hy, Online Mall 'Predit' Surpasses 2 Million Registered Members

Transaction Volume of 170 Billion KRW and Over 1,100 Products Handled as of Last Year
Enhancing Customer Convenience Through UI Changes and Integration of Generative AI Technology

hy announced on the 16th that the number of registered members of its own mall 'Fredit' has exceeded 2 million.

Fredit is an online mall that hy launched in December 2020 by remodeling its existing mall ‘HiFresh’. After surpassing 1 million members in February 2021, it reached 2 million members in 3 years and 5 months. The transaction volume has also increased significantly. It grew nearly 19 times from 9 billion KRW in 2017 to 170 billion KRW last year, and the transaction volume in the first half of this year reached 90 billion KRW.

Fredit aims to be an e-commerce platform rather than a typical company mall. For this reason, it chose a new name unrelated to the company name instead of ‘hy Mall’. It is a compound word of ‘Fresh’ and ‘Credit’, meaning it guarantees freshness.

The range of products handled has also diversified. Unlike in the past when only its own products were handled, it now carries other companies’ products, expanding consumer choices. The number of products, which was around 400 at launch, now exceeds 1,100. About 80% of these are products from other companies. hy guarantees next-day delivery for Fredit Manager deliveries by utilizing its own logistics system. If ordered by 4 p.m. the previous day, customers can receive the product the next day. Delivery is free when using Fredit Manager.

Fredit will change its user interface (UI) to improve the convenience of searching and ordering subscription products. Through active sourcing of suitable subscription products, it plans to develop various subscription products that meet customer needs and introduce subscription services for other companies’ products. Recently, it incorporated generative AI technology to enhance customer convenience. When searching for products, it analyzes the user’s question intent and recommends products. Accuracy and response speed have also greatly improved compared to the existing search system.

Gwak Gi-min, head of the hy platform operations team, said, “We achieved 2 million members by leveraging Fredit’s unique strengths such as free delivery by Fredit Manager and development of subscription-type products,” adding, “We will continue to communicate from the customer’s perspective and nurture the platform as one that pursues rational consumption.”

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