Inquivix Insights No. 20- March Issue 2022

We’re back with our 20th issue of Inquivix Insights! In this issue, we take a look at the latest trends in the eCommerce market and how they’re impacting businesses. In the retail industry, department stores are integrating online shopping platforms for a better experience. Read on for more information. 

9 Million Paid Members on Coupang Wow

Coupang, a Korean eCommerce giant with revenues of KRW 20 trillion for the first time in eCommerce history, is employing a “lock-in effect” with its paid membership “Wow.” Coupang’s membership count had risen to 9 million as of the end of last year. In other words, one in every four Korean online shoppers has signed up for Coupang Wow. Over 18 million “active customers” have made more than one purchase in the last 12 months.

TikTok Announces 2022 Marketing Insight Report

TikTok has published a study that details significant trends and marketing insights for TikTok. This study was conducted on the analysis of video data and user surveys for a year from October 2020. This year’s report referred to four key phrases for TikTok marketing: community commerce, sound evolution, creator community, and brand protection.

Korea’s Outdoor Advertising Market Is KRW 3.765 Trillion

As of 2020, Korea’s outdoor advertising market was worth KRW 3.765 trillion, a decrease of 12.5% from the previous year. The overall market for outdoor advertising, according to the “2021 Outdoor Advertising Statistics,” was KRW 821.7 billion. It made up 26.7% of the overall market. On the other side, the analog outdoor advertising business was worth KRW 2.2548 trillion (73.3% of the market).

Personal Information Processing to be Made Easier to Understand

When insurance companies, delivery apps, or others get permission to handle personal and sensitive data, the processing information should be displayed at least 20% or larger than other text. In addition, a “personal information processing indication system” consisting of symbols will be implemented. This is done in order to make it easy to identify personal data processing contents.

Shinsegae Department Store Acquires Shinsegae Live Shopping

The Shinsegae Department Store is set to take over the Shinsegae Live Shopping. It is aimed at creating an integrated online and offline commerce platform. It will diversify its portfolio by increasing its current offline distribution methods to online firms. It will also help to enhance the competitiveness of live shopping in conjunction with each department store’s diverse activities such as fashion, beauty, and lifestyle.

Woowa Brothers Publishes Baemin Trend 2022

The Woowa Brothers released Baemin Trend 2022, which examined order data throughout last year. It analyzed order data to discover customer preferences and changing trends by age group, as well as information such as purchase volume. Last year, the number of food orders with rose sauce increased seven times compared to 2020. Mint Choco, which has gained popularity, has also seen rapid development. The number of orders for mint chocolate-themed menus increased by almost 2.4 times as compared to the previous year. The most popular foods among adolescent customers were the marathon, spicy tteokbokki, and chicken burger, in that order.

Conclusion

In the meantime, it seems that online shoppers are more likely to sign up for paid memberships in order to get better deals. The outdoor digital advertising market is growing as well, with South Korean authorities increasing the security of sensitive data processing. We’ll continue to bring you insights from South Korea so stay tuned!