Bungae Jangteo Reached More than 5 Million Mobile Downloads in Korea

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On Oct. 22, Quicket announced that “Bungae Jangteo” had reached more than 5 million mobile downloads in South Korea.

Quicket, founded at the first Startup Weekend in Korea in 2010, developed and operates “Bungae Jangteo,” an open, mobile marketplace that facilitates person-to-person e-commerce trading. Bungae Jangteo currently ranks No. 1 in mobile applications for trading used-goods by market share, with more than 20 million items on sale in the mobile app. The goods traded in the mobile app range from simple miscellaneous goods and electronics, to luxury items such as Louis Vuitton bags.

“Reaching 5 million downloads signifies that trading used-goods on a mobile marketplace is becoming increasingly commonplace in our society. We are dedicated to improving the quality of our mobile service,” said Won-gui Jang, CEO of Quicket.

Recently, Bungae Jangteo began offering “Bungae Quick Service,” a same-day delivery service for purchased goods. Bungae Quick Service received positive responses from consumers because it offers a variety of products regardless of their sizes and volumes promptly. It delivers purchased products via a wide array of transportation options and vehicle types (car, cargo, vans, and trucks), thereby allowing customers to enjoy same-delivery service quickly and efficiently at a cheap price. In addition to Bungae Quick Service, Bungae Jangteo also provides “Bungae Talk Service,” a real time chatting system that facilitates  transactions by allowing communication between buyers and sellers, using their Kakaotalk accounts.

Last November,  Bungae Jangteo sold 51 percent of its shares to Naver, the No.1 portal service in South Korea. However, though Naver is the biggest shareholder of Quicket, Naver gives a great deal of leeway to Quicket’s management team in running the company, while providing generous endowments, as well as other forms of infrastructural and technological supports for developing better communication and searching services.

In South Korea, more than 10 million users shop for used-goods through e-commerce sites. Nevertheless, profitability of online marketplaces is slowing down, due to fierce competition and incompatibility with mobile devices. Naver and Quicket jointly plan to absorb the Internet users into the mobile sector, thereby further vitalizing and expanding the mobile used-goods transactions. They also announced interest in expanding Bungae Janteointo foreign markets.

Boosik is a writer with Tech for Korea where he writes about interesting tech trends and innovations. His main interests lie in the intersection of technology, entrepreneurship and public policy. Boosik is a currently a senior at Columbia University, studying Economics-Political Science. Boosik can be reached at boosikc@techforkorea.com.

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