Will C-Commerce Follow in Walmart’s Footsteps?

In recent years, Chinese C-commerce platforms such as AliExpress, Temu, and Shein have been aggressively targeting the global market. The targeting of these Chinese platform companies towards the global market has distinct characteristics. It relies on the full support of the Chinese government to solve the oversupply problem caused by the sluggish domestic demand in China. This is also the reason why each country is concerned about the entry of its own distribution industry into the market. These Chinese companies have entered the US, Europe, and Korea, and initially managed to enter the market with huge marketing costs. In particular, it has caused a lot of excitement in Korea, where AliExpress ranks second and Temu ranks fourth in the e-commerce app ranking.

Short Glory, E-Commerce Limitations

E-commerce companies that seemed ready to enter the Korean market at any moment have been struggling recently. Delays in shipping products purchased directly from overseas and security issues with the products being sold have been cited as reasons, but a more fundamental reason is that it cannot reach average consumers with products purchased directly from overseas without supporting local products. Recognizing its limitations, AliExpress is also trying to secure a local distribution network in Korea, including considering the acquisition of Homeplus Express. This shows that the importance of local distribution networks is being emphasized for the sustainable growth of e-commerce. The sense of crisis in e-commerce reminds us of the nightmare of Wal-Mart, which withdrew after suffering a disastrous failure in Korea.

“Walmart Nightmare” from the local market

Wal-Mart, which entered Korea in 1998, followed its formula for success in the US market. Wal-Mart tried to apply it to the Korean market. However, the result was a miserable failure and finally, in 2006, eight years after entering Korea, it announced its complete withdrawal from the Korean market. Wal-Mart’s miserable failure was because it ignored the local market and local consumer sentiment and followed its own successful model. The reason for C-commerce’s nervousness is that the prospect of following Wal-Mart’s footsteps in the Korean market is gaining momentum.

Lessons from Walmart and Google – in the case of Romarket and ROMCOIN

Korea is the only market where Walmart and Google have failed. Global companies are particularly struggling with their platform and distribution business. Korea’s unique emotions and culture create barriers to entry. Even giant global companies like Walmart and Google can’t succeed without understanding the sentiments of the locals. Korea’s unique emotions and consumer culture have been a difficult barrier to entry for companies that have been developing primarily in the West. Ultimately, these giants failed to localize and were displaced by Korean companies. That’s why you should pay attention to Korea’s local distribution platform RoMarket.

Explosive power cryptocurrency ROMMONET

Since its launch in 2019, Romarket has grown into a representative delivery platform for local trading areas in Korea, with 300,000 downloads and 100,000 users in the past six years. Romarket has secured a local distribution network at low cost by leveraging the existing infrastructure of the local market. It also has a platform and business model that can be easily globalized, so it has the potential to expand quickly by connecting with overseas local brands.

By using “ROMCOIM”, a blockchain-based digital currency that can be used like cash in Romarket, it is possible to make purchases similar to direct overseas purchases, where Korean consumers directly buy products sold in local overseas stores. In this way, Romarket can develop into a platform that includes both local distribution and direct overseas purchase, and the value of ROMCOIN used on the Romarket platform is likely to increase accordingly. ROMCOIN is currently actively traded on the global cryptocurrency exchange L-BANK. In connection with the expected GATE.IO and other offers in the near future, the preemptive attractiveness of the sale of ROMCOIN, which is expected to be listed on major exchanges, is highlighted.

Contact with the media

Company name: Pandotree limited

Contact person: Taesuh Park

E-mail: [email protected]

Country: South Korea

Website: https://romrom.io