Lotte outlines KRW3tn ecommerce investment

Date : 22 May 2018

Lotte has announced plans to invest KRW3tn (US$2.8bn) into its ecommerce operations.

Integration across online businesses

After a challenging 2017 and Lotte Mart operations in China all but sold, Lotte has turned its attention to integrating its online businesses to drive future growth. The new online shopping platform will integrate all eight of its online stores by 2020. The Group plans to invest KRW500bn to develop its online and mobile service platform, KRW1tn to optimise distribution and logistics and KRW1.5tn for marketing. Lotte Group will form a division in August to develop its ecommerce business.

Like Shinsegae...

In January, Lotte's fierce rival, Shinsegae, announced similar integration and investment plans for its online business. With the online channel growing at double-digits, Lotte's investment will hope to maximise its large number of registered customers so that its various retail business can offer joined-up online shopping experiences. 

 

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