[Asia Economy Reporter Seungjin Lee] The Korea Online Shopping Association announced on the 4th that it participated in the 'Distribution Supplier Agreement Ceremony for Overcoming COVID-19' hosted by the Fair Trade Commission.
This agreement ceremony was promoted by the Fair Trade Commission as part of efforts to activate win-win measures between large-scale distributors and their partners, considering the difficulties faced by the distribution industry due to the novel coronavirus infection (COVID-19).
At the ceremony, Kwangyun Byun, Chairman of the Korea Online Shopping Association, stated, "Although the global economy is in a state of panic due to COVID-19 this year, the domestic situation is entering a stabilization phase thanks to the government's swift response. However, the domestic distribution industry market is still facing significant challenges due to concerns about a possible resurgence and weakened consumer sentiment."
Among the major participants in this agreement ceremony, SSG.com, Coupang, Interpark, and Market Kurly plan to promote support activities tailored to their circumstances, such as promotional and advertising support for partner companies and early payment of funds, in line with the purpose of this win-win agreement. They also added that they will seek to stimulate consumption by providing a large number of discount coupons to consumers of each participating company.
SSG.com promised to support advertising expenses ranging from 70 million to 100 million KRW, provide 'Companion Coupons' worth 2.8 billion KRW to the first 20,000 customers on a first-come, first-served basis, and make early payments of sales proceeds through this agreement.
Coupang plans to provide advertising support worth 400 million KRW in total from the 26th to July 10th, early payment of sales proceeds, and up to a 60% discount on sales commissions for new sellers until September.
Interpark will issue Companion Sale book vouchers and provide advertising support worth approximately 500 million KRW, while Market Kurly will support advertising expenses ranging from 50 million to 70 million KRW and provide discount coupons worth about 300 million KRW.
The Korea Online Shopping Association is a non-profit private economic organization composed of leading companies related to online shopping. Currently, it has over 100 member companies including eBay Korea, Lotte Shopping e-commerce, Interpark, Naver, Coupang, and about 1,500 small online merchants as members.
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