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RealTime IT News

SK Corp. Enters E-Commerce Sector

SK Corp., the flagship company of SK Group which is one of the nation's top five conglomerates, announced that it concluded a contract with Oracle Systems Korea as solution provider for its entry into e-commerce.

The company is planning to invest 10 billion won (about US$8.3 million) to build contents as well as purchase hardware and software required for the cybermall business. SK intends to launch commercial service in January next year.

It will be a portal-type cybermall consisting of nine different business units, including a regional information business, travel service, real estate service, education unit and game business, according to company officials.

The projected e-commerce system is expected to be linked with SK Telecom, Korea's largest cellular phone carrier, SK Corp. and other SK Group affiliates to further develop the group's Internet-based businesses.

"We hope that our projected e-commerce business will reach the break-even point in three years after launch of the service scheduled early next year and our target is to clinch 10 to 15 percent share in the domestic e-commerce market," said an executive of SK Corp. He added that SK has been preparing for the e-commerce business since 1996.

"The ultimate goal of our Internet-based business is to provide all kinds of information customers might need in their everyday life, so that people can be free from time and space limits in accessing information they need." he explained.

Through the e-commerce site, the company is determined to build one of Korea's most popular portal sites. As part of such a plan, SK Corp. plans to offer various tourist information services, featuring information about major tourist attractions in Korea as well as overseas destinations.

Also, the company considers offering one-stop information service, which include reservation of airline tickets, hotel rooms and car rental by interconnecting with global reservation networks.

Unlike existing local e-commerce operations, the company also planning financial services such as online banking, insurance services and stock brokerage as soon as its e-commerce business is fully established. Its future plan also include mobile communications system to enable its customer to access information through cellular phones.