Korea’s e-commerce platform sector brims with competition, yet The Woorishop believes it holds the winning solution: a cashback incentive to retain customers.
The platform provider offers a package that gives consumers substantial cash paybacks, enabling them to enjoy significant discounts while empowering sellers to enhance their sales.
“The Woorishop operates on a business model that benefits both buyers and sellers in their online interactions,” stated Jeon Ho-geun, CEO of The Woorishop.
“The idea of converting expenses on e-commerce platforms into mutual benefits for buyers and sellers is the most compelling feature of our platform business, ensuring promising prospects for new entrepreneurs.”
Established in 2014, The Woorishop specializes in the technological aspects of the retail industry, encompassing software development and distribution, e-commerce platforms, and consultations for online-to-offline (O2O) business models and traditional offline shops.
The company has garnered government recognition as a venture enterprise with an innovative growth business model, holding a patent for its online shopping mall solutions that provide high-percentage cashback to customers.
Jeon underscored how The Woorishop streamlines every aspect of establishing an online store, enabling entrepreneurs to run their own digital shops even without technical expertise.
The Woorishop allows anyone to sign up and receive their own store for free, generating revenue through 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 declared.
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 make purchases. The shopping malls operate on the remaining 10 percent, Jeon explained.
“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 elaborated. “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 ahead, 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 establish a new global standard for e-commerce platforms with its “consumption-based platform” concept, ultimately targeting annual sales exceeding 180 trillion won ($132 billion) across over 200 countries.
Jeon highlighted the potential of their global platform network businesses as an alternative partner to other global e-commerce giants like 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 emphasized.
The Woorishop represents the latest generation of retail services by merging the strengths of online shops with those of platform network businesses. This innovation facilitates not only product exchange but also enables the boundless reach of its services, Jeon added.
“The Woorishop is poised to reshape the e-commerce landscape, equipping individual entrepreneurs with the tools they need to thrive in the digital marketplace,” Jeon concluded.
“Achieving an annual income of 1 billion won may seem like a daunting goal. However, with proactive, voluntary, and assertive leadership, you can realize the ‘dream of a 1 billion won annual income’ with The Woorishop.”
