|▲ Oodong / CEO Park Jeong-hoon|
(PowerKorea) Secondhand market in South Korea has recently seen an explosive growth. Used goods were exchanged on a few online sites in the past but apps are pouring in to meet the demand of young generations who want to buy things rationally especially in this time of economic shrink due to the pandemic. The market was around 4 trillion won ($3.5 billion) back in 2008 but it was estimated around 20 trillion won in 2020. As the market is growing fast, fraudulent dealings also have been steadily reported.
A group of people have found a kindred spirit to do something on these swindlers and set up a startup October 2020. And they are working on developing a safer secondhand market platform called Oodong at the moment.
“Oodong will provide consumers a completely new used goods dealing experience as they can be able to choose either renting or buying or rent first to use and then buy. We expect this will satisfy rational young generations today living in the era of minimal life; likewise, they can lend or sell their goods on the safe returnable deposit system” says Park Jeong-hoon, CEO of Oodong.
The app will run various safety measures: verification, deposit, contract, star rating, sheriff surveillance and product counseling. Counselors in particular will give briefing on what is the product about and how to use it. Counselors are also star rated and get paid fee on their performance.
“We will release the beta version early August this year in Gyeonggi Province for 3 to 4 months test operation. This will give us the pros and cons of the system from which will we improve the cons. It is our goal to grow Oodong not only as a secondhand market platform but also as a general e-commerce platform through C2C, B2C and B2B.”
According to a survey carried out by the company for 100 members of a mom’s community in Ilsan, 90.4% show positive on rent and sell, 98.1% on rent and buy, and 96.2% on using Oodong.
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