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Jongyoon Kim, chief executive of South Korean superapp Yanolja, sees Tesla as his company’s metaphor, highlighting how the electric vehicle company has reinvented the entire chain.
While Yanolja may not be in a hurry to go public directly, Kim explained that Yanolja has not yet used the Vision Fund’s investment. However, he said they would like to be a global company and spouse of global companies.
Speaking Wednesday about the motivation to replace Yanolja from simply promoting to installing a super app, Kim noted that out of 10 billion ers, there are only 1 trillion ers online.
“We want a new style of business to increase online penetration by 10 to 30 percent in the next five years to leverage greater market share, which is why we have brought a new style of business,” Kim said in a verbal exchange. with Sean O’Neill, Skift hospitality editor at the inaugural Skift Global Forum East in Dubai.
Kim has already increased the share of online travelers market in South Korea and plans to reflect this for the rest of the world.
While explaining Yanolja’s super app move, Kim also explained how they tried to replace the definition of once a quarter to every day.
“To achieve our vision, we have tried to diversify the categories and make the flight and lodging categories larger than everything similar to travel, adding food and beverages, exhibitions, entertainment such as musicals and transportation. “
Yanolja has the exclusive rights to sell concert tickets from Korean pop organization BTS and Blackpink on cell phones in South Korea.
“More than a third of the Korean population uses our superapp service, therefore, the expansion of the category has been a success in expanding the visitor base,” he said.
Speaking about the scale that superapp styling can have around the world, Kim is under pressure that superapp style isn’t just about satisfying consumers’ desires.
To expand into the other category, corporations want to offer benefits to their merchants, which is why Kim said they are building a cloud-based software business.
“Why would K-pop stars need to sell tickets through us?Because we provide a solid online service and provide the operating system on-site,” he said.
Travel is the most productive industry for transforming knowledge in e-commerce and automotive, Kim said.
Speaking of sustainability, Kim explained how Yanolja seeks to reduce virtual technology waste.
Tags: asia monthly, korea, sgfe2022, Skift Global Forum East, skift live, softbank, superapps, tesla, yanolja
Photo credit: Jongyoon Kim, CEO of Yanolja, at Skift Global East in Dubai. Skift
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