On September 29, Social Commerce TMON of Ticket Monster (CEO Hyeon-seong Shin) reported that its prices are on average 25% lower than the Weekly Prices released by Korea Price Research Center. TMON added that the price is even cheaper, by 38%, when compared to the lowest price in the same product family.
This comparative research was conducted by Korea Price Research Center on 41 processed foods and industrial products sold at TMON that are also available at major traditional markets and big-box retailers in Korea. According to the research, the average price of a tube of toothpaste sold at regular market is $2.17, while the price at TMON is $1.07. Average price of shampoo is $12.26, while TMON offers competitive price of $3.95. Dish soap sells for about $6.13 while TMON offers price of $2.68. On average, TMON has 58% cheaper prices across the different products.
Korean social commerce market is projected to increase to about $5 trillion by the end of this year, with last year’s turnover of $3.4 trillion by the major three—TMON, Coupang, and Wemakeprice.
TMON, who has just reached its 4th year since its launch in 2010, is now expanding its territory into mobile commerce market with the increased mobile commerce of 65%. While maintaining its competitive prices, TMON also seeks to add a premium to its current brand image to gain more credibility and trust from its customers. In doing so, number of major Korean social commerce companies have started to provide services for imported automobiles, five-star hotels, and luxurious overseas travel packages.
Seong-Won Ha, the COO of TMON said, “TMON has been putting its best effort to provide good quality products at better prices” and that it will “try to become the best choice no matter what product the customer is purchasing.”