Office worker A compared prices by going back and forth between online and offline stores to buy a newly released smartphone. The amount quoted differed depending on the carrier, plan, and point of sale, and it was hard to examine each condition one by one. After pounding the pavement, A bought the smartphone but couldn't shake the question of whether there was a cheaper option.
The phone-buying process has complex price structures and conditions. Even for the same device, prices vary widely depending on the purchase method. That is one reason some people distrust the distribution market. A startup has emerged that says it will solve this problem with technology. One-in-million is trying to change how people buy phones with its artificial intelligence (AI)-based service Slit (slit.).
One-in-million is a startup solving the information asymmetry in the phone distribution market. Affiliated with the Soongsil University Startup Support Group, it runs Slit, a service that handles everything from price comparison to activation in a short time. As part of the Seoul City Campus Town project, it has been selected as a resident company of the Soongsil University Startup Support Group and is receiving startup support programs such as office space, mentoring, and commercialization funding.
Slit analyzes the structure in which prices change for the same device depending on the carrier, plan, subsidies, and purchase method. It uses AI to compare multiple variables—such as the three carriers' posted subsidies and plans, store-specific extra subsidies, and whether the device is unlocked—and presents conditions favorable to consumers. Considering that price differences can reach up to 1.04 million won depending on the purchase method, it analyzes based on 22 purchase types.
Lee Hong, head of One-in-million, said, "Slit's edge is its overwhelming comparison scope and speed." Lee added, "Unlike existing competitors that handle only one side—either the three carriers or budget carriers—Slit transparently compares all purchase types, including unlocked devices," and "while existing online sellers can take up to three days from consultation to activation, Slit completes the entire process in 2–5 minutes, including 30 seconds for price comparison and an AI auto-activation system."
Consumer perceptions of the phone distribution market served as the catalyst for the startup. Lee said, "Consumer trust in phone sellers was so negative—91%—that distrust of the market ran deep," and "we often saw consumers buying unlocked devices out of concern they might become so-called 'suckers' because of complex plans and opaque extra subsidies."
In reality, many consumers check with online communities and acquaintances to make sure they are not getting a raw deal. Some decide to buy without fully understanding plan and subsidy structures. To avoid uncertain decisions, more people are choosing unlocked devices, whose structure is relatively simple.
Lee noted, "We launched the service with the goal of solving this problem and giving consumers a transparent, simple, and rational buying experience."
The market potential has also been recognized. Chief technology officer Kim Yu-bin said, "Slit is based on our proprietary purchase-type comparison algorithm and a purchase automation process powered by an AI agent," adding, "with this, we secured seed investment from domestic accelerator Primer."
One-in-million, as a student-founded corporations, is continuing activities on campus. It is running smartphone promotion discount events for students at the Soongsil University College of IT to help them use telecom services under reasonable terms.
The team is also accelerating service advancement. Lee began, "Our vision is clear." Lee continued, "We aim to enable every consumer in Korea to make the most rational choice in one minute through Slit, without studying or feeling stressed when buying a phone," and emphasized, "we will build a Slit fandom by increasing market share."