E-commerce powers on: South Korea’s ‘Lotte.com’ teams up with China’s major e-tailer
China’s largest online retailer, JD.com has signed a five year deal with South Korea’s ‘leading online shopping site’ Lotte.com to offer its growing base of upwardly mobile customers more choice.
JD.com shoppers will now be able to purchase Korean products from cosmetics to fashion, from Lotte through 'JD Worldwide', the company’s cross-border platform.
Founded in 1996, Lotte.com was the first online shopping mall in Korea. By 2014, the company launched Global.lotte.com for worldwide customers and has achieved a growth rate of more than 30%.
Since its launch, dozens of Korean brands started to sell their products to Chinese consumers through Korean Mall. The best-selling product categories include personal care products and cosmetics.
“The demand for products through Korean Mall has been strong and partnering with Lotte, Korea’s clear industry leader, will help us meet the growing needs of our users,” says JD Mall CEO Haoyu Shen.
JD.com's investments in 2015
It's full steam ahead for the online retailer this year which has also recently invested in a Hong Kong base to engage more with brands and retailers across Asia, and to make it easier, and quicker for international merchants to ship directly to consumers in China.
The company plans to employ a team there to focus on targeting and attracting new retail partners from around the region, enabling it to better engage with brands and retailers across Singapore and major Southeast Asian markets, who are looking to tap the online retailer's 118 million active users in Mainland China.
"We have seen rapid growth in demand from our customers for Asian brands and products, and from leading brands and retailers across the region who want to reach our huge base of upwardly mobile customers," says JD.com's chief human resources officer, Rain Long.
"This new office will expand our ability to attract and service brands from around the region, and ultimately to ensure that we continue to bring our customers the most exciting and diverse selection of international products."