800 Overseas Buyers, Over 2,000 Video Consultations Scheduled
[Asia Economy Reporter Kim Ji-hee] KOTRA announced on the 23rd that it has officially launched a full-scale video consultation system as a follow-up measure to the 'Expanded Trade Strategy Adjustment Meeting.'
First, on the 21st, the first video consultation session targeting the Greater China region was held. A total of 47 video consultations took place between 28 buyers and 37 domestic companies. The consultation session helped domestic consumer goods companies that had difficulty discovering new buyers due to the inability to participate in exhibitions in China, as well as domestic companies whose transactions had stalled due to lost contact with existing buyers.
The consultations mainly focused on well-being consumer goods such as skincare cosmetics and home exercise equipment. Kim Heung-tae, CEO of ‘Cosbon,’ which produces beauty products like makeup brushes, said, "With the help of the local trade office, we reconnected with Chinese buyers and elicited positive responses to samples through video consultations." Due to COVID-19, buyers from Shenyang, China, participated in the video consultations while working from home.
‘IHQ Do Sol,’ the hair beauty division of the domestic comprehensive entertainment group SidusHQ, also held consultations with existing clients through this video consultation. Chairman Jung Hoon-kwang said, "There were limitations in discussing with clients due to COVID-19, but being able to see each other’s faces during consultations was a great help."
On the same day, four buyers invited by the Beijing Trade Office and our SMEs held consultations worth $330,000 in the fields of exercise equipment, cosmetics, and diet foods. Lee Junho, Deputy Director of the Beijing Trade Office, reported, "The search keywords on Taobao, a Chinese online sales platform, have shifted from home survival essentials like ramen, bread, and drinking water to cosmetics, diet, and exercise products."
Short-term demand caused by COVID-19 was also confirmed. For example, instant rice noodles, which are cheaper when made in China, forced domestic manufacturers to rely on the domestic market. However, as Chinese consumers reduced restaurant visits due to COVID-19, interest in high-quality Korean food increased. Accordingly, ‘Pohang Wellbeing Food,’ a manufacturer of instant rice noodles, decided to export 3,500 sample units during video consultations with ‘Shanghai Xichuang’ in China.
Demand also appeared in Japan due to the impact of COVID-19. With a sharp increase in demand for hand sanitizers, there has been a shortage of plastic containers needed for cosmetics manufacturing, leading to a surge in buyers seeking containers. Heo Jin-won, Director of the Fukuoka Trade Office, said, "There has been an increase in inquiries from buyers looking for Korean products due to COVID-19. We are collecting inquiries and disseminating them through buyKOREA, and we plan to achieve results by linking them with video consultations."
Furthermore, as overseas business trips have become difficult, video consultation methods are becoming more common. Buyers discovered by the Silicon Valley, Sydney, and Casablanca trade offices participated in video consultations over two days starting from the 20th. Through consultations on the 21st, DMGTT, a Korean company specializing in automotive parts consulting and sourcing, agreed to undertake the supply of Korean interior parts to be applied to the new model of the U.S. premium electric vehicle ‘Karma Automotive.’
KOTRA plans to promote video consultations with 800 overseas buyers and conduct over 2,000 video consultations, centered on the newly established Digital Trade Team. This goal is four times higher than last year’s, with a focus on strengthening capabilities especially in the first half of the year in response to COVID-19. Using 22 trade offices in the Greater China region, video consultations with local buyers are intensively supported every Wednesday and Friday.
Kim Sang-mook, Head of KOTRA’s Innovation Growth Headquarters, said, "Since we provide video consultation solutions, consultation venues, and free interpretation services, we hope many companies unfamiliar with video consultations will make extensive use of them."
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