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Tag: Kakao

  • Kakao launches Hair Shop O2O

    Kakao launches Hair Shop O2O

    Kakao, the Korean internet pioneer, has  selected ‘Hair Shop’ as its first O2O (online to offline) business in the beauty sector.

    Kakao plans to expand its O2O business by releasing new services  – relief drivers and the hair industry.

    According to industry analysts, Kakao is planning to launch ‘Kakao Hair Shop’ (working title) during the first half of the year through its affiliate Hasys.

    If Kakao’s Hair Shop is launched, related businesses could use Hasys solutions such as ‘Hair Zzang’ or ‘Beauty Zzang’ to easily build online and mobile reservation systems. Research on consumer satisfaction and marketing education could also be supported.

    Customers could have access to information about various hair shops through a Kakao-based platform, and compare prices at each salon.

    Some predict that Kakao will charge a commission for providing the platform when a user makes a reservation through the Hair Shop application and pays through Kakao Pay. However, Kakao claims that the details of the service have yet to be confirmed.

    Hasys is a beauty solution business Kakao took over in October 2015 through K-Venture Group, an affiliate of Kakao specialising in investments. Hasys has developed and is providing solutions such as ‘Hair Zzang’ and ‘Beauty Zzang’, which manage clients of beauty salons, skin care parlors and nail shops.

    Hasys has 10,000 beauty businesses as members, and ranks at the top of the industry with 69 per cent market share as of September 2015.

    Kakao revealed its intentions to launch O2O services related to the beauty industry at the time it took over Hasys. As a first step, Kakao officially entered the hair industry.

    Kakao officials said the company is planning to concentrate on the Hair Shop business, as it could be a service that is attractive to people of all genders and ages. “We have no other plans to expand our offerings into other beauty businesses.”

    Hasys is currently meeting with owners of hair shops across Korea, explaining about the launch of Kakao Hair Shop. Currently 2000 shops have agreed to become members of the service.

  • Kakao, KT to launch Korea’s first Internet banks

    Kakao, KT to launch Korea’s first Internet banks

    Two consortiums, led by South Korean Internet giant Kakao and No. 2 telecom operator KT, were approved to launch the nation’s first Internet-only banks next year, the banking authority said Sunday.

    Under the government’s pilot program, the two banks will offer financial services from deposits, lending and credit cards to foreign exchange transactions through their online platforms only — the first of their kind in Korea’s 23 years of financial history.

    Their operations are expected to start after they get financial approval in the first half of next year. The Financial Services Commission requested they come up with stricter security measures.

    Do Kyu-sang, financial services chief at the Financial Services Commission, speaks at a media meeting held at the agency`s briefing room in Seoul on Sunday. Yonhap

    According to the agency, Kakao’s Kakao Bank gained high scores for innovative services based on its immensely popular mobile messenger app KakaoTalk with 40 million users.

    KT’s K Bank was also praised for better customer access as it has teamed up with partners from diverse sectors such as telecommunications, payments and retail, it said.

    Internet banks come as the government looks to open up its financial services sector recently. Internet companies are already jumping into the bandwagon amid the rapid infiltration of online banking and mobile payments here.

    Due to stringent financial regulations, however, they are still required to partner with a licensed bank to launch their own Internet bank.

    Kakao and KT are especially pinning high hopes on “middle-interest loans” that would appeal to small borrowers.

    Currently, top-tier banks offer an annual rate of 3 percent to 5 percent, while the secondary financial institutions such as mutual savings banks or capital services firms charge whopping 15 percent to 34 percent interest rates.

    Internet banks say they can better evaluate the creditworthiness of borrowers based on the data they collect from hundreds of millions of mobile devices — including location, the use of local services and e-commerce transitions.

    Kakao Bank plans to bring Kakao’s traffic resources, big data on users and data analytics, while its bank partners KB Kookmin Bank and Korea Investment Holdings have knowledge of financial products.

    The bank also aims to go global as it has secured ties with Tencent, China’s biggest social-networking and mobile games company, and the U.S. online retail giant eBay, which also owns Korea’s two leading shopping sites Gmarket and Auction.

    “We will ramp up efforts to offer diverse and practical benefits for customers through Kakao Bank,” said Yoon Ho-young, Kakao’s senior vice president.

    K Bank also showed confidence in building a more accurate credit rating system based on KT’s own delinquency customer list and the data collected from its card and bank partners, including Woori Bank, the nation’s second-largest lender in terms of assets.

    “We will expand benefits for small borrowers and start-ups,” said Kim In-hoi, the bank task force leader. “We aim to become the No. 1 Internet bank by offering more convenient on- and off-line services.”

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  • Burberry launches on Kakao

    Burberry launches on Kakao

    Burberry is the first British luxury brand to launch on Korea’s largest social platform, Kakao.

    Burberry and Kakao have formed a global partnership, which was inaugurated with the showcase of Burberry’s Womenswear Spring/Summer 2016 show last month.

    Burberry will be active across Kakao Talk, Kakao TV and Kakao Giftshop, offering Korean audiences direct access to its runway shows, campaigns and events bringing Kakao’s 190 million followers even closer to the British luxury brand.

    To celebrate the launch, Burberry will offer a selection of products to buy direct from the runway, through Kakao Giftshop.

    Burberry has also recently formalised partnerships with Apple Music, Snapchat and Line.

    Burberry CEO and chief creative officer Christopher Bailey described Kakao as “an incredibly creative and innovative company”.

    “So it is very exciting to be collaborating with them. The creative and commercial aspects of the partnership have been carefully designed to allow us showcase our culture and design heritage whilst also giving users the chance to shop at the same time.”