Fast settlement becomes the mainstream! Competition among Korean e-commerce platforms is fierce

It is reported that competition among South Korea's e-commerce platforms is becoming increasingly fierce, and online shopping malls have successively launched "quick settlement" methods to shorten settlement time , improve consumers' shopping experience, and maintain corporate competitiveness.

Currently, South Korean politicians are discussing the legalization of the settlement cycle of online shopping malls, and this trend is expected to continue.

According to news from the Korean e-commerce industry on the 24th , the way online shopping malls conduct liquidation is that after the purchase of goods is completed in the shopping mall, the owner of the online shopping mall pays in advance, and then pays the seller after the seller sends the details of the goods to the consumer and confirms it . Generally, the payment is made after the consumer "confirms the purchase", which takes up to 14 days.

It is understood that 11st has launched a " fast settlement " method . The basic settlement system is that after the consumer confirms the purchase, the full amount will be settled the next day. If the consumer does not confirm the purchase in person, the delivery will be automatically completed on the 8th day after the delivery is completed .

On the other hand , "Quick Settlement" is a settlement method in which 90% of the payment is settled the next day after the product is delivered to the customer on the same day , and the remaining 10% is settled after the purchase is confirmed .

An 11st official said, “Since the implementation in October last year, more than 22,000 sellers have accepted the quick settlement.”

Naver Financial also provides a "Quick Settlement" service for smart store sellers to settle the next day after delivery is completed . The next day after delivery, eligible sellers who have achieved monthly sales of more than 1 million won for more than 3 consecutive months will receive 90% of the sales payment.

eBay stated that it will implement a policy of clearing goods on the day after the goods leave the warehouse for sellers who use "Smile Delivery" .

An eBay official said: "Since all the processes after the buyer places an order are handled by Smile Delivery, the payment can be settled in advance. Super-fast settlement is very helpful for small and medium-sized sellers who value capital turnover management . "

In contrast, Coupang , WeMef and Timon, which started out as social commerce companies, have relatively long liquidation cycles . It is reported that these shopping malls take up to two months to settle accounts.

A WeMef official said, “ Our settlement structure is different from other online shopping malls, and it is difficult to reduce the settlement period immediately . We will continue to work hard to shorten the settlement period . ”

Last month , a revision of the "Law on Consumer Protection in Electronic Commerce, etc." was initiated, which stipulates that telecom sales companies must pay the seller within 30 days from the date the consumer receives the goods . If this provision is violated, a fine will be imposed.

Industry insiders said : "It will take some time to legalize, but from the perspective of protecting small businesses, shortening the settlement cycle is a must . "

South Korea

E-commerce

Fast settlement