Musinsa, Market Kurly, Olive Young, and Other Leaders in Each Field
Customized Expert Curation and Differentiated Delivery by Category
[Asia Economy Reporter Lim Hye-seon] The e-commerce market is experiencing rapid growth amid the COVID-19 pandemic. Platforms such as Musinsa and Market Kurly have surpassed annual transaction volumes of several trillion won.
According to the "Online Shopping Trends" announced by Statistics Korea as of September last year, while the transaction volume of general malls increased by 9.3% compared to the same period the previous year, the transaction volume of specialized malls, known as vertical commerce, increased by 33.5%, more than three times that of general malls.
Leading Fashion Specialty Platform ‘Musinsa’
The online fashion platform Musinsa became the first domestic fashion platform to be recognized as a "unicorn company." Last year, the combined transaction volume of Musinsa-operated online fashion platforms, including Musinsa Store, StyleShare, 29CM, and SoldOut, reached approximately 2.3 trillion won.
The foundation of this achievement lies in focusing on the "fashion category" and targeting customer preferences through it. Rather than simply listing and selling various items, Musinsa has been implementing an operational strategy that leverages its strengths by actively proposing fashion brands, products, and fashion content tailored to diverse customer tastes.
In fact, Musinsa’s differentiated fashion content, such as 'Musinsa Ranking,' which allows users to check preferred styles and real-time trends, 'Musinsa Snap,' which collects various stylings from fashion creators, 'Musinsa Magazine,' which offers seasonal item recommendations and coordination suggestions, and the YouTube channel 'Musinsa TV,' has received great responses from customers. Customer-written review content also becomes vivid fashion content. Musinsa Store accumulates more than 26,000 review contents daily, ranging from simple product reviews to style reviews that highlight buyers’ tastes and senses. Reviews within Musinsa Store have surpassed 23 million in total, demonstrating active customer participation.
Another characteristic of Musinsa is its focus on "brands" and its contribution to creating a healthy fashion ecosystem. Musinsa supports brands to gain more exposure through various marketing activities on the store.
Market Kurly, a Leader in Fresh Food with Dawn Delivery
Market Kurly has strengthened its competitiveness by adhering to a 100% direct purchase method. Market Kurly recently announced that its transaction volume in 2021 exceeded 2 trillion won, with a goal of surpassing 3 trillion won this year.
To minimize the time from production site to dining table, Market Kurly established the "Dawn Delivery" system, launching the dawn delivery market. Following Market Kurly’s dawn delivery, major distribution companies have consecutively entered the dawn delivery market, and Market Kurly is credited with making the greatest contribution to the popularization of dawn delivery.
In addition to delivery speed, Market Kurly pays close attention to product quality, offering a high standard that meets the criteria of discerning consumers. Market Kurly differentiated its product collection to suit the tastes of today’s generation, mostly consisting of one- to two-person households. It is also notable that Market Kurly holds a weekly product committee to review product characteristics, and admission decisions require unanimous approval from attendees including the CEO and editors.
Absolute No.1 in Health & Beauty (H&B), Olive Young Eyes 2 Trillion Won in Performance
CJ Olive Young established itself as the overwhelming No.1 in the H&B market by surpassing 1 trillion won in cumulative transaction volume in the first half of last year. Olive Young’s success is attributed to building a unique omnichannel commerce platform by maximizing O2O (Online to Offline) synergy, connecting its vertical platform online with its existing offline stores.
Above all, the omnichannel strategy, which was proactively focused on even before COVID-19, played a major role in accelerating the growth of the online mall. A representative example is the ‘One Day Dream’ service, which uses over 1,200 stores nationwide to package and deliver products ordered online or via mobile app within three hours from a nearby store.
In addition to commerce functions, Olive Young provides various services that lock in customers and enhance their experience on the platform. It operates mobile ‘Gift’ services and the beauty-specialized live commerce ‘All Live,’ strengthening its online presence as a vertical platform. Moreover, since user reviews play an important role due to the nature of the products, Olive Young is also aiming to serve as a community by accumulating excellent reviews both quantitatively and qualitatively.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
