Page 67 - EXPORT MAGAZINE

REPOR T

its omni-channel synergies to
boost sales at its offline stores. NuMBER of oLIVE
For example, Olive young’s youNg SToRES
offline stores are leveraged IN SouTH KoREA
as pick-up points for its 2010-2021
Oneul Drim same-day pick-
up service. Consumers can
place an order on the Olive
young online platform and
pick up the items from nearby
Olive young stores in as little
as three hours. Olive young
can implement such strategic
initiatives quickly, as 85% of
its outlets are directly managed by the retailer, (as opposed to try out and select various kinds of beauty and lifestyle items. As
being a franchise). The Oneul Drim service was first launched in part of its evolution, Olive Young also diversified its portfolio
2018, but the service saw strong growth during the pandemic to better appeal to millennials and Gen Zers. For example,
as consumers rapidly shifted to online shopping. The company in October 2022, Olive young began selling RTD alcoholic
has also launched a number of new services, such as a smart drinks in 70 of its outlets, with plans to expand the offering to
return service and one-day delivery, in an effort to improve a wider store network in 2023. About 15 types of light, low-
customer convenience. calorie RTD alcoholic drinks, such as canned cocktails, single-
Having reinforced its online platform and delivery services, serve wine in a cup, and ale beer, are on sale at its stores.
the company looked to the future. CEO Koo Chang-gun In addition to fulfilling a larger array of shopping needs, in
explained, “With growth in online sales and recovery of order to attract customers in the name of convenience, Olive
offline sales, we have the stepping stones to grow as an omni- Young is also investing in defining its culture as a brand.
channel lifestyle platform,” Koo Chang-gun’s reference to
Olive young plans to evolve into a “lifestyle brand” according oLIVE youNg DEfINE’S IT’S CuLTuRE

to Olive Young’s officials, means the company is focused on Olive young invests heavily in customer engagement by
offering its customers both a greater sense of convenience building new opportunities for a customer to interact with the
and of culture. brand, all the while expressing values that appeal to millennials
and GEN Z. For example,
customers can view Olive
young’s TGTBT business
manager’s V-log, a boss that
isn’t “bossy” at all. Olive young
also launched the “Olive
Lounge” as its communication
platform, using it to regularly
share advice from staff and
interact with customers.
Customers go online, receive
advice in “the lounge” and
then are possibly incentivised
to step into the store. The
V-log offers the possibility to
“connect” with a personality
(an Olive young employee)
in hopes that consumers
will repeatedly engage the
oLIVE youNg’S offER retailer via online means.
of gREATER CoNVENIENCE Additionally, on the level of values, the most distinctive feature
The Olive young Lifestyle Experience Center in Myeongdong of Olive young is that 80% of the brands it sells come from
is the country’s largest beauty store. The store is divided into small businesses and start-ups that put an emphasis on quality
14 themed zones with different concepts where shoppers can and innovation.

61
61 www.exportmagazine.net www.exportmagazine.net