SEOUL – CJ Onstyle, the fashion and culture retail wing of South Korean group CJ, has partnered with the group’s content creation subsidiary CJ ENM to launch a new form of entertainment programming on Youtube. The host of the online show will engage in real-time product price negotiations with customers and when the price is agreed, the products will be sold through a live trading platform.
A live trading show is the online version of a home teleshopping show. Presenters and viewers can communicate in real time to ask questions and request more detailed photos of the product currently on sale. The new format became popular in South Korea in 2020 when people chose to shop at home instead of visiting crowded malls to prevent the spread of COVID-19.
The show hosted by popular actress Lee Yu-ri will air on CJ ENM’s YouTube channel. Products will be sold through CJ Onstyle’s live commerce channel. “From this program, we will go beyond the TV platform to expand our business to digital media,” an anonymous CJ Onstyle official said in an Oct. 25 statement.
South Korea’s direct commerce market has experienced explosive growth over the past two years. According to Kyobo Securities, the live trading market, which stood at 400 billion won ($ 342 million) in 2020, is expected to grow about seven times as much in 2021 to reach about 2.8 trillion won.
The popularity of online shopping lounges was boosted by a coronavirus pandemic that hit South Korea in early 2020. According to data released by the National Bureau of Statistics, some $ 161.1 trillion was traded in online shopping malls in 2020, up 19.1% from 25.8 trillion won. one year ago. The money spent on food deliveries, groceries and daily necessities has increased dramatically.
According to data from Shinhan Card, the number of mobile purchase transactions made by customers in their 50s and 60s in 2020 increased by 64% in one year, becoming the largest user group in the online shopping market. mobile.