Samsung's 17 affiliates announced on the 15th that they will operate an online marketplace to help stimulate domestic demand for the Lunar New Year. Samsung affiliates plan to make early payments to partner companies for goods in advance of the holiday.
The Samsung affiliates operating the online marketplace include all 15 listed companies, such as Samsung Electronics, Samsung C&T, Samsung Biologics, and Samsung Life Insurance, as well as a total of 17 companies including Samsung Display and Samsung Bioepis.
Samsung affiliates plan to continue the online marketplace through company bulletin boards, municipal shopping malls, and small business direct transaction malls until just before the Lunar New Year holiday begins.
Employees are participating in efforts to expand domestic consumption by purchasing local specialty products, such as agricultural, livestock, and fishery products, as well as smart factory products supported by Samsung Electronics and goods from sister villages through the online marketplace.
Last year's total purchases made by employees through the online marketplace for the Lunar New Year and Chuseok amounted to 2.8 billion won. Notably, more than 60 'smart factory' companies, which were trained in manufacturing technology by Samsung Electronics, are participating in this year's Lunar New Year online marketplace, selling items such as red ginseng extract, pear and bellflower extract, seaweed, and rice cake soup ingredients.
Samsung plans to advance payments for goods amounting to 560 billion won by up to three weeks to ensure that partner companies do not face difficulties in managing funds ahead of the holiday. The early payment for goods involves the participation of 11 affiliates, including Samsung Electronics, Samsung Display, Samsung SDI, Samsung SDS, Samsung Biologics, Samsung Bioepis, Samsung C&T, Samsung E&A, Samsung Heavy Industries, Cheil Worldwide, and Welstory.