Trading volume reaches 7.6 trillion won! South Korea's Lotte on is ready to go

It is reported that the fierce competition among Korean retailers in the online market has never stopped. In such a market context , whether Lotte ON can find a path suitable for its own development has attracted much attention.

It is understood that Lotte ON is an online comprehensive shopping mall of Lotte Group's distribution branch. It opened in April last year , but its performance was poor and failed to meet its own expectations.

According to the distribution industry on the 11th, Lotte Group officially appointed Luo Yinghao, former director of eBay Korea's strategic planning department, as the representative of Lotte ON on the 12th .

According to expert analysis, the reason why Lotte Group hired the CEO of Lotte Group from outside may be that the group believes that Lotte On is very important in the group's future and business strategy . It is understood that Lotte intends to improve its competitiveness by increasing the proportion of e-commerce business and organically integrating online and offline channels.

It is worth noting that Lotte On previously led eBay Korea’s large businesses such as Smile Pay and Smile Card , and he is expected to focus on enhancing Lotte On’s competitiveness after taking office while restructuring the organization by hiring new external personnel.

Lotte Group expects its CEO to transform Lotte on its first anniversary on the 28th, but it is unclear how much success will be achieved as competition among distribution companies is becoming increasingly fierce.

It is understood that last year, Lotte On's transaction volume was 7.6 trillion won, far behind eBay and Coupang . However, Lotte Group has 39 million user information, accounting for 75% of the total population of South Korea. Lotte ON can use Lotte Group's big data to analyze data such as personal purchase frequency, shopping reviews and social network (SNS) messages to recommend customized products to individuals.

Late last month, organizers of the eBay Korea sale reportedly announced a list of qualified candidates for full bidding, including Lotte Shopping , E-Mart , SK Telecom and MBK Partners, a private equity fund (PEF) operating company that is the largest shareholder of Home Plus.

"We are very interested in acquiring eBay Korea , " said Kang Hee-tae, CEO of Lotte Shopping, at a regular shareholders' meeting on the 23rd of last month .

South Korea

Lotte

Retailers