[Asia Economy Reporter Kim Jonghwa] Meatbox, a direct livestock product trading platform, announced on the 24th that its cumulative transaction amount has surpassed 1 trillion KRW. In particular, it recorded a transaction amount of over 320 billion KRW in 2021, achieving a growth rate of more than 30% compared to the previous year.
In its eighth year since establishment, Meatbox has led changes in the meat market by providing producers with expanded sales channels and buyers with reduced costs and inventory burdens through its business model as a direct trading platform.
Meatbox analyzes that the significant increase in transaction volume is due to the platform’s usage rate rising sharply as it expanded services that enable mutual growth for both sellers and buyers amid the prolonged impact of COVID-19, which has caused difficulties for self-employed business owners.
Currently, Meatbox has about 200 sellers offering more than 4,400 products, and the number of buyers has also increased by more than 25% compared to the first half of last year, securing over 250,000 registered members.
Last year, Meatbox focused on acquiring customers through customized services for business clients. To help self-employed business owners, it continuously provided services such as a sample zone where they could try ingredients before purchasing and a quality assurance system that offers 100% exchange or refund in case of dissatisfaction with quality. These services received great responses from members, leading to an increase in membership and sales.
As a result, the monthly transaction amount reached 33 billion KRW in 2021, and the cumulative sales volume as of December amounted to approximately 110,000 tons. Converted into boxes, about 7.5 million boxes were traded.
This year, Meatbox plans to enhance its logistics services by establishing a fulfillment center. By building a system that can integrate the management of product inbound, outbound, and storage, it aims to provide an optimal logistics system for both sellers and buyers and strengthen the platform’s competitiveness.
Kim Gibong, CEO of Meatbox, stated, "I believe this result recognizes Meatbox’s efforts to resolve the inconveniences of traditional livestock distribution and to innovate the industry through digitalization of distribution and livestock market prices." He added, "We will not be complacent with the present but will continuously seek ways to prioritize the convenience of sellers and buyers, ensuring mutual growth, and establish ourselves as a platform that provides diverse services."
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