What: SSG.com will launch an open market place to enable individual sellers with a business license to freely market their products on the platform.

Why is it important: A big retail shakeup has started as retailers react to Coupang’s New York IPO and prepare themselves for the sale of eBay Korea, which could significantly shift market shares.

In addition to products from Shinsegae's retail affiliates, such as E-mart and Shinsegae Department Store, SSG.com will let individual dealers sell their products on its platform. Its main rival, Lotte Shopping, launched open market services in April 2020 on its combined online shopping platform, Lotte ON.

As part of the plan, SSG.com launched a seller's page called SSG Partners, where small and medium-sized dealers can register and manage their products. The e-commerce firm also lowered its standard for sellers, by simplifying the registration process: anyone who can provide their ID through a mobile phone can open a business on SSG.com's open market.

However, it decided not to allow open market sellers to sell grocery items, luxury goods and certain fashion brands, as they are in direct competition with Shinsegae Group's retail units.

SSG.com currently sells about 10 million products kept in stock, and this inventory is expected to grow fivefold when it starts its open market service. This growth will help Shinsegae's online business to increase its market share, which is now only 2.4%.

Shinsegae to launch SSG.com open market service