What Are the Strategies for Entering the Chinese Market Using Platforms? ... KITA to Hold Online Seminar

Lee Gwansub, Vice Chairman of the Korea International Trade Association, is delivering a congratulatory video message at the "Seminar on Entering the Chinese Market Using Platforms."
[Photo by Korea International Trade Association]

[Asia Economy Reporter Kim Heung-soon] On the 24th, the Korea International Trade Association (KITA) jointly held an online seminar titled 'Entering the Chinese Market Using Platforms' with China Economic Net, one of China's three major state-run media outlets.

This seminar was organized to introduce appropriate strategies for Korean companies to enter the Chinese market, as Chinese consumers have rapidly shifted their consumption to online platforms due to the recent impact of COVID-19, with live commerce?selling products through real-time video streaming?gaining attention.

Lee Kwan-seop, Vice Chairman of KITA, delivered a congratulatory message via video, stating, "With marketing and sales activated through digital technologies such as Artificial Intelligence (AI), Big Data, and Social Networking Services (SNS), platform businesses are leading a new wave of change. Although economic exchanges have become difficult due to COVID-19, I hope that economic exchanges between the two countries will take a leap forward in an innovative and creative way by utilizing platforms and digital technologies."

Kim Seong-sik, CEO of TWOAB, a marketing company specializing in Wanghong marketing, said, "As of June last year, the number of live commerce users in China reached 309 million, and live commerce is rapidly spreading especially among the MZ generation (a combination of Millennials and Generation Z born between the 1980s and 2000s). Now, not only clothing and cosmetics but even housing is being purchased through live commerce, making live commerce marketing the trend in China."

Jo Hak-hee, Director of the International Business Division at KITA, said, "Last year, China's online sales amounted to 9.859 trillion yuan, an increase of 14.8% compared to the previous year, accounting for about 25% of China's consumer sales. We will actively support companies' entry into China by promoting connections between Chinese major platforms such as JD.com and Kuaishou and our small and medium-sized enterprises."