Ministry of SMEs and Startups, '2021 K-MAS Live Market' Sales Surpass 100 Billion Won

Expansion of Non-Face-to-Face and Online Consumption Drives Growth of 'Supportive Consumption' for SMEs and Small Merchants

Introduction screen of K-MAS Live Market. [Photo by K-MAS Live Market website].

[Asia Economy Reporter Kim Jong-hwa] The sales of the '2021 K-MAS Live Market,' conducted to help small and medium-sized enterprises (SMEs) and small business owners overcome the difficulties caused by COVID-19 and achieve a new leap forward, have surpassed 100 billion KRW.

According to the '2021 K-MAS Live Market Operation Performance and Results' announced by the Ministry of SMEs and Startups on the 30th, non-face-to-face and online sales recorded 103.1 billion KRW, a 39.5% increase compared to 73.9 billion KRW last year.

This market was held on the largest scale, targeting the Christmas consumption week, with participation from online platforms (40), traditional markets (400), and about 40,000 SMEs and small business owners. Sales by major channels included 39.8 billion KRW from online shopping malls, 58.7 billion KRW from TV home shopping, 3.5 billion KRW from traditional market online shopping, and 1.2 billion KRW from live commerce.

The overall sales significantly increased due to the recent expansion of non-face-to-face and online consumption and the spread of a 'supportive consumption' atmosphere where the public encourages and supports SMEs and small business owners.

Through this market, popular products such as dinosaur toys from Good July Co., Ltd., health shampoo from Nasil Family Co., Ltd., and mini jokbal from Our Home Food Co., Ltd. attracted attention. On-site feedback also indicated that it played a vital role as a source of hope for SMEs and small business owners despite the difficulties caused by COVID-19.

Additionally, through the Christmas market 'Zero Pay' payback event, the total payment amount increased dramatically to 3.5 times compared to the same period last year (December 19-27). The average daily sales of neighborhood supermarkets also improved by 8.3% compared to the same period last year, showing a consumption promotion effect in offline stores as well.

The 'supportive consumption' campaign for SMEs and small business owners confirmed warm public support. As the COVID-19 crisis threatened the survival of small business owners, market promotions and campaigns were carried out to encourage the public to participate in 'supportive consumption' of small business products. As a result, the special exhibition on internet shopping malls attracted 3.34 million visitors, and live commerce viewers reached 660,000.

The word-of-mouth video supporting small business owners, parodying the movie 'Home Alone' with the entertainment team 'Pisik University' as models, surpassed 1 million views. The official website visits and event participation for comprehensive information on the 2021 Live Market event and discount information exceeded 210,000, confirming the enthusiastic participation.

The smart unmanned sales booths and live commerce open studios established by the Ministry of SMEs and Startups in the Hongdae festival street area played a significant role in promoting and providing experience with the unfamiliar 'O2O (Online to Offline) sales' to small business owners and the public, presenting a successful formula for non-face-to-face and online sales for small business owners.

Minister Kwon Chil-seung of the Ministry of SMEs and Startups said, "I thank the private distribution companies, SMEs and small business owners, and the public who participated and gave warm support to the 2021 K-MAS Live Market." He added, "In the new year of the Year of the Black Tiger, we will further strengthen support for the 'digital and online great transformation,' including online and offline sales channels, to help SMEs and small business owners achieve a new leap forward."

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