Rakuten and Gmarket, two of Asia’s biggest e-commerce players, have signed a memorandum of understanding to boost cross-border trade by local merchants in their respective countries of Japan and South Korea.
As part of the agreement, each retailer will open its own online store on the partner’s e-commerce platform. Gmarket will sell hundreds of Korean fashion and beauty items on Rakuten, the companies said Wednesday. Rakuten will sell a range of Japanese goods such as beauty items, toys, hobby items and sporting goods on its Gmarket store, the parties said.
“Gmarket and Rakuten will provide services to participating merchants such as translation, listings, merchandizing advice, and customer support. When a consumer purchases a product on their local site, the order will be processed in a designated fulfillment center in the country where the merchant is located and products will be delivered directly to the consumer,” the companies said.
“The deal will pave the way for Korean small fashion and cosmetic brands who have been struggling to introduce their unique, high-quality products to consumers worldwide, to increase their exports to Japan,” said Henry Chun, head of Gmarket.
Masato Takahashi, managing executive officer of Rakuten, said the deal is “another step on the path toward more active and profitable cross-border trading for merchants, small and large, of both countries.”