South Korean Online Shopping Malls to Become Bridgehead for Entering Foreign Markets

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CEO Lee Jae-seok of SimpleX Internet was recently awarded for ‘Young Engineer Award’ from National Academy Engineering of Korea. 

National Academy Engineering of Korea yearly selects an engineer who contributes to development of national industry in technologies, research, education, and management fields related to engineering. 

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CEO Lee was recognized for his contribution in establishing an e-commerce platform brand called ‘Café 24’ that is based on IT. Anyone who utilizes this platform can enter foreign markets through online.

“It feels special to receive this award not as an entrepreneur but an engineer. I believe that Café 24 was recognized for its contribution towards vitalizing online shopping industry through IT.”

About 930,000 online shopping malls had entered Café 24 until last year. If 50,000 shopping malls that only target foreign customers are added to this number, then there are currently about 980,000 shopping malls. This is all due to Café 24 solution and it is the biggest size out of South Korean e-commerce solution businesses.

CEO Lee emphasized that 1 million shopping malls contain the meaning of vitalization of e-commerce markets as well as creation of venture companies and employments. He explained that entering foreign markets through online shopping malls globalizes shopping malls that only respond to domestic demands and it establishes opportunities for domestic products to be exported.

“Vitalization of online foundations indicates that a place where an original product of a person or a business can enter foreign markets is prepared.” said CEO Lee.

CEO Lee Jae-seok of SimpleX Internet

CEO Lee emphasized that founders of online shopping malls need to have original ideas and items if they want to succeed. He explained that they need to focus on differentiating themselves since so many online shopping malls show up on search engines when a word is entered and also expressed importance of marketing and advertising strategies.

“Securing ideas and products that can imprint shopping malls’ brands into customers is a basic prerequisite.” said CEO Lee. “Founders of online shopping malls can succeed if they find appropriate products for markets and push for appropriate marketing strategies.”

CEO Lee emphasized importance of Chinese markets because Chinese Government has set global e-commerce as new national driving force and young Chinese generations that are familiar with internet and mobile devices have emerged as major customers. He said that growth rate of Chinese economy is still the world’s best.

He is planning to promote Café 24 as a global e-commerce platform that represents South Korea. Indian and Southeast Asian markets are his second targets.

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“There are about 50,000 shopping malls within Café 24 that only respond to foreign demands and their sales exceed $87.2 million (100 billion KRW). Café 24 will become a bridgehead for South Korean online brands entering global markets where there are 7 billion customers.”

Senior Reporter Kim, Seungkyu | [email protected] & Staff Reporter Yun, Heeseok | [email protected]

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