Shopreme goes South Korea
We are very excited that shopreme was selected for the program “goSeoul 2020” to connect with one of the most innovative retail ecosystems. The South Korean retail industry is one of the largest markets but also one of the most advanced in terms of cutting edge technologies.
We are very excited that shopreme was selected for the program “goSeoul 2020” to connect with one of the most innovative retail ecosystems.goSeoul 2020 is a one-week acceleration program for Austrian startups organized by the Global Incubator Network Austria (GIN Austria) and Außenwirtschaft Österreich of the Austrian Economic Chambers. It provides first-hand insights into the Korean market and connects with startups, international investors, venture capitalists, potential customers, and relevant stakeholders.Shopreme was nominated alongside six other pioneering startups that are being supported in the internationalization and connection to the world’s most innovative hubs. In addition, GIN refunds 80 % of all expenses, including travel costs up to EUR 7,000 per startup, making it a very attractive opportunity for us.
8 reasons why South Korea is extremely interesting from a retail aspect
- The South Korean retail industry is one of the largest markets among Asian countries. Modern retail businesses have rapidly grown over the years.
- Korea is the tenth largest world economy nation (as of 2019).
- South Korea is one of the world’s most exciting beauty markets with new beauty trends and innovations.
- South Korea is a global leader in cutting edge technologies and way ahead in terms of digitalization.
- Digital technologies in retail are highly advanced and widely used. An increasing number of local retailers also have drawn on digital technologies to provide a better shopping experience for customers.
- Shopping with smartphone apps is a daily routine. You use your smartphone either to pre-order or while shopping.
- You see, many innovations that have not yet reached Europe. For instance, 24h unmanned convenience stores are part of everyday life. Biometric verification system scans are in use – you only have to wave your hand to pay. The unmanned checkout means they scan the barcode, scan their hands, and they’re done!
- eCommerce is very successful in South Korea which is interesting to connect the online with the offline world. There a three key factors that are driving eCommerce:
- 30 % of the market are single-person households that do not have enough time for offline shopping.
- There is a well-established digital infrastructure, including many mobile “easy to pay” payment systems.
- South Korea has one of the best-structured logistics systems, which is also related to the high density in cities like Seoul.
We are looking forward to exploring the retail innovation scene of Seoul in November 2020. Thanks to GIN Austria and Aussenwirtschaft for providing this great opportunity.
More details here