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| A model looks at Homeplus Signature products at a Homeplus Mega Food Market in Seoul. Courtesy of Homeplus |
By Kim Hyun-bin
Homeplus initiated a "price stabilization project" for the first time among all large retail stores in Korea last year to alleviate the burden of rising prices. It plans to maintain the project this year to help customers deal with high prices.
The project has been successful due to the popularity of the company's private brand, Homeplus Signature, which has seen a 33 percent increase in sales compared to 2019. From January to March this year, online sales of Homeplus Signature also increased by 36 percent compared to the same period last year.
Launched in November 2019, Homeplus Signature set a new standard for private brand products by focusing on quality and differentiation rather than just low prices. The company meticulously chooses products that meet its "Selected with Pride" standard, which considers quality, differentiation and continuous customer satisfaction. Along with their reasonable prices, the high quality of its products has helped create a "lock-in" effect for customers.
One of Homeplus Signature's featured products is its wet wipes. These high-quality, hygienic and reliable products are priced competitively.
The thick, high-quality wet wipes were priced at only 1,000 won ($0.75), which quickly grabbed customers' attention. Within a month of its launch, the cumulative sales of the product exceeded 1 million units, making it one of the company's best-selling products with tens of millions more being sold to date.
In a durability test of frying pan coatings conducted by the Korea Consumer Agency on Jan. 17, Homeplus Signature's IH Titanium Monobloc Frying Pan was found to have both excellent durability and cost-effectiveness. Made through special Monobloc forging technology, it has a higher density and durability than regular frying pans and is coated with titanium for increased durability and corrosion resistance.
Homeplus Signature has made strides not only in household goods but also in fresh food. It offers a wide range of fresh produce, including premium Korean beef, seasonal fruits and vegetables, which have also been well-received by customers.
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