April 1, 2020
Korea’s e-commerce giant Cafe24 helping local firms expand business overseas

Korea’s e-commerce giant Cafe24 helping local firms expand business overseas

Stretching further into the global market,…
that’s one of the goals set by the Moon administration,… as they hope to see more of Korea’s small
and mid-sized firms doing business overseas. And now, we take a look at a local firm doing
just that,… helping other companies expand their business horizons beyond Korea… through
the company’s e-commerce platform. Shin Se-min reports. It was part of the South Korean government’s
plan for the brand new year that they support small and mid-sized firms and start-ups to
encourage them to go global. The Ministry of SMEs and Startups announced
this week that it’s adding more than 165 million U.S. dollars into its annual budget to back
small firms that plan to expand overseas. The ministry says the backing will give smaller
firms the impetus to enter the global market through e-commerce platforms,… by fostering
online-shopping malls. And Korea’s e-commerce giant, Cafe24, competing
with Shopify of Canada and China’s Alibaba– already has a firm footing in the global market. The company logged over six-billion dollars
worth of transactions in 2017 through its e-commerce platform,.. a jump of 51-percent
compared to two years ago. And while the head of the e-commerce giant
sees the fast-approaching 4th industrial revolution as a potential boon,… difficulties remain. (KOREAN)
“There are multiple steps that go into connecting companies in Korea to customers overseas. And challenges always pop up as we, as a platform,
work to provide the best service for our users on both ends.” From creating a small online company through
its shopping mall, to branding and marketing its products to those living outside Korea,…
and eventually making that business successful,… the CEO says every step is a challenge. But with the recently announced government
plans,.. Cafe24 is hopeful that some of the difficulties it has been facing,… will ease
over time,… and it will achieve its goal of helping other local companies make the
jump from a domestic market of 50 million people to a global market of billions. Shin Se-min, Arirang News.

Leave a Reply

Your email address will not be published. Required fields are marked *