Newndy is a startup operating a reverse shopping platform, VEASLY, that helps foreign customers purchase Korean products.
Representative Song Myung-ki founded the company in November 2022. While working at the domestic entertainment corporation CJ ENM, Representative Song noted that demand for Korean fashion, beauty, and goods products was increasing in countries like China and Vietnam, but there was no direct purchasing service to support this, leading to opportunities.
In the early stages of the startup, Representative Song launched a B2B platform selling Korean products overseas. He tried funding and pre-order platforms, but market reactions did not meet expectations.
Afterwards, he developed the current reverse shopping platform, VEASLY, through a pivot. VEASLY mainly sells clothing, cosmetics, and idol goods. Representative Song said, "We will simplify the hurdles of searching, registering, comparing exchange rates, and selecting delivery agencies that occur when making direct purchases with VEASLY."
The estimated market size for reverse shopping in the seven countries Representative Song is targeting is 6 trillion won. The goal is to capture 30% of this market within five years.
Newndy selected the Taiwanese market as its first market entry. Representative Song said, "The geographical proximity to Korea, along with rapid economic growth, has resulted in an increasing consumer base that can purchase Korean products without hesitation." Newndy plans to establish a subsidiary in Taiwan by July 2024 to speed up administrative processing, and since early this year, has improved purchasing security through partnerships with local payment gateway companies.
Newndy operates with minimal inventory, focusing on real customer demand, leaving a margin of 16.6%. When a customer searches for a photo or link of a desired Korean product, VEASLY localizes and presents price and product information. Once the customer reviews the details and places an order, Newndy orders the product from the supplier and transports it to Taiwan.
A unique order method in which customers act as merchandise planners (MD) is also a strength. The VEASLY website displays products that customers have actually ordered rather than products placed by internal MDs. Recently, as consumer transactions have increased, requests from brands to join the platform have also continued.
Representative Song explained, "Since products purchased by consumers who are well-versed in Taiwanese culture are automatically generated on the main page, the likelihood of conversion is higher than the products offered by typical cross-border operators."
Newndy has achieved cumulative sales of 2 billion won so far. The number of cumulative users also totals 50,000. This year, the company secured follow-up investments from U.S.-based venture firm Strong Ventures, recognized for its innovation.
Newndy is developing an app with the goal of launching in the second half of this year. Additionally, through collaboration with Jung-woo, Taiwanese customers will be able to transact Korean products, including idol goods, through VEASLY starting from August this year. Moreover, by automating overall areas such as ordering, categorization, delivery, and customer service management, Newndy plans to expand its services to Singapore and China while increasing its influence within the Taiwanese market.