"Real-Time Lowest Price Alerts for Favorited Items" Korea Center Targets Naver with Price Subscription Service

Real-Time Alerts of Lowest Prices for Favorited Products to Customers
Aiming for Over Half Market Share in Price Comparison Platforms

Kim Gi-rok, CEO of Korea Center, is speaking at the media conference for the launch of the price subscription service held on the 29th.

[Asia Economy Reporter Jeon Jinyoung] "Korea Center has never changed its strategy of connecting sellers and customers. Finally, we are launching the first-ever price subscription service in Korea that bundles our services into one."

On the 30th, Korea Center announced that it will introduce a price subscription service that informs customers and sellers of the lowest product prices in real-time through data commerce platforms Enuri.com and Danawa. Kim Girok, CEO of Korea Center, said in a media conference held the day before, "We aim to create synergy by combining Korea Center’s various logistics systems such as MakeShop, Malltail, Play Auto, LinkPrice with the price subscription services of Enuri and Danawa."

This price subscription service originated from the question, "How long do consumers have to compare and search multiple e-commerce platforms to buy products cheaply?" When consumers register products of interest as 'wishlist,' the service notifies them of the site selling at the lowest price in real-time, and for bundled products, it even shows the price per unit. Most importantly, since it integrates order information from multiple shopping malls such as 11st, Gmarket, and Coupang at once, customers can easily choose the cheapest product without visiting each site individually.

Korea Center plans to increase its market share through the price subscription service. Currently, price comparison services are supported by Naver, Enuri.com, and Danawa, but Naver holds about 70% of the market. CEO Kim stated, "Our goal is to increase the market share to more than half through the price subscription service."

To achieve this, Korea Center plans to fully utilize the characteristics of Enuri.com, which collects 1.3 billion real-time shopping data points. In fact, Enuri.com’s shopping data increased by 330%, from 300 million in 2017 to 1.3 billion currently, and the number of affiliated shopping malls rose from 1,100 in 2017 to 14,000 in 2017. Thanks to this extensive database, real-time lowest price notification service is possible.

Beyond the price subscription service, Korea Center plans to expand into overseas direct purchase business in the future. During the Q&A session, CEO Kim emphasized, "Currently, we are building a system with Enuri.com that allows purchasing overseas whiskey, wine, etc., through the global logistics infrastructure owned by our subsidiary Malltail," adding, "We will differentiate ourselves so that when customers think of Enuri.com, a specific word comes to their mind."