What is Auction.co.kr? Auction.co.kr Review, Features

Auction is the first e-commerce platform in South Korea's history and also the largest online e-commerce auction platform. It was acquired by E-Mart of South Korea's Shinsegae Group in 2021.

Auction entry channels:

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

About Auction

Auction——Founded in 1998, it is the first e-commerce platform in Korean history and the largest e-commerce auction house in Korea. As the leader of online shopping in Korea, it provides customers with a more comfortable and convenient shopping experience based on the long-term accumulated user trust.

In 2021, after E-Mart, the largest retailer in South Korea, acquired the platform, the group's online platform ranked second in sales among South Korean e-commerce platforms. In 2022, E-Mart established a cross-border business department in China, began to conduct business with Chinese sellers and invited some sellers to settle in. In 2023, it officially recruited merchants.

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.

User Profile

Auction: 45% female, 55% male

Advantages of sellers joining Auction

1. High-quality traffic covering South Korea

South Korea has the fastest Internet speed in the world, and Korean consumers are keen on online shopping. The vast majority of buyers are young people aged 20-30. Auction has more than one million monthly independent visitors, and the platform has a steady stream of high-quality traffic.

2. Rich and diverse hot-selling categories

As one of the most representative mainstream e-commerce platforms in South Korea, it has a wide range of hot-selling categories, including fashion smart home, 3C electronic accessories, household daily necessities, cosmetics and beauty, clothing, leisure sports, etc., giving sellers a wide range of space to choose categories, and regularly carries out promotional activities for overseas sellers.

3. Continued growth in order value

In 2021, after E-Mart, the largest retailer in South Korea, acquired the platform, the group's online platform accounted for 15% of the sales of South Korean e-commerce platforms, ranking second. The total e-commerce transaction volume and transaction volume of the platform are in a state of sustained growth. Entering the platform not only allows sellers to easily open the door to the Korean market, but also the competition pressure in the Korean e-commerce market is relatively small. Whoever can enter the platform first will be able to seize the market share first.

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

Platform Commission

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

Logistics timeliness

Best delivery within 1 week

Settlement Method

Corporate USD account/third-party payment channel.

Payment time

Four times a month (10th, 15th, 21st, 27th). If the payment date is a weekend or holiday, the remittance will be made one day in advance.