"Faster, Cheaper"... E-commerce Competition Intensifies Amid COVID-19 Breakthrough

[Asia Economy Reporter Kim Cheol-hyun] As the spread of the novel coronavirus infection (COVID-19) has significantly increased contactless consumption, competition among e-commerce companies is intensifying. Each company is launching special promotions emphasizing specialized products, fast delivery, convenience, and price competitiveness to attract consumers.

Wemakeprice has introduced a 'Price Guarantee Program,' offering popular products at the lowest prices. Even if the seller's registered product price is somewhat high, Wemakeprice directly applies a 'Price Guarantee Coupon' to ensure the lowest price. When multiple partners sell the same product, the coupon is applied to the product with the lowest price so that customers can purchase the product at the lowest price without price comparison. Currently, about 720,000 products are operated under this program, and the number of products will continue to increase.

To prepare for cases where Wemakeprice's selling price is temporarily higher due to specific periods or situations, a 'Lowest Price Compensation System' is also in operation to compensate customers. Customers who purchased the same product at a higher price than on open markets or comprehensive malls are compensated the difference in Wemakeprice points. Wemakeprice compensates not only customers who apply for compensation but also general customers who purchased products under the same conditions. Compensation applications can be made on the Wemakeprice website and mobile app.

Coupang is holding a 'Children's Day & Parents' Day' promotion ahead of the Family Month in May. Popular gifts for Children's Day and Parents' Day, such as toys, game consoles, massagers, and carnations, are being sold at affordable prices. This promotion includes recommended gift sections by 'age group,' 'price range,' and 'theme' to enhance customers' shopping convenience, along with a 'Weekly Special' offering up to 50% discounts on new products every week and up to 20% discount benefits by card companies. Using 'Coupang Rocket Gift,' customers can easily send gifts via mobile.

Additionally, Coupang held the '2020 Spring Food Fair' until the 19th, where various food products could be found in one place. Over 2,300 products were offered at discounts up to 58%. A brand hall was also set up where customers could shop for products from 27 carefully selected brands by Coupang, including Orion, Damteo, Kellogg's, and Paldo. Notably, the spring food fair products were offered as Rocket Delivery items, allowing customers to receive their orders the next day.

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