Transaction volume reaches 5 trillion won! South Korea's second-hand trading market is booming

It is reported that South Korea's second-hand trading platform Used Nara announced on the 17th that the cumulative second-hand transaction volume in 2020 was 5 trillion won, reaching the largest scale in history , an increase of 43% compared with the previous year ( 2019).

It is understood that Used   Nara is South Korea's largest second-hand trading platform, with about 390,000 product registrations per day.

We learned from Used Nara that the expansion of transaction scale in 2020 was due to the changes in lifestyle caused by the epidemic , which led to a sharp increase in the number of members of second-hand trading platforms and the diversification of trading products.

From February to July 2020, the number of new members on second-hand trading platforms increased by 550,000 . Affected by the epidemic, people began to work and take classes remotely, and transactions in products in the areas of children's goods , toys , games , flowers and interior decoration, which had previously had smaller trading volumes, increased significantly.

In addition, Daeran products became a hot topic on social media in 2020, and it also had a significant impact on the expansion of the second-hand trading market.

In the IT field, starting with “Animal Crossing” in the first half of 2020, the transaction volume of RTX 3080 graphics cards , iPhone 12 , iPad Pro 4th generation, and Galaxy Buzz surged. In addition, Starbucks promotional products , handbags, and camping chairs created a new resale market.

Used Nara explained that another reason for the expansion of second-hand transactions is the improvement of the trading environment within the platform.

Last year, Used   Nara launched a secure payment service for a secure trading platform environment on the platform and formulated policies for users . In addition, internal investment was strengthened by expanding the monitoring team, AI-based safe use transaction monitoring technology, and establishing a "Peace Research Institute" within the company.

The results showed that after the installation of the "Second-hand Country/Region Cleaning Center", the number of product transaction damages dropped to less than 10 pieces per day on average , and the stability of transactions within the platform was further improved.

Seung-Woo Lee, CEO of Used Nara, said: " The current success of the second-hand market is due to the rectification of the trading environment and the intensive internal organizational reform in 2020 to expand the market size . In addition, the second-hand trading platform is growing at an unprecedented rate, and it is expected that the second-hand trading platform market will be reorganized again to provide more users with safe second-hand trading services. "

South Korea

Second-hand market

E-commerce