Retail in Asia

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eBay Korea’s Smile Pay expands partners


eBay Korea’s electronic payment system Smile Pay is expanding its ties with e-commerce content management firms, helping small online shop owners enjoy increased sales.

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According to eBay Korea, Smile Pay has recently launched its payment service for MakeShop, a content management service provider for entrepreneurs seeking to open their own online shopping malls. MakeShop’s services range from website establishment, management, delivery and marketing.

Along with MakeShop, Smile Pay has been expanding its ties with other firms providing services for e-commerce entrepreneurs.

Last year, Smile Pay affiliated with Cafe 24, which provides services on website building, server hosting, global marketing for online shopping malls. Also in the same year, Smile Pay teamed up with I’mport for a payment application programming interface for app developers.

The move came amid the explosive growth of e-commerce in Korea, whose total transactions amounted to 135 trillion won last year.

This resulted in the sharp increase in the number of individually-run small online malls. So far, the number of online malls built through Cafe 24 accumulated to 1.68 million as of October last year. That of MakeShop also stood at 460,000 in 2018. The two companies’ combined domestic market share is believed to surpass 90 percent.

eBay Korea said this led not only Smile Pay but also other payment service providers to be keen to forge partnership with e-commerce content management firms. Of them, Smile Pay accomplished noticeable outcomes, because it is optimized for online shopping, which will help small online malls to enhance their competitiveness and prop up sales. Since eBay Korea is running Korea’s top e-commerce platforms, Gmarket, Auction and G9, small shop owners can expect joint marketing and additional customers.

Debuted in 2014, Smile Pay had 14.5 million members as of 2019. For mutual growth with affiliated online malls, it has been providing various benefits to customers, such as cashback events.

Along with online malls, Smile Pay is expanding its partnerships with offline shops and large retail firms. It is affiliated with dining chain SPC, supermarket chain GS Retail, movie complex CGV, accommodation app Yanolja, Hyundai Department Store’s duty free shops, Fila, Kolon and a slew of other big name retail firms.

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“Due to its convenience and vast affiliation network, the number of small online malls seeking to affiliate with Smile Pay is showing stable growth. To capitalize on the momentum, we plan to enhance our ties with more online malls this year,” an eBay Korea official said.

(Source: Korea Times)