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  1. This year might witness the hottest issue in the commerce industry as Qoo10 announces its acquisition of the global e-commerce platform 'Wish'. While Wish might be unfamiliar to Korean consumers, many are likely aware of AliExpress or Temu. Wish's business model is similar to these platforms. This article explores what Qoo10's acquisition of Wish signifies, including insights from the acquiring company Qoo10 and stories from Korean global sellers. Interestingly, sellers seem to welcome the acquisition of Wish more than the long-rumored acquisition of 11street.
  2. First, let's delve into the details of Wish's business and its performance metrics. Wish has distinct advantages over other cross-border marketplaces, which clarifies why Qoo10 decided to acquire it. Although Wish serves over 60 countries globally, including Korea, it has specialized service areas and product characteristics. We analyze the reasons behind the acquisition with official statements from Qoo10's president, Gu Young-bae.
  3. In recent years, Wish's situation has not been favorable, with significant performance metrics declining sharply since its peak in 2020. This article will examine Wish's condition up to its decision to sell, providing concrete figures. This seemingly adverse situation turned into an opportunity for Qoo10, and we explore why.
  4. Global sellers have clear reasons to favor Qoo10's acquisition of Wish over the anticipated 11street acquisition. They see the acquisition as an opportunity for Qoo10 to create a service that can rival Amazon, Temu, and TikTok Shop. We will uncover these specific reasons as explained by the sellers. Additionally, we looked into the future of Wish's 'logistics' through internal sources at Qoo10, referencing the company's previous acquisition of India's third-largest open market, 'Shopclues'.

CHAPTER 1

Qoo10 Acquires Wish: What Kind of Company Is It?

Qoo10 announced its acquisition of the e-commerce platform service 'Wish (operated by ContextLogic)' on the 13th, with the comprehensive business transfer contract signed on the 10th. Qoo10 has expressed its ambition to accelerate the establishment of a global e-commerce ecosystem through the acquisition of Wish.

Wish, though perhaps unfamiliar to Korean people, operates a cross-border marketplace similar to AliExpress and Temu. Founded in San Francisco in 2010, Wish can be considered a pioneer in the cross-border e-commerce platform market.

Wish's unique selling proposition was its 'discovery-based mobile shopping platform', emphasizing technology that offers personalized product recommendations to consumers. According to Wish, as of December 2020, over 90% of user activity and purchases occurred on mobile, and more than 70% of transactions happened without entering search terms.

Wish has also built an integrated marketplace connecting global consumers, supporting local currency conversion, payment, product sales and purchases, cross-border logistics, and last-mile delivery. Business of Apps, citing various data, reported that Wish's Monthly Active Users (MAU) reached 107 million in 2020, with over 500,000 global sellers active on the platform in the same period. This performance base allowed Wish to successfully go public on NASDAQ in 2020.

CHAPTER 2

The Reason Behind Qoo10's Acquisition of Wish