Qoo10's Strategy After Acquiring 'Wish' for 230 Billion KRW
Offering New Opportunities to K-Small Business Owners
"We will complete the ‘global e-commerce ecosystem’ connecting sellers and buyers worldwide, centered in Korea." This statement by Koo Young-bae, CEO of Qoo10, succinctly explains his recent aggressive moves. Koo, the founder of Gmarket, established the e-commerce platform Qoo10 in Singapore and Japan in 2010 and operated the business until late 2022, when he returned to the domestic market by consecutively acquiring Korean e-commerce companies TMON, WEMAKEPRICE, and Interpark Commerce. Recently, he acquired the U.S. e-commerce platform ‘Wish,’ which serves over 200 countries in 33 languages, for 230 billion KRW. This marks a leap into a true ‘global marketplace.’ At the center of the global e-commerce ecosystem to be built on this foundation are domestic small business owners.
On the 19th, Qoo10 announced plans to open integrated global sales channels to all domestic sellers trading with its affiliates TMON, WEMAKEPRICE, and Interpark Commerce. Through the acquisition of Wish, CEO Koo envisions actively supporting small business owners who have storefronts on domestic online shopping malls in pioneering overseas markets.
Wish, founded in 2010 and based in San Francisco, USA, grew to have over 100 million monthly users by 2020. Although its user base has declined due to competition from Chinese shopping apps, it still serves more than 10 million customers monthly. The number of products sold and shipped worldwide currently exceeds 80 million. Notably, 80% of all transactions occur in Europe and North America, while operating an extensive global supply chain that includes South America and Africa. Wish provides 4PL (fourth-party logistics) integrated logistics solutions in 44 countries and 3PL (third-party logistics) services in 16 countries. Additionally, in Europe and the Americas, it operates ‘Wish Local’ partner stores, collaborating with around 20,000 retailers where customers can pick up products.
Qoo10 itself has directly built platforms in Singapore, Indonesia, Malaysia, China, and India, possessing a product network and commerce infrastructure across 23 countries worldwide. The acquisition of Wish completes an extensive global supply chain.
Through this, Qoo10 plans to enable promising domestic small business owners to enter the global market. Qoo10 explains that CEO Koo’s immediate move to acquire domestic e-commerce companies after the 10-year non-compete clause following the sale of Gmarket to eBay was lifted is due to the ‘potential of K-small business owners.’ This is rooted in Koo’s experience. After founding Qoo10, he introduced high-quality Korean small business products to affluent local consumers in the Singapore market. These products replaced Chinese goods, allowing Qoo10 to establish itself as a leading company in the fiercely competitive Singapore e-commerce market. The cultural influence expansion in the global market has also significantly increased consumer acceptance of Korean products. Domestic small business owners are also facing growing competition from overseas sellers due to the rise in direct purchases from China, increasing the necessity for global expansion.
CEO Koo stated, "Qoo10 is now able to provide a comprehensive shopping platform service that can realize potential in the global market," adding, "We will help Korean small business owners export and contribute to the development of domestic industries."
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