November 21, 2024

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The Woorishop CEO Jeon Ho-geun (The Woorishop)

Korea's e-commerce platform sector is highly competitive, but The Woorishop thinks it has the standout solution: a cashback offer to keep customers coming back.

The platform provider offers a package that returns high-percentage cash paybacks to consumers, allowing buyers to enjoy substantial discounts while sellers boost their sales.

"The Woorishop operates on a business model that benefits both buyers and sellers when they interact online," said Jeon Ho-geun, CEO of The Woorishop.

"The concept of converting expenses on e-commerce platforms into mutual benefits for both buyers and sellers is the most attractive feature of our platform business and also guarantees high chances of success for new entrepreneurs."

Founded in 2014, The Woorishop specializes in the technological side of the retail industry, including software development and distribution, e-commerce platforms, and consultations for online-to-offline (O2O) business models and regular offline shops.

The company has been recognized by the government as a venture company with an innovative growth business model, holding a patent for its online shopping mall solutions that offer high-percentage cashback to customers.

Jeon emphasized the way The Woorishop covers all aspects of setting up an online shop, allowing entrepreneurs to run their own online stores even if they don't have the necessary technical expertise.

The Woorishop lets anyone can sign up and receive their own store for free, and makes money from commission on sales.

“We aim to attract more than 20 million clients within this year by enhancing our solution, which offers 90 percent of sales profits to consumers as cashback,” Jeon stated.

Instead of offering mileage or discount coupons, The Woorishop guarantees that up to 90 percent of the sales profit is credited as cashback when customers purchase products. The shopping malls operate on the remaining 10 percent, Jeon said.

“The Woorishop’s reward system was made possible because we successfully developed a retail platform service that has innovated online purchase-and-sales spaces,” Jeon stated. “Currently, we have serviced more than 160,000 shopping mall solutions, introducing over 34 million items on their platforms. This year, we will enhance our solution service ... to achieve our target of 2 million clients.”

Looking toward the future, The Woorishop aims to develop a system that integrates online shopping malls, physical stores, fintech, O2O businesses and platform network businesses. The company also aspires to set a new global standard for e-commerce platforms with its “consumption-based platform” concept, ultimately targeting 180 trillion won ($132 billion) in annual sales across more than 200 countries.

Jeon highlighted the potential of their global platform network businesses as an alternative partner to other global e-commerce companies such as Coupang and Amazon.

“Even if you do not have enough capital or operate no physical stores, the dreams you can achieve with The Woorishop are unparalleled and limitless compared to other platform providers,” Jeon expressed.

The Woorishop is the latest generation of retail service by combining the strengths of online shops with those of platform network businesses. This innovation facilitates not only the exchange of products but also enables the unlimited reach of its services, Jeon added.

"The Woorishop is set to transform the e-commerce landscape, providing individual entrepreneurs with the tools they need to succeed in the digital marketplace," Jeon said.

"Achieving an annual income of 1 billion won may seem like a challenging goal. However, if you take ownership and lead your business proactively, voluntarily, and assertively, you can realize the 'dream of a 1 billion won annual income' with The Woorishop.

By Hwang Joo-young (flylikekite@heraldcorp.com)