Amid Economic Crisis, How to Sell Designer Product Cheaply
“The product is good, fast, cheap, and pick two options from them.”
The issue of choosing among these three factors is used in university textbooks. This theory focuses on three marketing & promotion strategies such as good quality, fast speed and low price which are very important, but it is not easy to integrate them all together into one.
The concept of triple factor tells us that there are three limitations to using any marketing strategy tool as follow.
(1) Develop something quickly and of high quality, but it will be very costly to do.
(2) Develop something quickly and cheaply, but it will not be of high quality.
(3) Develop something of high quality and low cost, but it will take a long time.
Dongdaemun market, however, overcame the limit through triple management by balancing the importance of products, speed and price. Will this work well in the market? Or, as everyone says,
“Merchants lie like having lunch or dinner every day.” +
It is human nature to lie, and there is nothing more to say about self-interest than man itself. Nevertheless, there is a unique marketplace that sells ‘good commodities at low prices.’ There is only one market in the world. Someone may not believe it, but it is true.
In particularly, Dongdaemun wholesalers are crowded with many domestic and foreign buyers thanks to triple management of product, speed and price. This triple management is still in the spotlight.
Despite the accumulation of commerce experience and its management know-how, however, Dongdaemun wholesalers are facing a serious structural crisis due to rapid changes in the post-development market environment. Surprisingly, Dongdaemun market people faced even greater difficulties due to the unprecedented crisis such as COVID-19 coronavirus pandemic.
Amid the big crisis, how to sell designer fashion products cheaply? Come to think of it, the marketing strategy is no different in its basics. The higher the quality of a designer’s product, the lower the price of the product, the more it sells. The problem depends on the performance of the global marketing strategy. It’s true that no pains, no gains.
“Unfortunately, Dongdaemun market is missing the bus.”
Out of the 100 largest marketplaces and platforms in the world, 70 are from the United States, 25 from China and only 5 from Europe. ++
In the path of export-driven economic growth, Korean economy has accumulated experience and know-how in global marketing. Despite the development of national ICT technology, however, Dongdaemun market has not an insight into the change that is happening in the e-commerce industry and the future ahead.
In the global platform economy, Dongdaemun market people will need to aggressively pursue ‘e-commercial advertisements and its promotions’ to supply the best fashion products cheaply. Perhaps the world people’s preference and demand for Dongdaemun fashion products, which take newness and its diversity as the new standard, will increase.
The merchants there have to sell designer products cheaply, even if there is a big deficit, to support and comfort consumers in the world struggling in the corona-19 pandemic and economic crisis.
“Company in distress makes distress less.”
+ Bong (Bong Sik) Sul, Dongdaemun Style, ebook.kstudy.com, Seoul, 2019, pp.16-17.
++ Wijnand Jongen, The End of Online Shopping-The Future of New Retail in an Always Connected World-, WS Professional, 2018, p.94.
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The issue of choosing among these three factors is used in university textbooks. This theory focuses on three marketing & promotion strategies such as good quality, fast speed and low price which are very important, but it is not easy to integrate them all together into one.
The concept of triple factor tells us that there are three limitations to using any marketing strategy tool as follow.
(1) Develop something quickly and of high quality, but it will be very costly to do.
(2) Develop something quickly and cheaply, but it will not be of high quality.
(3) Develop something of high quality and low cost, but it will take a long time.
Dongdaemun market, however, overcame the limit through triple management by balancing the importance of products, speed and price. Will this work well in the market? Or, as everyone says,
“Merchants lie like having lunch or dinner every day.” +
It is human nature to lie, and there is nothing more to say about self-interest than man itself. Nevertheless, there is a unique marketplace that sells ‘good commodities at low prices.’ There is only one market in the world. Someone may not believe it, but it is true.
In particularly, Dongdaemun wholesalers are crowded with many domestic and foreign buyers thanks to triple management of product, speed and price. This triple management is still in the spotlight.
Despite the accumulation of commerce experience and its management know-how, however, Dongdaemun wholesalers are facing a serious structural crisis due to rapid changes in the post-development market environment. Surprisingly, Dongdaemun market people faced even greater difficulties due to the unprecedented crisis such as COVID-19 coronavirus pandemic.
Amid the big crisis, how to sell designer fashion products cheaply? Come to think of it, the marketing strategy is no different in its basics. The higher the quality of a designer’s product, the lower the price of the product, the more it sells. The problem depends on the performance of the global marketing strategy. It’s true that no pains, no gains.
-Some of the popular Dongdamun fashion items we exported last week, seoulclick.com-
“Unfortunately, Dongdaemun market is missing the bus.”
Out of the 100 largest marketplaces and platforms in the world, 70 are from the United States, 25 from China and only 5 from Europe. ++
In the path of export-driven economic growth, Korean economy has accumulated experience and know-how in global marketing. Despite the development of national ICT technology, however, Dongdaemun market has not an insight into the change that is happening in the e-commerce industry and the future ahead.
In the global platform economy, Dongdaemun market people will need to aggressively pursue ‘e-commercial advertisements and its promotions’ to supply the best fashion products cheaply. Perhaps the world people’s preference and demand for Dongdaemun fashion products, which take newness and its diversity as the new standard, will increase.
The merchants there have to sell designer products cheaply, even if there is a big deficit, to support and comfort consumers in the world struggling in the corona-19 pandemic and economic crisis.
“Company in distress makes distress less.”
+ Bong (Bong Sik) Sul, Dongdaemun Style, ebook.kstudy.com, Seoul, 2019, pp.16-17.
++ Wijnand Jongen, The End of Online Shopping-The Future of New Retail in an Always Connected World-, WS Professional, 2018, p.94.
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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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