Big success for Korean retailers during shopping festivals
In this article (5)
South Korean retailers enjoyed a big sales boost from annual shopping extravaganza they launched in November to join the world’s major shopping events like Black Friday in the U.S. or Single’s Day in China. According to industry sources on December 2, Lotte Department Store, one of the country’s retail majors saw its sales from Nov. 1 to 29 grow 1.1 percent against the same period last year. Sales of its hypermarket affiliate Lotte Mart also gained 1.7 percent over the same period.
Home appliance sold especially well during the big sales period, recording a 12.5 percent jump in revenue compared to the same period last year. High-end products were also showed sharp growth – sales of expensive hanwoo or Korean beef soared 25.8 percent on year and luxury fashion items up 9 percent.
E-Mart., another leading big-box store chain also held a mega sales event in November, slashing prices of nearly 2,000 items worth 300 billion won (US$267.4 million). It sold 180 tons of hanwoo in just four days, doubling sales against the same period last year.
Online retailers enjoyed even bigger growth in sales through major discount events. G Market and Auction hosted Big Smile Day sales event from Nov. 1 to 11 and their sales transaction amount more than doubled compared to the same period a month earlier.
11st.com that runs its biggest sales event on Nov. 11 every year said its daily transaction amount on this year’s big sales day reached a record high of 102 billion won. Last year, it recorded 64 billion won through the same event.
WeMakePrice Inc. also held bargain sales from Nov 1 to 11 this year. It said the transaction amount over the period jumped 77 percent to 230 billion won compared to the same period last year. By volume, it was up 15 percent on year. The company estimated transaction amount to hit a record high of 600 billion won in November.
Questions & Answers
Q.Which specific product categories saw significant sales increases for Lotte Department Store during the November shopping period?
Which specific product categories saw significant sales increases for Lotte Department Store during the November shopping period?
Home appliance sales jumped 12.5 percent, while high-end products also performed well. Specifically, sales of expensive hanwoo soared 25.8 percent and luxury fashion items rose 9 percent.
Q.How did the online retailers perform compared to traditional brick-and-mortar stores during the November shopping festivals?
How did the online retailers perform compared to traditional brick-and-mortar stores during the November shopping festivals?
Online retailers saw even bigger growth. G Market and Auction’s sales transaction amount more than doubled, and WeMakePrice Inc. Reported a 77 percent jump in transaction amount.
Q.What was the financial impact of the sales event for 11st.com on its biggest sales day in November?
What was the financial impact of the sales event for 11st.com on its biggest sales day in November?
On its biggest sales day in November, 11st.com achieved a record high daily transaction amount of 102 billion won. This compares to 64 billion won from the same event last year.
Q.What was the estimated total transaction amount for WeMakePrice Inc. During November?
What was the estimated total transaction amount for WeMakePrice Inc. During November?
WeMakePrice Inc. Estimated its total transaction amount for November to reach a record high of 600 billion won. This figure covers the entire month's sales activity.
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