Wemakeprice Lowers Commission to 2.9%... New Partner Store Entries Increase by 33%

by Kim Bokyung

Published 18 Apr.2022 08:55(KST)

Wemakeprice Lowers Commission to 2.9%... New Partner Store Entries Increase by 33%

[Asia Economy Reporter Kim Bo-kyung] Wemakeprice announced on the 18th that the number of new partner companies participating in the first quarter of this year increased by 33% compared to the same period last year. It is analyzed that the 2.9% flat-rate commission policy implemented since a year ago is receiving positive responses from online sellers.

In a press release on the same day, Wemakeprice stated, "Since the announcement of the industry's lowest 2.9% flat-rate commission policy in April last year, the number of partner companies has steadily increased," and added, "The commission reduction effect for partner companies has also become clearly evident."

A year ago, Wemakeprice moved away from the differentiated commission system applied per product in the open market method and lowered the commission for all products to one-sixth of the average online shopping mall commission rate of 16.7% (according to the Fair Trade Commission's 2021 Large-scale Retailers Distribution Transaction Survey). Since September last year, the 2.9% flat-rate commission has been expanded to non-delivery partners such as travel, accommodation, and performances.

In the first quarter of this year, 55% of all partner companies subject to the 2.9% flat-rate commission reduced their commissions by more than 80%.

During the same period, the number of products sold increased by 30% compared to the same period last year. As the number of partner companies and products increased, the average MAU (monthly active users) rose by 8% compared to the same period last year.

A Wemakeprice official said, "Partners who reduced their cost burden with low commissions will naturally reinvest in prices and products," and added, "Wemakeprice's 2.9% flat-rate commission is part of a mid- to long-term process of evolving into a platform where consumers can conveniently shop for a wider variety of products at reasonable prices."