Advancing Pre-Planning by One Month
Exploring New Avenues Including Expansion of Direct Purchases from Japan
Live broadcast screen of 'Pre Black Friday' conducted in collaboration between 11st and Amazon. (Photo by 11st)
[Asia Economy Reporter Jeon Jinyoung] The e-commerce industry is taking measures to defend against the high exchange rate, known as the so-called ‘King Dollar,’ ahead of major overseas direct purchase events such as the US Black Friday. The industry is exploring various avenues, including advance planning and expanding direct purchases from Japan.
According to the industry on the 20th, Lotte On is holding an overseas direct purchase event one month earlier than the Black Friday event in November to prevent product prices from rising due to the exchange rate. They prepared 150 popular products in collaboration with sellers at prices set before the exchange rate increase. In fact, sales from the 1st to the 17th, when the event was held, rose about 30% compared to the same period last year.
11st, which has a partnership with Amazon, is also focusing on advance planning. 11st conducted a 'Pre-Black Friday' event ahead of Black Friday. They continuously collaborated with Amazon to prepare special-priced products and increased discounts through live broadcasts. When combined with paybacks and coupons, benefits of up to 57% were offered, allowing customers to purchase the ‘Coleman Elite Extra High QuickAir Bed’ at 62,750 KRW from the regular price of 146,660 KRW. Due to this planning, 620,000 viewers tuned in to the live broadcast on the first day of the event.
Gmarket and Auction plan to first focus on capturing large domestic demand with the company-wide big event, Big Smile Day, next month, and then prepare for overseas direct purchases. They are currently in the planning stage, adjusting discount rates.
An industry official said, "Worried that the high exchange rate might dampen the direct purchase atmosphere, the industry is actively engaging in discount events and advance planning," adding, "Direct purchase consumers tend to buy products not available in Korea even amid high exchange rates, so with thorough preparation, the industry is expected to achieve good results."
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