Why Vice Chairman Jeong Yong-jin Posted About Potato Chips Bought from Market Kurly on SNS

Why Buy Potato Chips Sold by SSG.com at Market Kurly?
Shin Yong-jin, Vice Chairman of Shinsegae Group, Draws Attention with 'Instagram Management'

Jung Yong-jin, Vice Chairman of Shinsegae Group Instagram

[Asia Economy Reporter Lim Hye-seon] #BlackSummer Truffle Potato Chips #Purchased from Market Kurly.

On the 23rd, when Chung Yong-jin, Vice Chairman of Shinsegae Group, posted on social networking service (SNS), employees of SSG.com, Shinsegae’s online integrated mall, went on high alert. This was because the group head revealed on SNS that he personally purchased these potato chips, which are also sold on SSG.com, from a competitor, Market Kurly. The BlackSummer Truffle Potato Chips originate from Singapore and are characterized by their rich truffle flavor. Employees immediately accessed the Market Kurly site to compare and analyze the product with SSG.com’s offering. The competitive edge was price. Although it was the same product, Market Kurly’s price (12,900 KRW) was 35% cheaper than SSG.com’s (20,000 KRW). SSG.com promptly adjusted its product price to match Market Kurly’s.

Chung Yong-jin’s “Instagram management” is a hot topic. Beyond his title as Vice Chairman of the group, he fully leverages his influence as an individual consumer and SNS celebrity in group management. Chung has consistently emphasized, “The reason for Shinsegae Group’s existence is to identify and improve what customers find unsatisfactory or unmet, and to innovate.” The message on SNS that day was in the same vein. By personally purchasing the product, Chung indirectly conveyed to employees that there are lessons to be learned from younger, rapidly growing companies. Furthermore, it is interpreted as a subtle critique that while competitors quickly respond to pricing, SSG.com lacks agility. Chung is actively investing in the online business as a future growth engine for the group. To directly oversee the business, he even established his third office at the SSG.com headquarters in Gongpyeong-dong, Jongno-gu, Seoul, last May.

An industry insider explained, “As the COVID-19 pandemic prolonged, the online shopping market growth accelerated by three years,” adding, “It seems Chung used SNS to instill a sense of urgency among SSG.com employees.”

After Chung introduced the potato chips on SNS, sales of the product reportedly surged more than fivefold. Upon news that Hyundai Food Hall ToHome was selling them for 9,900 KRW, Market Kurly lowered its price by 25% to 9,675 KRW, sparking price competition among online shopping malls.

Chung’s personally managed SNS account has over 400,000 followers. He openly promotes products sold by his company, calling himself a “promoter,” and freely shares photos of visiting competitor stores or personally trying their products. A business community official said, “Chung Yong-jin is one of the corporate heads who skillfully uses SNS,” and added, “He is recognized for cultivating a friendly corporate image through SNS.”