Online shopping mall Gmarket partners with counterpart Shoppy to expand products in Mongolia

By Park Sae-jin Posted : February 26, 2024, 17:15 Updated : February 26, 2024, 17:15
This image was created using Microsofts generative AI-based Copilot
[This image was created using Microsoft's generative AI-based Copilot]

SEOUL -- Popular ecommerce platform Gmarket has partnered with its Mongolian counterpart, Shoppy, to assist South Korean sellers in expanding their product reach. The Seoul-based online shopping mall operator aims to target consumers already familiar with South Korean products, following the successful entry of major South Korean convenience stores into the Mongolian market.

The demand for South Korean products, especially food items like snacks and instant noodles, is high in Mongolia. This demand is driven by individuals who previously worked in South Korea and miss familiar products. According to South Korea's justice ministry, as of January 31, 2024, there were 16,031 Mongolian long-term visa holders in the country. These "Non-professional Employment" (E-9) visas allow workers without specialized skills to stay and work in South Korea for up to four years and ten months.

South Korean convenience stores, including CU operated by BGF Retail, have capitalized on this demand by targeting the niche market in Mongolia. They have rolled out a chain of convenience stores offering South Korean products, as well as on-the-go menus featuring dishes such as Tteokbokki, finger-sized rice cakes simmered in sweet and spicy chili sauce, and Gimbap, rice rolls containing meat and vegetables wrapped in seaweed. CU currently operates more than 300 stores in Mongolia. These South Korean convenience stores are particularly popular among young consumers, who view visiting them as a trendy activity.

Gmarket said that the company signed a cooperation agreement with Mongolia's biggest ecommerce platform Shoppy. The two companies will cooperate to introduce South Korean products to Mongolian customers. Gmarket will select products and provide lists to Shoppy, which will handle promotions and delivery of parcels from South Korea to Mongolia.

Starting in late February, more than 300,000 items sold in Gmarket will be interlinked to Shoppy's platform. "Through Shoppy, we can introduce items sold by competitive South Korean sellers to Mongolian customers. We will continue to expand the product reach of South Korean sellers to Mongolia's ecommerce market," Gmarket's business division director Lee Take-cheon said in a statement on February 26.
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