Cafe24 signed a memorandum of understanding today with SoftBank Payment Service ( a subsidiary unit of Japanese Conglomerate SoftBank), aiming toward a strategic expansion in Japan. The company stated that this crucial collaboration would enable Cafe24 to open up new avenues such as SBPS payment services which include credit card payments and mobile convenience stores for the Japanese consumer base who do online shopping from online shopping malls on Cafe24 solutions.
Shortly after Cafe24 makes its KOSDAQ debut later this month, it is all set to focus on Japan as the first target country for its global expansion.
“Cafe24 will continue to expand partnerships with key global companies that possess the technical expertise necessary for providing optimized local services in various countries,” stated Lee Jae-suk, the CEO of Cafe24.
Following their mutual partnership, these two major companies will also share their business and marketing strategies and know-how from now on to offer the Japanese consumer base quality services attuned to local shopping patterns and preferences of local consumer behavior based on targeted market research.
This business tie-up is expected to exponentially boost the sales of Cafe24’s services, considering the substantial size of the Japanese market. Back in 2016, as per Japan’s Ministry of Economy, Trade and Industry, Japan’s B2C eCommerce expenditure amounted to 15.2 trillion yen (US$135 billion). This partnership move by the well-known eCommerce platform Cafe24 will significantly help the Korean local firms gain a foothold in the global eCommerce market, providing the store owners comfortable and convenient selling methods while offering its global customer base a hassle-free and speedy e-shopping experience.