Ecommerce giant Qoo10 to help nurture Korean start-ups

By Park Sae-jin Posted : April 11, 2024, 17:04 Updated : April 11, 2024, 17:13
Courtesy of Qoo10
[Courtesy of Qoo10]

SEOUL, April 11 (AJU PRESS) - Singapore-based ecommerce service operator Qoo10 has partnered with South Korea's Ministry of SMEs and Startups to assist small business operators here in attracting foreign customers through the online shopping platform.

Qoo10's annual sales surpassed one trillion won ($73.1 billion) in 2016 thanks to its popularity in Southeast Asian countries, Japan, and South Korea. The online shopping platform was jointly founded by South Korean online shopping mall GMarket founder Ku Young-bae and eBay, an American ecommerce giant.

Although the ecommerce operator has not disclosed details of the companies' sales records after 2016, market analysts predict that the ecommerce giant is growing at an annual average growth rate of approximately 30 percent. In South Korea, Qoo10 is preferred by online shoppers who favor purchasing products directly from foreign shopping platforms.

According to Qoo10 on Thursday, the company forged a partnership with South Korea's Ministry of SMEs and Startups to incubate around 800 small businesses and help them open shopping channels in major ecommerce platforms in the United States, Japan, China, Taiwan, and Southeast Asian countries.

This is the third time the ecommerce platform operator has nurtured South Korean businesses. In 2022, 50 companies opened online stores in Qoo10's Singaporean shopping sector, and 103 stores made a foray into the Southeast Asian ecommerce market in 2023, thanks to Qoo10.

Through the incubation program, Qoo10 will roll out various promotions to attract Southeast Asian consumers to South Korean products. New products will be listed on "K MALL," Qoo10's special section for South Korean-made items.

Classes will be operated to provide small business operators with the know-how of running an online store, and consulting services will be provided through dedicated Qoo10 agents.
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