Pinduoduo, Douyin, and Others See Significant Sales Growth
Plans to Strengthen Online Channels
Samyang Foods announced on the 16th that it achieved approximately 13 billion KRW in sales during China's largest shopping festival, Singles' Day.
This represents a 39% increase compared to last year's sales and is a record high, surpassing the previous best sales of 11 billion KRW in 2021 by 19%. Sales amounted to 8 billion KRW on Alibaba and JD.com, and 5 billion KRW each on new platforms such as short-form commerce platforms Douyin and Kuaishou, as well as the group-buying channel Pinduoduo.
The sales were driven by the Buldak brand, as well as the Samyang brand and Jjajjaroni. Additionally, during Singles' Day, the China-exclusive product "Yangnyeom Chicken Buldak Bokkeummyeon" was introduced for the first time, and the prepared quantity of 2,000 boxes sold out early.
A representative from Samyang Foods stated, "Despite the local economic slowdown and the situation being different from previous years, we were able to achieve good results by expanding sales channels. Moving forward, through Samyang Foods' China subsidiary, we plan to actively target live commerce channels such as Douyin and Kuaishou in line with trends in the local online commerce market."
Meanwhile, China is the top export country for Samyang Foods, accounting for 35% of its overseas sales. Samyang Foods established a local sales corporation in Shanghai in September 2021 and began operations in February of the following year. It is strengthening sales and marketing mainly through offline channels such as large supermarkets and convenience stores. Starting this year, in line with the trend of the local distribution channel shifting towards online and mobile, the company is accelerating the expansion of online channels.
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