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Social influencers create product review videos on the Greyd platform. (Arbaim) |
Greyd, a social commerce platform developed by Seoul-based software developer Arbaim, aims to secure a bigger footing in overseas markets as it offers an effective marketing tool for Korean sellers that is also entertaining to attract global customers.
Short-form videos, typically defined as any video under 90 seconds in duration, have become increasingly popular on a variety of social media platforms, including TikTok, YouTube and Instagram. Advertisers are also turning their eyes to the new type of content to appeal to younger generations.
“In the past, it was difficult to make profits on social media platforms, and advertising products via short-form videos was sometimes considered to damage customer confidence in the products. Greyd tried to solve these issues by making a customer-centered review platform,” a Greyd official said.
Greyd said its platform can benefit all three parties using it: product sellers, customers and content creators.
“Product sellers can reach out to their potential customers. Users can find the product information they need. Content creators can raise revenue through making their video content,” the official said.
The platform also seeks to connect online sellers to collaborate with celebrities and social influencers, through which sellers can maximize the exposure of their products. This also helps online sellers to enter overseas markets more easily, even if they do not operate local sales and marketing networks.
The official cited the recent case of a local shampoo maker, whose advertising video featuring an Indian influencer went viral on Instagram, receiving over 2 million views and 60,000 likes over two weeks.
“The company was soon able to find its distribution partner in India and start sending its products to the country,” the official added.
India is one of several places where Greyd has helped local sellers enter overseas markets. In December last year, Arbaim announced that the company partnered with Hitrons Solutions, an exclusive distributor in the North American market for products of small and medium-sized businesses in Korea.
Through Hitrons Solutions, which sells over 100 Korean products via 36 US retailers including Amazon, Target, Macy's and Home Depot, Greyd is seeking to expand its presence in the US market.
Currently, the platform has been launched in 123 countries worldwide. Around 59 percent of its users were from Korea, while 30 percent were based in the US. Users from the Middle East and Southeast Asia also account for some 12 percent of the total.
“We hope to offer more opportunities for Korea’s small businesses and startups to enter global markets,” the official said.
