What is Auction? Auction Review

Basic Introduction

Auction.co.kr is known as a price comparison site, it is more than just a website that provides e-commerce to customers. Auction.co.kr provides the best purchase comparison prices from over 3,000 e-commerce sites. It is not only a large e-commerce site, but also a small online store.

Ranked as the fifth largest e-commerce market in the world, South Korea's e-commerce sales exceeded US$100.7 billion in 2019, and China has become the core trading partner of South Korea's overseas shopping market.

Platform Advantages

1. High-quality traffic covering South Korea

South Korea has the fastest Internet speed in the world, and Korean consumers are keen on online shopping. The vast majority of buyers are young people aged 20-30. Gmarket and Auction both have more than one million monthly independent visitors, and the platform has a steady stream of high-quality traffic.

2. Rich and diverse hot-selling categories

As two comprehensive e-commerce platforms under eBay KOREA, they have a wide range of hot-selling categories, including clothing, 3C, luggage, household items, etc., which gives sellers a wide range of space to choose categories, and they regularly carry out promotional activities for overseas sellers.

3. Continued growth in order value

eBay KOREA, which operates Gmarket and Auction, said that in the first quarter of 2019, China's cross-border e-commerce sales increased by 37% year-on-year, and the sales share of global products on the platform also increased significantly from 23% to 33%. The total e-commerce transaction volume and transaction volume of these two platforms are in a state of continuous growth. Entering the platform not only allows sellers to easily open the door to the Korean market, but also the competition pressure in the Korean e-commerce market is relatively small. Whoever can enter the platform first will be able to seize the market share first.

Hot selling categories

Clothing, shoes and hats/home appliances and electronic products/maternal and child products/household items/leisure sports

Unsaleable categories

Pharmaceuticals, tobacco, alcohol, vision correction products, knives and guns, chemicals, drugs, military uniforms and equipment, wild animals and plants, obscene materials

Restricted Class

Health products, food, cosmetics, medicine, medical equipment, broadcasting and communication equipment, game records and videos

Entry conditions

1. Legal companies in China, Hong Kong, Macao and Taiwan;

2. Required information:

1) Copy of business license

2) Corporate USD Account

3) A copy of the legal representative’s passport;

4) Application form;

5) Purchase invoice;

6) Guarantee of authenticity.

Settlement process

1. Apply and submit documents;

2. Preliminary review of materials (2 working days);

3. Platform review;

4. It will take 10 to 12 working days to successfully settle in.

Platform Fees

1. 7%-13% sales commission;

Free listing fees and store rental.

Platform payment

The payment will be transferred to the platform account within one week after receipt is confirmed.

Settlement Time

Platform Logistics

Self-delivery mode. If you enter Gmarket and Auction platforms at the same time, the system can be bound, and the product only needs to be listed once to be sold on both platforms at the same time.

Development History

In 2001, it was acquired by eBay.

References