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Biz News Korea(Eng)

Korea’s e-commerce players flag incentives for paid subscribers amid waning outlook

Collected: 2022.05.06

Distributed: 2022.05.07

Source: Go Direct

South Korea’s e-commerce firms are racing to lock in users through upgraded paid membership services as outlook for growth in e-commerce turns less rosy amid return to normalcy from Covid-19 restrictions.

According to the retail industry on Thursday, e-commerce platforms are enhancing their paid subscription services. Shinsegae Group, which acquired eBay Korea last year and renamed it to Gmarket Global, unveiled its premium membership service Smile Club on March 27. The paid membership service for SSG.com and Gmarket Global offers various benefits, including free delivery and discount coupons. The e-commerce giant plans to expand the benefits overarching its offline and online channels.

Naver’s premium membership program Naver Plus Membership, which launched in 2020, offers a variety of benefits, including 5-percent milage per transaction via Naver Pay and one free content service per month. The membership program has 7 million subscribers as of the first quarter this year.

Coupang’s Wow, unveiled in 2018, provides its subscribers with exclusive services and perks, including free delivery, free return, and same-day delivery. It also offers its content streaming service Coupang Play to Wow members.

Their global giant peer Amazon last week projected the lighter-than-expected estimate for the current-quarter business due to subdued demand for online shopping amid the economy reopening from the pandemic.

By Kang Min-ho and Jenny Lee

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