Korea’s No.1 online pet store Pet Friends to enhance data-based curation service

[Source: Pet Friends]

[Source: Pet Friends]

Pet Friends, South Korea’s leading online pet supplies shopping platform, aims to consolidate its leadership position in the market by strengthening its customer data-driven recommendation tool.

Customers need to purchase different items based on the size, age and breed of their pets, and Pet Friends will differentiate themselves by establishing a data-driven conservation business model, according to Yoon Hyun-shin, new CEO of Pet Friends in an interview with the Maeil Business Journal.

Pet Friends has grown into the nation’s largest pet e-commerce platform by providing 24-hour consulting service not only for products, but also for the health status of pets, and a same day express delivery service. Its sales in 2020 jumped 168% from a year earlier to reach 31.4 billion won ($ 26.5 million), and the company is also expected to register more than 100% year-on-year growth this year. year.

Impressed by the exceptional performance, GS Retail and IMM Private Equity formed a consortium to acquire Pet Friends in July.

The platform has the strength to have many very engaged customers who provide massive amount of data and spend a lot of time and money on the platform. It contains data on nearly 700,000 pets. “Pet Friends encourages customers to record information about their pets, including age and physical conditions. We provide high quality delivery service to very engaged customers who offer reliable data, ”said Yoon.

Pet Friends CEO Yoon Hyun-shin

Pet Friends CEO Yoon Hyun-shin

Pet Friends recommends products based on purchase records from existing customers to help new pet owners, differentiating themselves from other ecommerce platforms that list products simply by price or popularity. “The referral system attracts many novice pet owners, as customers with pets under the age of one make up 70%,” she said.

The company also develops private label products by cooperating with veterinarians. Cat scratching posts developed jointly with renowned veterinarian Kim Myung-chul are well received and he plans to launch nutritional supplements developed with pet nutritionist Gwon Hyuk-ho. Its private label products represent 20 percent of its total sales.

“Customers are spending more money on caring for animals as pet ownership increases along with the growth of one-person households,” she said, adding that customers now have better understanding of their pets and find high quality products, so that the company has a high potential for rapid growth.

Yoon said his goal is to strengthen the company’s data-driven custody business model. The company is developing an algorithm that recommends products based on information recorded by customers, she said.

Pet Friends is also in the process of launching a pet sitter correspondence service and pet-friendly vacation service called petcation to expand its business.

By Shin Yoo-kyung and Choi Mira

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]

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