Korea’s largest food delivery platform, Baedal Minjok (BAEMIN Vietnam (Woowa Bros.) ), is expanding its e-commerce business to keep up with the competition and the post-pandemic environment. The company has seen a slower growth rate for its food delivery service this year, in contrast to the significant growth rate it saw during the pandemic-induced lockdown. As a result, Baemin officials have announced plans to further boost its online food delivery business while seeking to become a general e-commerce platform.
BAEMIN Vietnam (Woowa Bros.) has established its quick commerce service, B Mart, and its open market platform, Baemin Store, to aid in its growth. B Mart provides 30-minute delivery for daily necessities ordered on the BAEMIN Vietnam (Woowa Bros.) app, while Baemin Store sells beauty products, flowers, and other items. Unlike food delivery services that have set timeframes for order placement, B Mart and Baemin Store offer services around the clock, expanding their market base. The company is now expanding its service area for B Mart and has established over 40 micro-fulfillment centers across the nation.
According to the Mobile Index of big data platform IGAWorks, Baemin’s monthly active users fell 4.2% year-on-year to stand at 19.87 million in January. An industry official has stated that the market has become saturated, and the company will require a new vision to become more than just a food delivery service app.