What is Gmarket

Gmarket is South Korea's top comprehensive e-commerce platform. It was acquired by New World Group's E-Mart in 2021. It mainly sells daily necessities, fashion apparel, cosmetics, digital appliances, etc.

Gmarket entry channels:

http://gmarketauction.hk.mikecrm.com/HrrQE81

About Gmarket

• Gmarket - Founded in 2000, it is South Korea's top comprehensive e-commerce platform, with users covering 64% of the total population of South Korea and over six million monthly visitors. Gmarket pursues innovation and is committed to building a more value-oriented global shopping platform to provide customers with more opportunities and better experiences.

About the Korean market:

South Korea has a population of more than 50 million, with about 48 million Internet users and a penetration rate of 97.6%, ranking fifth in the world and first in Asia. The Korean e-commerce market shows an annual growth trend. In 2022, the scale of the Korean e-commerce market has exceeded 206 trillion won, making it the fourth largest e-commerce market in the world. According to data from the Korean National Statistical Office, the Korean e-commerce market is expected to exceed 250 trillion won in 2024. In addition, in 2022, South Korea's cross-border e-commerce procurement volume exceeded 5 trillion won, an overall increase of 26%, of which procurement from China increased by more than 63%, ranking second in the world. It can be seen that the Korean market has unlimited potential and is another new fertile ground for Chinese cross-border sellers to realize their dream of sailing overseas.

Platform performance

In 2022, the platform's transaction volume was 22 trillion won, the average customer unit price was 70,000 won, and the number of active users was 9.9 million. The top three categories on the platform were fashion accessories 24%, digital appliances 14.5%, and home life 13%.

User Profile

Gmarket: 55% female, 45% male

Hot Products

Daily necessities, fashion apparel, and digital electronics.

Platform Commission

7%-12% (commission will vary depending on the category)

Settlement Method

Corporate USD account/third-party payment channel

Payment time

Payment on Monday/Thursday

Buyer has not confirmed receipt + 8 days

Logistics timeliness

Best to deliver within 1 week.

Sellers’ Guide

1. Settlement Materials

-Business license

- Passport/ID card of the legal person

- Receiving bank information

2. Entry threshold

For sellers with experience in operating in Korea:

Average monthly sales on Korean platforms ≥ 50 million won

Or the average monthly sales of mainstream cross-border e-commerce platforms ≥ 300,000 US dollars and have experience in operating Korean platforms

For sellers who have no experience in operating in Korea:

Average monthly sales on mainstream cross-border platforms ≥ USD 500,000

Or the platform invites merchants to join

3. Merchant support

-1V1 store opening guidance

- Commission reduction opportunities

-More event reports

- Senior Operation Support

Advantages

1. It is the largest online shopping market in South Korea.

2. No. 1 in e-commerce sales.

3. 64% of consumers use Gmarket for shopping.

4. Gmarket has more than 6,000 product categories.

Exclusive store link: http://gmarketauction.hk.mikecrm.com/HrrQE81

Awards

Gmarket won the "2015 Chinese Consumers' Most Favorite Korean Brand Award";

· Won the Korean Industrial Brand Power Ranking for 5 consecutive years (2011~2015);

· Ranked first in the National Brand Competitiveness Index for the eighth consecutive year (2007~2014);

· Customer Impression Brand Index, ranked first for three consecutive years (2012~2014);

Ranked first in the Korean Customer Satisfaction Index (2011, 2014);

· Won the Best Brand Award for 4 consecutive years (2012~2015).

Development History

-In 1999, Gmarket was founded by Young Bae Ku under the names "AuctionWeb" and "ShoppingMall".

-On June 6, 2006, Yahoo! acquired a 10% stake in the company.

-On June 29, 2006, 9,119,565 American depositary shares were issued for the first time on NASDAQ. The shares were quoted under the GMKT symbol. The initial price at that time was $15.25. -The acquisition by eBay Inc. has removed these shares from the market.

- In June 2009, eBay acquired Gmarket for approximately $1.2 billion. The subsidiary is now known as eBay Korea Co., Ltd.

-In 2010, Gmarket’s turnover reached 4.7 trillion won, and the number of registered members exceeded 20 million.

-On December 10, 2012, Korean online shopping platform Gmarket and Showsuite announced that they would cooperate to create a one-stop Korean fashion shopping platform.

-In August 2016, What’s Worth Buying joined hands with well-known Japanese and Korean e-commerce companies such as Amazon Japan, Rakuten Japan, Hyundai Shopping Korea, 11th Street, and Gmarket to launch the "Japan-Korea Shopping Festival".

-In October 2016, Gmarket launched the Gmarket Global English shopping website and began to provide online shopping services to overseas users and foreigners living in South Korea.

-In June 2021, it was acquired by New World Group's EasyMart.

-In October 2022, we will recruit some sellers from China.

-In 2023, comprehensive investment promotion will be launched in China.