Martial Arts Overcomes COVID-19 with B2B and B2C Online Export Platforms

[Asia Economy Reporter Hwang Yoon-joo] The Korea International Trade Association (KITA) is strengthening its non-face-to-face export support projects utilizing business-to-business (B2B) and overseas direct-to-consumer (B2C) online export platforms to help Korean companies struggling with exports due to the novel coronavirus infection (COVID-19) to develop new sales channels.

Since the full-scale outbreak of COVID-19, offline export marketing events such as domestic and international exhibitions and buyer invitation consultation meetings have been repeatedly canceled or postponed, prompting a full transition of marketing activities to online platforms.

First, KITA launched an "Online Non-Face-to-Face Continuous Matching Service" through its own B2B online export platform, TradeKorea. The Global Marketing Headquarters immediately expanded the TradeKorea operations team and analyzes a database (DB) of over 1.85 million buyers worldwide and inquiries (purchase proposals) to connect suitable domestic export companies. Item-specific managers participate in practical negotiations for contracts, provide interpretation support, and join three-party video consultations with buyers and export companies on behalf of small and medium-sized export companies lacking marketing capabilities.

According to KITA, the number of buyer inquiries received through TradeKorea in February alone reached 1,050, a 58% increase compared to the same period last year. The export performance posted by the TradeKorea operations team last year totaled $50 million, and it is expected to significantly exceed this figure this year.

In addition, KITA holds video export consultation meetings every two weeks by inviting the overseas buyer network called the "KITA Big Buyer Club." The KITA Big Buyer Club consists of 77 major buyers with high recognition and large distribution networks by country and region, forming a "big spender group." Companies participating in the video consultation meetings receive free interpretation services and sample product shipping support. The first video consultation meeting held on the 11th included five big buyers such as Shenzhen TSL of Vanguard, China’s largest distribution group, and Dimarco Mitra Utama, an Indonesian home shopping and online mall operator, who conducted consultations with about 20 Korean companies.

The "Matching Consultation Meeting between Specialized Trading Companies and Manufacturing Companies" will also be converted from the existing face-to-face format to an online video consultation format, with a total of six sessions planned between March and April. The consultation meetings are held as part of the "Export Vitalization Promotion Team 2020," organized regionally by the government to expand exports of Korean companies.

KITA will continuously hold overseas market entry strategy seminars online to inform about regional and item-specific market trends and tendencies amid the global economic crisis. The "2020 KITA Overseas Marketing Class" will be posted monthly in the form of online videos on the KITA website and YouTube starting at the end of this month, covering various topics such as Hallyu marketing, New Southern and New Northern market entry, and private brand (PB) market entry strategies.

With increased online access and dwell time due to restrictions on going out, Kmall24, a B2C overseas direct sales online shopping mall, plans to actively support selected strategic products from its tenants by producing short and concise product introduction videos, keyword and search engine advertising, and YouTube promotions.

Kim Hyun-chul, head of KITA’s Global Marketing Headquarters, stated, "In response to COVID-19, we are expanding online support projects while actively collecting difficulties faced by small and medium-sized enterprises in the e-commerce sector to propose them to relevant government departments. In the mid to long term, we are also preparing for the post-COVID-19 era by focusing on service industries, Hallyu and expo-linked marketing, and collaboration marketing with large distribution networks."

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