Sinsang Market Achieves 100 Billion KRW Annual Transaction Growth Despite COVID-19
2020 Annual Transaction Amount Expected to Reach 430 Billion KRW... Monthly Order Amount Surpasses 50 Billion KRW in October and November
[Asia Economy Reporter Kim Cheol-hyun] Delicious, led by CEO Kim Jun-ho, which operates the platform 'Shinsang Market' connecting Dongdaemun wholesale vendors with fashion shopping malls nationwide, announced on the 15th that this year's transaction volume is expected to reach 430 billion KRW, an increase of 100 billion KRW compared to the previous year. Despite the COVID-19 pandemic, Shinsang Market has maintained its growth momentum, surpassing 50 billion KRW in monthly transaction volume for the first time in October and November.
Shinsang Market has a system where Dongdaemun wholesale vendors register products, and shopping mall operators nationwide view and place orders. The method where retail shopping malls directly purchase or pick up products is called 'Store Order,' while 'Shinsang Delivery' is a structure where Shinsang Market handles purchasing and delivery on behalf of the mall.
The fulfillment service 'Deliverd,' which transitioned to public service in September this year, saw a 379% increase in order volume in November compared to September. Deliverd is a service that manages the entire logistics system for retailers, including purchase management, inspection and quality control, inventory management, and product packaging and shipping. This allows business operators to focus on the core aspects of their business such as product selection, sales strategy, and marketing, freeing them from tedious repetitive tasks. Deliverd has contributed to Shinsang Market's total transaction volume with rapid growth during its first two months of full service.
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Kim Jun-ho, CEO of Delicious, said, "Shinsang Market surpassing 50 billion KRW in monthly order volume shows that Delicious's business goal of systematizing Dongdaemun is becoming a reality," adding, "We will continue to focus on advancing our technology-based platform and strengthening logistics capabilities to globalize Dongdaemun fashion."
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