In the “fastest is the best” business era, South Korea is one of the most developed markets of the retail industry, and with the fast expansion of K-POP, it has gradually become the leader of fashion and trends. Since MINISO entered South Korea in August 2016, it has become popular among local consumers, as it has broken the traditional business pattern with high-cost performances and popularizing itself in popular dramas such as Guardian and While You Were Sleeping.
Allen, the representative of MINISO Korea said that MINISO opened 43 stores in 2017 and has 60 stores in total so far, with the highest monthly turnover reaching RMB 31.63 million and daily sales volume exceeding 122 thousand. It is expected that there will be over 70 MINISO stores set up in South Korea by the end of 2018, with total sales volume reaching RMB 240 million.
MINISO stores in South Korea are mainly distributed in shopping malls and shops in business districts, and the consumer groups are mainly women aged 15-35 years old. Allen said MINISO will expand its community stores to bring quality and low-price products to consumers of a wider range.
In South Korea, MINISO has a lot of hot-sale products with high-cost performance. For example, the high-quality and comfortable teddy bear only sells for 19,900 Korean Won, which is usually priced at nearly 80,000 Korean won by similar competitors. Bluetooth speakers are generally sold for around 60,000 Korean Won in the local market, while MINISO sells for only a third of the price of competing brands. Besides that, perfume, health and beauty tools, and stationery are all high-cost performance products.
Consumers currently are paying more attention to the meaning that comes from consumption behaviours. In recent years, while focusing on the cost performance of products, MINISO has been inclined to pay attention to what it can provide to consumers and the development of public praise. Therefore, MINISO, on one hand, is increasing the input of design, collaborating with KIDP to develop creative products; on the other hand, it took advantage of South Korean dramas to create “IP” products, selling products that are popular among customers.
MINISO has been recruiting quality designers around the world, creating outstanding products one after another. For the past two years, many products have won international awards such as the German iF Design Award and Red Dot Award. In 2018, MINISO has developed theme products cooperating with KDM, which was organized by KIDP.
MINISO’s emotional marketing and entertainment marketing in the South Korean market is among the best in many overseas markets, such as advertising in Guardian and While You Were Sleeping. Mr Sunshine, the drama being broadcasted now is also collaborating with MINISO, and they will create new products together to sell and promote around the world.
SOURCE: MINISO Japan
