Dongdaemun Merchant Princes and Entrepreneurship

  In terms of conceptual differences, entrepreneur is a person who organizes and operates a business venture and assumes much of the associated risk while merchant is a person who traffics in commodities for profit.

  This discussion is widely accepted. In Dongdaemun market, however, there are many merchant princes with entrepreneurship.



  “We do not trust fashion, but we rather believe in the customer. We think that life is so short that it is difficult to meet the same customers every day.” +

  In fact, most consumers often confuse the value of the logo with the emotional value of any fashion product. But fashion products are truly never a logo. Rather, fashion products enhance customers’ preference with the emotional value of images such as silhouette.

  With entrepreneurship, Dongdaemun wholesalers do not simply sell fashion products that have already been produced. They work ‘to produce’ fashion products based on the creative behavior of Dongdaemun designers and market information received from retailers and domestic and foreign buyers.

  The profits of a shop in Dongdaemun market are determined by the demand and price fluctuation on certain fashion products. Profit cannot be regarded as ‘a single margin’ obtained by buying at low prices and selling it at higher prices.

  As many Dongdaemun merchants are aware of, when the good products are supplied to the market, the consumer preference and its demand will increase. As the demand grows, the profit for merchant princes will increase steadily.

  Dongdaemun merchants have become very rich with this entrepreneurial spirit and innovative commercial activities.

  Of course, any fashion product should continue its strategy to improve its emotional value while improving its economic value. Because, the emotional value of a product is ‘economic worth of feeling’. It is certain that emotional value of a fashion product as much as its quality can make money or not. What we talk comes to this.

  “Even the best clothes can have minor scratches. We have to speak in quality.”

  Among Dongdaemun merchants, SeoulClick has not only purchased by proxy, but also inspects purchased products, improves product value by repairing defective products, and provides services like packaging and delivery.

  SeoulClick is seeking to increase the online and offline exports by expanding its online platform to sell more Dongdaemun fashion products all over the world. CEO of SeoulClick Lee Yong Woo sent out a message about his business philosophy.

  “Merchants in Dongdaemun market should explore the way to ‘export’ for survival. As the management horizon of our company prioritizes the quality of various services, we are doing our best to foreign buyers with ‘sincerity.’ If we trade with sincerity, the best performance will follow. ++

  With entrepreneurship, Dongdaemun merchants’ best qualities come out in a crisis.

+ www.google.com
++ www.seoulclick.com

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Bong Sul (Advisor, SeoulClick)
 Read more: Bong (Bong Sik) Sul, Dongdaemun Style, ebook.kstudy.com, Seoul, 2019. 

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