Public Shopping Declares This Year as the 'First Year of Profitability'

Choi Chang-hee CEO "Making 2020 a Special Year as a Turning Point"

Choi Chang-hee, CEO of Public Shopping, is declaring the year of the first surplus at the 2020 New Year's press conference held on the 13th at Yeouido Foreign Exchange Bank.

[Asia Economy Reporter Kim Cheolhyun] Gongyoung Shopping declared this year as the "first year of profitability" in celebration of its 5th anniversary since its launch. Based on maintaining profitability continuously since August last year and exceeding the net profit target, the company plans to fully activate a management system aimed at achieving profitability this year.

On the 13th, Gongyoung Shopping held a press conference and announced its management goals for 2020, including this plan. At the event, CEO Choi Changhee announced the start of the "Transform Management System" as a strategy to achieve profitability and introduced detailed plans. Last year, Gongyoung Shopping recorded a transaction amount of 715.6 billion KRW and a net loss of 4.3 billion KRW. In particular, regarding profits and losses, an emergency management system was operated, including partial salary returns for executives at the manager level and above in the second half of the year, reduction of business promotion expenses, and various cost-cutting measures. Additionally, the company completed equipment duplication work for stable broadcast transmission and expanded live broadcast hours by 2 hours to increase sales.

Based on this, Gongyoung Shopping set a target of 830 billion KRW in transaction volume and 1 billion KRW in profit for this year. As a strategy to achieve these goals, the company decided to start the "Transform Management System," which signifies a transformation of the management system. The detailed plans will proceed with TRUTH, network effects, digital data marketing, and corporate culture transformation. CEO Choi explained, "'Truth' means selling experiences, not products," adding, "Through broadcast differentiation and stabilization, we deliver experiences and truth to customers." To this end, Gongyoung Shopping plans to establish a consumer-centered management system and strengthen the quality assurance system.

To increase sales, plans have been made to discover the number one product in each category. Various special products will be planned to differentiate the 5th anniversary products, and leading product planning reflecting market trends such as Brand K, K-Beauty products, and planned direct purchases will be promoted. To carry out aggressive marketing for the 5th anniversary, a "Data Lab" organization was newly established. This is to integrate and advance the analysis of company-wide data. Furthermore, the strategy is to establish a foundation for sustainable growth through fundamental improvements in organizational structure and to settle a flexible organization by strengthening communication. Gongyoung Shopping operates a dedicated communication team and is promoting changes such as revising the title system, establishing a "Chemistry Team," and improving the homepage.

On this day, CEO Choi personally gave a presentation introducing the monthly transaction volume and profit and loss graphs for 2019, along with the changes that occurred at Gongyoung Shopping over the past six months and the process of operating the emergency management system to turn to profitability. CEO Choi said, "If 2019 was a year in which we discovered Gongyoung Shopping's potential despite adverse conditions, 2020 will be a special year that becomes a turning point to break away from deficits and continue the upward curve of profitability."

This content was produced with the assistance of AI translation services.