Coupang Hosts 'Cheer Up Korea' 2nd Gyeongbuk Special Exhibition

[Asia Economy Reporter Kim Cheol-hyun] Coupang announced on the 8th that it will hold the second phase of the 'Cheer Up Korea' Gyeongbuk special exhibition. 'Cheer Up Korea' is a special exhibition where customers receive immediate discount benefits equivalent to the budget supported by local governments, and Coupang supports marketing activities of the same scale as the local governments' support. It is a comprehensive support effort in cooperation with local governments to help the growth of small and medium-sized enterprises in the Gyeongbuk region.

This special exhibition provides immediate discount benefits worth 500 million KRW with the support of Gyeongsangbuk-do. Customers can purchase about 2,000 products from 151 Gyeongbuk local companies at prices discounted up to 56%. In addition, Coupang supports marketing and advertising activities worth an additional 500 million KRW to help Gyeongbuk products be better exposed and sold to customers.

The sales of companies participating in the first phase of the 'Cheer Up Korea' Gyeongbuk special exhibition, held from April 7 to 30, increased by an average of 233% compared to the previous year. 32% of the Gyeongbuk companies that participated in the first phase recorded sales more than double compared to the previous year. In particular, OrganicK, which produces natural material-based household chemical products such as mold removers and drain cleaners, recorded a sales growth rate of 1802% in the first phase held in April compared to the same period last year. Kim Dae-song, CEO of OrganicK, said, "Participating in Cheer Up Korea has helped recover sales that had slowed due to COVID-19," adding, "Detergent products are mostly dominated by large corporate brands, so it is not easy for small and medium-sized enterprise brands to be chosen by consumers, but the active support from Coupang and Gyeongsangbuk-do was a great help."

Yoon Hye-young, Vice President of Retail at Coupang, said, "Cheer Up Korea was planned to help local companies struggling due to reduced consumption," and added, "We will actively support small and medium-sized enterprises with excellent quality products to meet more customers through Coupang." Since April, Coupang has been cooperating with seven local governments to help local small and medium-sized enterprises and small business owners expand their online sales channels and increase sales. The second phase of the special exhibition, which started in June, is expected to continue until the end of this year.