LG Uplus Celebrates 5 Million U+Kok Users with 'Lowest Price Guarantee Project'

[Asia Economy Reporter Kang Nahum] LG Uplus announced on the 27th that it will carry out the ‘Lowest Price Compensation Project,’ which rewards customers who find the lowest-priced products on other sites, to celebrate surpassing 5 million users of its data commerce platform 'U+Kok.'

U+Kok is a mobile shopping platform that offers personalized product recommendations based on big data. It is characterized by offering prices discounted up to 94% compared to the regular price. Customers with U+ Membership VIP or higher grades receive an additional 3% discount.

As of the end of last year, the cumulative number of U+Kok users exceeded 5.3 million, with transaction amounts growing 360% compared to 2021. The proportion of customers who purchased products more than twice on U+Kok also reached about 70%. The number of products sold expanded more than fivefold from 1,500 last year to over 7,500. Among these, products from small and medium-sized enterprises account for more than 95%, demonstrating a win-win management approach with SMEs.

LG Uplus will operate the Lowest Price Compensation Project until the 5th of next month, rewarding customers who find U+Kok products priced higher than the lowest online prices. For all products sold on U+Kok, if a cheaper product is found on other online shopping platforms, U+Kok will provide a shopping coupon by rounding up to the nearest 5,000 won unit twice the price difference.

For example, if the price difference between U+Kok’s selling price and the lowest online price is 3,000 won, 6,000 won will be rounded up to provide a coupon worth 10,000 won; if the difference is 1,000 won, 2,000 won will be rounded up to provide a coupon worth 5,000 won.

Three customers who find the most products, find the product with the largest price difference, and provide the most useful and witty improvement suggestions in a survey will be awarded department store gift certificates worth 100,000 won.

Kim Taehoon, Head of LG Uplus Advertising Business Division (Executive Director), said, "Since LG Uplus promotes 'the lowest price in Korea' as a key feature of U+Kok, we prepared the Lowest Price Compensation Program not only to discover overlooked lowest prices but also to express our gratitude to customers." He added, "We will continue to improve service quality and functions to grow into a commerce platform that customers want to use every day."