Jungjingong Supports Export-Challenged Companies by Building an E-Commerce Ecosystem

6,021 Domestic Companies Achieve $179 Million in Exports
Connected with Domestic and International Platforms, 29,390 Products Listed on 7 Global Shopping Malls

The Small and Medium Business Corporation announced on the 4th that it is contributing to maintaining the continuity of export business and revitalizing exports for domestic companies, whose face-to-face exports have been restricted due to COVID-19, by establishing an e-commerce ecosystem. Photo by Small and Medium Business Corporation

[Asia Economy Reporter Kim Heeyoon] Vistos, a medical device manufacturer specializing in biometric signal diagnostics, faced difficulties in the first half of the year due to the global spread of the novel coronavirus disease (COVID-19), which led to the cancellation of major overseas exhibitions and other face-to-face business events. Following a sharp decline in export volume compared to the previous year, the company struggled with discovering new buyers and expanding exports.

Subsequently, Vistos was able to overcome these challenges by receiving support from the Small and Medium Business Corporation (SBC) for building online export infrastructure, marketing assistance, and buyer transaction mediation, achieving export results of $8.2 million.

On the 4th, the SBC announced that it is contributing to maintaining the continuity of export business and revitalizing exports for domestic companies, whose face-to-face exports have been restricted due to COVID-19, by establishing an e-commerce ecosystem.

The e-commerce ecosystem consists of ▲ infrastructure construction using the GoBiz Korea B2B platform ▲ buyer matching through online video consultations and online exhibitions ▲ local sales support via O2O linkage ▲ and after-sales management.

Through operating the e-commerce ecosystem, SBC has achieved export results totaling $179 million from 6,021 companies to date. Moving forward, it plans to continue supporting the expansion of exports for small and medium enterprises by regularly holding online video consultations and online exhibitions, as well as providing follow-up support utilizing trade experts.

Earlier, since April, SBC has held 10 online video consultation sessions targeting excellent small and medium enterprises such as Brand K. So far, it has matched a total of 361 buyers with 575 domestic companies, achieving consultation results of approximately $53.6 million.

Notably, this year SBC signed agreements connecting 11 domestic and overseas shopping malls, including 11st, Gmarket, Amazon, and eBay. By entering domestic shopping malls, companies can access a service that supports linked sales with overseas shopping malls. As of November, 29,390 products have been listed and are being sold on 7 global shopping malls.

This method allows companies with strong domestic sales to easily sell products overseas while reducing commission costs, which is expected to help expand online exports for small and medium enterprises.

Kim Hakdo, Chairman of SBC, said, “SBC’s e-commerce export support will serve as a stepping stone for small and medium enterprises whose overseas market entry has been constrained by COVID-19.” He added, “Furthermore, we will actively support turning the COVID-19 crisis into an opportunity by continuously collaborating with local governments and others to revitalize regional economies.”