Shinsang Market Grows 26% Year-on-Year in First Half... Transaction Volume Reaches 185.8 Billion Won

Active Small Business Operators Also Increase by 28%

[Asia Economy Reporter Kim Cheol-hyun] Shinsang Market, a Dongdaemun fashion platform connecting Dongdaemun wholesale businesses with clothing retailers nationwide, maintained its growth despite the impact of the novel coronavirus infection (COVID-19).

Delicious, the operator of Shinsang Market (CEO Kim Jun-ho), announced on the 8th that the transaction amount on Shinsang Market in the first half of this year recorded 185.8 billion KRW, a 26% increase compared to the same period last year. The number of retail businesses trading wholesale through Shinsang Market increased by 28%, from about 27,000 monthly on average last year to 35,000 in the first half of this year.

On Shinsang Market, retail businesses place orders either through 'Store Orders,' where they directly decide the product delivery and payment methods, or through 'Shinsang Delivery,' where Shinsang Market receives the products and delivers them to the retailers. Store Orders in the first half of the year increased by 19% to 155 billion KRW, while Shinsang Delivery grew by 75% to 30.7 billion KRW.

The impact of COVID-19 also affected the clothing market. The transaction growth in March, when the clothing peak season usually begins, was only 1% higher than the previous year, reaching 27.8 billion KRW. However, from May, when emergency disaster relief funds were distributed and COVID-19 entered a stabilization phase, the growth momentum accelerated. The growth rate in May was 33% compared to the same period last year, and it increased by 53% in June.

Delicious explained that they enhanced payment convenience by applying simple payment services such as Chai and Naver Pay, and significantly improved issues like delivery omissions caused by errors from wholesale businesses by introducing a barcode system in purchasing logistics. Also, the number of Delicious headquarters staff, excluding the logistics team, increased from about 70 at the end of January this year to 97, reinforced by the product team including Jang Hong-seok, Chief Product Officer (CPO). CPO Jang has experience in product planning at major IT companies and startups, having led new service planning at Naver, served as product owner for Coupang's logistics business, and been lead product manager at MyRealTrip.

Delicious plans to complete the relocation of the logistics center and advance the logistics system in the second half of the year, aiming to improve customer service based on these efforts. Kim Jun-ho, CEO of Delicious, said, "The demand for non-face-to-face transactions due to COVID-19 spreading to the Dongdaemun market led to Shinsang Market's steady growth."

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