E-commerce to Significantly Increase Support for Small and Medium Sellers

[Asia Economy Reporter Kim Cheol-hyun] E-commerce companies are actively supporting small and medium-sized sellers. They believe that supporting partnered sellers and nurturing more new entrepreneurs leads to platform competitiveness.

Coupang recently launched the 'Instant Settlement Service' in collaboration with KB Kookmin Bank to provide financial support to small and medium sellers on Coupang Marketplace. This service allows online sellers to receive payment in advance without waiting until the settlement date, addressing one of their biggest challenges. It is designed to help sellers who need to quickly prepare inventory due to increased customer orders, sellers who require working capital for business expansion, and sellers who suddenly need cash due to overlapping payroll and supplier payment dates, thereby facilitating smooth cash flow on Coupang Marketplace.

The service has been expanded in scope and simplified in payment procedures for sellers' convenience. The 'Instant Settlement Service' is available to Coupang Marketplace sellers who meet certain qualifications set by KB Kookmin Bank, regardless of their personal credit rating. After applying, sellers can receive up to 90% of their sales proceeds as early as the next day, with a low daily interest rate of 0.013%, reducing the financial burden on sellers. The application process is simple; if sellers have a KB Kookmin Bank business account, they can apply via corporate internet banking without visiting a branch.

WEMAKEPRICE has extended the application deadline for its 'New Partner Support Program' until July 31. This program offers benefits such as 0% sales commission, waived server fees, and weekly settlements. Previously, support was provided until reaching a monthly transaction amount of 10 million KRW, but last month the application deadline was extended to July, and the support period was changed to either until reaching a cumulative transaction amount of 50 million KRW or for six months after applying. This allows partners to receive benefits for a longer period.

Since implementing this support program, WEMAKEPRICE has seen over 19,000 new partners join within five months, a 45% increase compared to the same period last year. Additionally, WEMAKEPRICE offers 'Store Entry and Partnership Consultation Services' to improve convenience for new partners.

Tmon plans to continue its 'New Partner Sales Commission 0%' policy, which exempts sales commissions for up to 60 days for new partners, until the end of May. Introduced in August last year, this policy exempts sales commissions for new entrepreneurs who join Tmon. Since the exemption lasts until the end of the month following the approval date, partners can receive support for up to 60 days. Considering that the average commission rate on online shopping platforms is in the 10% range, this policy provides new businesses with the necessary time to stabilize in the market, helping them secure sales and reduce costs.

As a result, the number of Tmon's partnered sellers has been steadily increasing. As of March, the number of new partners increased by more than 23% compared to the same period last year. Lee Jin-won, CEO of Tmon, stated, "We will continue to think and strive to support the growth of new entrepreneurs and lead customer satisfaction through practical policy operations centered on time commerce."

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