What are the characteristics of Korean customers? How to handle Korean customers?
South Korea's natural resources are relatively scarce, which makes it extremely dependent on foreign trade imports. With the development of the South Korean economy, the import volume of South Korea is also increasing year by year.
Although Korean consumers tend to lean more towards European and American products, the global economic downturn in the past two years has led to some adjustments in their spending, which has made them more inclined to purchase high-quality and affordable products. The changes in consumer trends on the C-end often lead to changes in import demand on the B-end.
The import structure of South Korea has also undergone significant changes, such as cosmetics. In the first eight months of 2023, the export value of Chinese cosmetics to South Korea increased by 190% year-on-year. The Korean market is undoubtedly worth developing, so what are the characteristics of Korean customers? How can we handle Korean customers?
Pay attention to networking
South Korea is a human society, and they place great emphasis on interpersonal relationships. At the same time, they also place great emphasis on the relationship between their predecessors and descendants. Therefore, when developing customers, foreign traders must pay attention to building good relationships with customers and strive to accumulate their own network, so that customer development will become easier in the later stage.
Pay attention to appearance and image
South Korea is a society that highly values appearance and image. They not only have strict requirements for themselves, but also for their partners. Therefore, if you need to have a video conference or have face-to-face and offline communication with the other party, you must pay attention to your attire and maintain a good image, which is the first step for the other party to deliver trust.
Find out if it is a genuine inquiry
Koreans are very fond of asking for answers, unlike European and American customers who prioritize efficiency. Even if they are not very interested in your product, they are likely to ask questions. To figure out whether the other party really has a procurement demand, you need to do a basic background check.
You can directly search for customer names through tracking data, for example, the Korean customer we found named RFTECH CO., LTD. We will find that they purchase almost all year round, except for a lower proportion in January. Therefore, the first thing we can confirm is that the other party does have a procurement demand.
Next, we can take a look at their suppliers. We will find that their suppliers are all from Vietnam, which to some extent indicates that the other party is more concerned about cost-effectiveness. Therefore, the authenticity of this inquiry will be relatively high, and foreign trade personnel need to take it seriously.
（Source：ueedata）
Likes to bargain
Korean customers are very fond of bargaining, but they usually do not directly discuss prices with you. Instead, they look for "loopholes" in other aspects to achieve the goal of reducing prices. Therefore, foreign traders must leave a certain amount of space at the beginning of the quotation, otherwise it will be difficult for subsequent negotiations to proceed.
In addition, some people believe that Korean customers like to delve deeper into the truth, largely in order to grasp market quotations and occupy a dominant position in negotiations. Therefore, this is also the reason why foreign traders need to judge the authenticity of inquiries.
The above are some characteristics of Korean customers. If you want to learn more, you can message us privately~
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