract new merchants by lowering fees. This is due to the fact that the number of store sellers is linked to platform competitiveness. Naver Shopping and Coupang dominate the eCommerce industry currently. Small and medium-sized companies are trying hard to establish their businesses by attracting new sellers with lower fees. TMON offers the first two months free of charge for new sellers. 11th Street only charges 6% commission and Wemakeprice 0%.
5. Shinsegae’s “Integrated Membership” Heats up the Membership War
Shinsegae Group will offer an integrated membership to complete their “online/offline ecosystem.” With its integrated membership approach, Shinsegae is expected to intensify the membership marketing competition among big businesses in the online and offline commerce industry. The customer lock-in effect is one of the primary reasons why retail companies are rushing to launch premium memberships. Retail companies will try to differentiate themselves by charging a modest membership fee and providing customers with added shopping convenience, such as fast delivery, free returns, and earning points.
6. “Content Commerce” Making Its Move in the Retail Industry
“Content commerce” has become a popular strategy among E-Commerce firms such as Timon, 11th Street, Lotte Home Shopping, and 29CM. The mix of informational and entertaining material with commercial features such as product introductions makes it an engaging strategy to reach the target audience. This is how businesses not only look for synergy in sales but also want to incorporate the MZ generation, which has emerged as a new demographic, into their platforms.
Today’s Inquivix Insights brought you updates on social media, eCommerce, marketing, and advertising, mainly from South Korea. Department stores in Korea are using social media to increase in-store visitors by creating social media attractions expecting more sales. The funding site, Wadiz is trying to help the designers on site with content and marketing experts. There’s a new trend in the audiobook industry in Korea leading to an advertising battle to gain more users.
Retail and eCommerce industries are moving ahead with new strategies to secure businesses. Small and medium eCommerce sites are trying to attract new sellers with lowered fees. Integrated membership by Shinsegae heats up the retail membership market. Content commerce is making a new trend in the retail industry, which may be South Korea’s next big thing! That’s all for today. Follow Inquivix Insights for more marketing news from South Korea!