Global shopping platform Qoo10 said on Jan. 31 that it signed a three-way MOU with its own platform Shopclues, logistics company Momoe and KOTRA's southwestern Asia headquarters on Jan. 29 to support Korean consumer goods companies' advance into the Indian market.
Under the agreement, Qoo10's Indian e-commerce platform, Shopclues, and logistics company Momoe, along with KOTRA's headquarters in southwestern Asia, will expand the base of Korean consumer goods companies' online market in India.
Shopclues is a company acquired by Qoo10 in November last year, with 60 million purchasing members and 700,000 registered sellers, and one of three major online platform companies in India that handle 60,000 daily deliveries.
Momoe is a logistics subsidiary that has been operated by Shopclues. Qoo10, the No. 1 Singapore industry player, plans to create an online platform representing all of Asia by applying its know-how, including advanced logistics systems, to India that have accumulated so far.
India's investment environment centered on Modi's infrastructure expansion and pro-business policies is improving, and Internet and mobile penetration and online payments are spreading.
As a result, the retail market in India is expected to expand to $1.3 trillion and the online market to $103.1 billion in 2020.
In order to boost sales of Korean goods in India, Shopclues will establish K-Avenue and introduce superior Korean products to the region, while promoting PR activities with KOTRA.
"In India, interest in Korean products is high due to the influence of the Korean Wave," said Sanjay Sethi, CEO of Shopclues.
