The 2nd Dongdaemun Myth, which the Curtain has already risen (Smart Management of Sewing Factories)
The 2nd Dongdaemun Myth, which the Curtain has already risen (Smart Management of Sewing Factories)
In the growing trend of online commerce, we can argue that Dongdaemun merchants are rewriting a miracle story that happened over 20 years ago. Rather, it is true that the curtain of the 2nd Dongdaemun myth has already risen.
“Good begun is half done.”
Like this Korean proverb, the increase of online commerce is the necessary condition of the 2nd Dongdaemun myth.
If so, what is the sufficient condition of the 2nd Dongdaemun myth?
As we all know, Dongdaemun merchants have been selling designer fashion products at low prices since early 2000s. Since then, the growth of Dongdaemun market and Its mythical management performance was due to the hard work of human resources which has worked in many sewing factories located in the northern region (Gangbuk) of the Han river in Seoul as well as Dongdaemun merchants.
Originally, miracles or myths cannot be done by people. That is to say, only God can do it. On the other hand, the Dongdaemun myth were made by Koreans and ‘dexterity’ which they are proud of.
In the late stages of development and economic growth, however, the sewing factories suffer from poor plant facilities and equipment, old management system, and high wages and high costs, and so on.
In this management crisis, executives and employees of the sewing factories began to change their thoughts and actions. In particular, with the development and spread of ICT, many sewing factories have been attempted new innovating strategy such as smart management.
Such smart management of sewing factories can be discussed as one of sufficient conditions for the 2nd Dongdaemun myth.
Nowadays, global consumers generally prefer the fashion products they wanted to buy according to the following priorities: (1) design, (2) quality of product, (3) brand, and (4) price. In view of this consumer preferences, it is easy to see that price levels are not important at first glance. If any product has a high price level, however, the market competitiveness of the product will be weak.
In this sense, the smart management of the sewing factory in Gangbuk, Seoul is late, but paradoxically, it can be said to be a quick step.
In addition to the management innovation of sewing factories, its structural change is also many like (1) progress in specialization, (2) division of labor and productivity improvement, (3) expanding outsourcing scope, (4) mass production of personalized fashion products, and (5) broader cooperation and alliances, and so on.
As SeoulClick CEO Lee Yong Woo admitted, the innovation and smart management of the sewing factories is the infrastructure for sustainable management and development of Dongdaemun Fashion Cluster.
In the future, merchants in Dongdaemun market will be able to achieve great business performance through triple management which focuses on superiority of product(good), speed(fast), and price(cheap).
<12>
In the growing trend of online commerce, we can argue that Dongdaemun merchants are rewriting a miracle story that happened over 20 years ago. Rather, it is true that the curtain of the 2nd Dongdaemun myth has already risen.
“Good begun is half done.”
Like this Korean proverb, the increase of online commerce is the necessary condition of the 2nd Dongdaemun myth.
If so, what is the sufficient condition of the 2nd Dongdaemun myth?
As we all know, Dongdaemun merchants have been selling designer fashion products at low prices since early 2000s. Since then, the growth of Dongdaemun market and Its mythical management performance was due to the hard work of human resources which has worked in many sewing factories located in the northern region (Gangbuk) of the Han river in Seoul as well as Dongdaemun merchants.
Originally, miracles or myths cannot be done by people. That is to say, only God can do it. On the other hand, the Dongdaemun myth were made by Koreans and ‘dexterity’ which they are proud of.
In the late stages of development and economic growth, however, the sewing factories suffer from poor plant facilities and equipment, old management system, and high wages and high costs, and so on.
In this management crisis, executives and employees of the sewing factories began to change their thoughts and actions. In particular, with the development and spread of ICT, many sewing factories have been attempted new innovating strategy such as smart management.
Such smart management of sewing factories can be discussed as one of sufficient conditions for the 2nd Dongdaemun myth.
Nowadays, global consumers generally prefer the fashion products they wanted to buy according to the following priorities: (1) design, (2) quality of product, (3) brand, and (4) price. In view of this consumer preferences, it is easy to see that price levels are not important at first glance. If any product has a high price level, however, the market competitiveness of the product will be weak.
In this sense, the smart management of the sewing factory in Gangbuk, Seoul is late, but paradoxically, it can be said to be a quick step.
In addition to the management innovation of sewing factories, its structural change is also many like (1) progress in specialization, (2) division of labor and productivity improvement, (3) expanding outsourcing scope, (4) mass production of personalized fashion products, and (5) broader cooperation and alliances, and so on.
As SeoulClick CEO Lee Yong Woo admitted, the innovation and smart management of the sewing factories is the infrastructure for sustainable management and development of Dongdaemun Fashion Cluster.
In the future, merchants in Dongdaemun market will be able to achieve great business performance through triple management which focuses on superiority of product(good), speed(fast), and price(cheap).
<12>
Bong Sul (Advisor, SeoulClick)
Read more: Bong (Bong Sik) Sul, Dongdaemun Style, ebook.kstudy.com, Seoul, 2019.
Comments
Post a Comment