Wadiz announced that it is expanding its role in supporting the entry of domestic K-beauty brands into the global market based on the results of its own brand project, 'Wadiz Edition.'
The "Melanin Wrapping Balm" project, recently launched on the Wadiz platform, achieved a remarkable funding success, reaching 19,000% of its funding goal. The project also demonstrated a high conversion rate, with approximately 92.4% of users who signed up for advance notifications actually making a purchase.
Approximately 87% of the supporters who participated in this project were confirmed to be existing Wadiz users. This is analyzed as an indicator of the platform's highly loyal user base. Furthermore, payments from overseas users, including those in the US and Japan, were also occurring, confirming a trend expanding beyond the domestic market to encompass global consumer demand.
Behind these achievements, Wadiz presented a product planning approach that reflects the data and user feedback accumulated on its platform. They explained that they analyzed data from various beauty projects to identify unmet consumer needs and collaborated with manufacturers to incorporate these findings into the product development process.
Building on this success, the company plans to strengthen its support for the overseas expansion of domestic consumer goods brands, including K-beauty brands. In particular, the company is focusing on the Japanese market, where demand for K-content and K-beauty is growing, and is promoting collaborations with local distribution and logistics networks. Through this, the company aims to establish a support system that will enable products with proven marketability in Korea to expand into overseas markets.
A Wadiz representative explained that this project demonstrated how data-driven product planning can be used to identify market potential and subsequently lead to global distribution expansion. They also announced plans to continue supporting domestic manufacturers and brands as they expand into overseas markets.
Meanwhile, Wadiz plans to expand its scope of collaboration with manufacturers and indie brands with technological prowess and growth potential, and expand its global expansion support program utilizing platform data.
Recently, the K-beauty industry has been increasingly leveraging online platforms and crowdfunding to simultaneously pursue product verification and global market entry.
- See more related articles
You must be logged in to post a comment.