Lotte's megastore franchise begins live stream commerce service for young consumers

By Park Sae-jin Posted : August 27, 2020, 15:49 Updated : August 27, 2020, 15:49

[Courtesy of Lotte Mart]


SEOUL -- Lotte Mart, the megastore wing of South Korean conglomerate Lotte Group, has started a new live stream commerce service targeting young consumers who regard the act of shopping as a form of entertainment.

Livestream commerce services, more widely known as live commerce services in South Korea, are based on the format of TV home shopping channels that involve show hosts promoting products live. Such services have been favored by MZ generations (millennial and Z generations) who are familiar with video content.

Lotte Mart said in a statement on August 27 that it has launched "Grip," a live commerce service app. "Megastores, which are traditional-type stores will try to become attractive shopping space for young generations," a Lotte Mart official was quoted as saying.

Through Grip, Lotte Mart will conduct weekly live commerce shows where merchandise directors and consumers can communicate in real time. The megastore franchise will sell live commerce-exclusive product packages with a minimized margin.

Naver, South Korea's largest web portal operator, and Kakao, the operator fo the country's favorite messenger app Kakao Talk, have started their own live commerce services for individual sellers and retailers. According to Naver, more than 50,000 shoppers participated in a live commerce show selling beauty products in May.
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