Kakao acquired half of Grip Company, a local startup specializing in live commerce streaming, for 180 billion won ($153 million), in a major bet on the format becoming a force in digital shopping.
CJ Logistics is teaming up with SK Energy to use its gas stations as local fulfillment centers.
Retail competition is now so fierce in Korea that overnight delivery is no longer enough. Quick commerce is fast becoming the standard, with goods arriving within an hour of ordering.
CJ ENM launched a new shopping brand that integrates television and mobile shopping.
Retailers and IT firms are investing aggressively in rapidly growing live commerce.
“This body cream helps reduce swelling and remove cellulite,” or so said the announcer during a live commerce infomercial streamed on the internet. The statement has been found to be exaggeration by the Korea Consumer Agency.
Live commerce, the wacky but hugely successful format whereby customers are able to chat with an infomercial, has gone mainstream.
The online shopping boom has become a major source of income for large retailers and department stores. But the internet isn't just for the big players, and the hard-hit owners of small independent stores are also jumping online.
With online shopping booming in Korea, IT companies are scrambling to launch their own live commerce services as they look for new ways to attract more customers.
Live commerce platform Grip has attracted 8 billion won ($6.7 million) of fresh investment, its operator Grip Company announced Monday.