Inquivix Insights No. 24 – March Issue 2022

In our latest issue of Inquivix Insights, we explore some of the most innovative strategies that are shaking up the South Korean Market. South Korea is a growing market that innovates with every difficulty it faces. In this issue, we’ll be taking a look at some of the trends that are shaping the market. So be sure to read on for a glimpse into South Korean market dynamics.

Naver Opens the Era of MZ Generation Leadership with CEO Choi SU-Yeon

Naver is to begin the era of Choi Soo-Yeon, the CEO of the MZ Generation. CEO Choi’s appointment signals a change in Naver’s management leadership from the entrepreneur generation to one that grew up with the Internet. Naver, with CEO Choi Soo-Yeon, puts its entire management effort into reaching global top-tier web portal status.

YouTube Vance, the Ad Removal App, Ends Service

YouTube Vanced, which became popular as a YouTube ad removal tool for Android, has shut down its services. It has become popular by providing a wide range of useful features such as ad removal, background playback, theme setting, resolution, and speed control. Because the use of YouTube Vanced features overlaps with YouTube Premium services, it has been determined to be a possibility for legal disputes.

The Property Technology Industry Seeks New Avenues

The real estate technology (property tech/ prop-tech) sector, which was primarily focused on residential brokerage services, is expanding. As the real estate brokerage service market becomes saturated, it is beginning to operate in a variety of industries and establish markets. With the growth of residential real estate brokerage is slowing, they are broadening their focus to commercial real estate brokerage, construction, interior design, building management, and industrial safety.

South Korea’s Internet Shopping Mall Evaluations Are Released!

The Seoul Metropolitan Government released the findings of the 2021 internet shopping mall evaluations conducted by the Seoul eCommerce Center, which promotes fair competition among internet shopping malls. The study found that Costco Online Mall came out on top in the general mall, Coupang in the open market, Naver Shopping Live in live commerce, and Barley Barley in the clothing mall among the 12 categories.

Naver Mobile’s Old Version Ends Services at the End of March

Naver announced that it will cease providing access to “Naver Mobile Old Version” on March 31st. When you log in to Naver’s main page, the old version will be replaced with the most recent edition automatically. According to Naver, over 99% of users have already migrated to the new main. Given that the convenience of users already familiar with the existing main is taken into account, Naver has continued to provide its service throughout its reorganization in 2019.

The Travel Industry Is Booming With Group Tour Packages

As the mandatory self-isolation regulations for overseas tourists who have been vaccinated have been lifted, Korean travel agencies have seen a big increase in demand. Some travel companies are marketing products aggressively as they prepare for the big increase in demand for international travel.

Coupang’s Systematic False Reviews Reported to the FTC

The Fair Trade Commission was informed by civil society organizations that Coupang had posted false reviews of own-brand items. There were about 4,200 own-brand items on sale, including Comet and Exploration from Coupang’s “CPLB” subsidiary, that had false reviews written. According to the complaint filed at the FTC, Coupang allegedly compelled its employees to write product reviews without compensation.

Conclusion

With the appointment of Naver’s new CEO, the company is hoping to reach the global market. In addition, it has now been revealed that Naver will be closing its old mobile version by March. As the residential real estate market saturates, property technology companies are devising new revenue sources. The South Korean travel industry is set to grow due to the lower restrictions on quarantine that have been released by several governments in recent weeks. The FTC to review claims against Coupang false reviews. It will be interesting to see how Coupang reacts to these allegations, and whether this has any impact on the company’s future growth.