Korea's e-commerce giant Cafe24 helping local firms expand business overseas
Updated: 2018-01-19 12:33:25 KST
It was part of the South Korean government's plan for the brand new year that they support small and mid-sized firms and start-ups to encourage them to go global.
The Ministry of SMEs and Startups announced this week that it's adding more than 165 million U.S. dollars into its annual budget to back small firms that plan to expand overseas.
The ministry says the backing will give smaller firms the impetus to enter the global market through e-commerce platforms, by fostering online-shopping malls.
And Korea's e-commerce giant, Cafe24, competing with Shopify of Canada and China's Alibaba-- already has a firm footing in the global market.
The company logged over six-billion dollars worth of transactions in 2017 through its e-commerce platform,.. a jump of 51-percent compared to two years ago.
And while the head of the e-commerce giant sees the fast-approaching 4th industrial revolution as a potential boon, difficulties remain.
"There are multiple steps that go into connecting companies in Korea to customers overseas. And challenges always pop up as we, as a platform, work to provide the best service for our users on both ends."
From creating a small online company through its shopping mall, to branding and marketing its products to those living outside Korea, and eventually making that business successful, the CEO says every step is a challenge.
But with the recently announced government plans,.. Cafe24 is hopeful that some of the difficulties it has been facing, will ease over time, and it will achieve its goal of helping other local companies make the jump from a domestic market of 50 million people to a global market of billions.
Shin Se-min, Arirang News.