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How Tesco virtually created a new market on a country's lifestyle
Executive Summary
South Koreans have amongst the longest working hours in the world, with young, upwardly mobile executives often too busy to go shopping for grocery at a traditional store. The UK's giant retailer, Tesco, sought to turn this disadvantage to its benefit. It introduced "virtual stores", which are essentially a display of products on walls of metro stations and bus stops. Commuters, especially the tech-savvy, ultra-busy lot, could scan the QR codes of the products on display with their smartphones, and place their orders even as they waited for their trains or buses. This case study looks at how Tesco "virtually" created a new market based on a country's lifestyle.
In 2011, when domestic sales of the UK's retail giant Tesco slumped, it fell back on its second-largest market, Asia, which accounted for 30 per cent of its total profit. Tesco's success in Asia, and specifically in South Korea - currently its largest market outside the UK - is based on its ability to adapt to the local consumer.
Tesco's expansion into Asia has been an important focus for the company since the late 1990s. Following its acquisition of Thailand's Lotus in May 1998, the company announced a 142-million investment in South Korea in March 1999 by partnering with Samsung to develop hypermarkets. Through its tie-up with Samsung, Tesco made a localisation effort to adapt its Homeplus stores to the local consumer.
The latest example of this localisation was the launch in 2011 of its first virtual store, located in a Seoul subway station, an idea based on the observation that the typical Seoul commuter did not have the time to shop at her nearest brick-and-mortar Homeplus store.
The Virtual Store
The virtual stores are set up in public spaces, most often in subways and bus stops with high foot traffic and frequented daily by tech-savvy commuters. This is how such stores work:
- Interested customers download the Homeplus app into their smartphones.
- They then use their smartphones to scan the QR codes of the products they want to purchase. The posters in the virtual stores are designed to resemble the actual aisles and shelves of a regular Tesco store, making the experience very user-friendly.
- The scanned products are stored in the customers' online shopping basket, who pay online once their order is completed. Homeplus reported that the majority of the orders are placed at 10 am and 4 pm, when people are commuting to and from work.
- Customers schedule a time for home delivery. Same-day delivery is the norm, so that customers can get their products by the time they get back home from work.
The virtual store has been a huge success with commuters and drove over 900,000 app downloads in less than one year, making the Homeplus app the most popular shopping app in South Korea. Online sales increased 130 per cent since the introduction of the virtual stores and registered app users increased by 76 per cent. In February 2012, Tesco Homeplus announced it was extending the virtual store concept to 20 new locations across the country. Today, there are 22 Homeplus virtual stores in South Korea, and the brand is the country's No. 1 online retailer.
Understanding the Consumer
South Korea, a country of around 50 million people, is the fourth-largest economy in Asia and the 12th largest in the world. Compared to other Asian countries, South Koreans generally have higher levels of education, higher average household income, and better living standards. Over the past few decades, the country has built itself up with its largest resource - people - and has achieved rapid economic growth through exports of manufactured goods. It is now a major producer of automobiles, electronics, steel and high-technology products such as digital monitors, mobile phones, and semiconductors.
Over the past decade, South Korea has advanced tremendously and has been shaped by constant innovation, technology and westernisation. In today's world, shopping habits and behaviour of South Korean consumers are impacted by several key factors.
Extensive use of technology/connectivity: According to a report by McKinsey & Co., South Korea is one of the most advanced countries in terms of broadband penetration, and has more than 10 million smartphone users. In other words, one in five South Koreans use a smartphone. Additionally, according to Nielsen, households in South Korea are making six per cent fewer shopping trips. When they do shop for products, an increasing number of South Koreans go online.
Long working hours/busy lifestyle: Although the average annual hours worked per person in South Korea is declining, the country still comes out top among OECD countries with 2,193 hours. This is perhaps unsurprising, as the work ethic and lifestyle of South Koreans get shaped at a young age. According to the BBC, South Korean parents spend thousands of pounds a year on after-school tuition on an industrial scale. There are just under 100,000 hagwons or private academies in South Korea and around three-quarters of Korean children attend them.
Travel time on public transportation: South Koreans spend a significant amount of time on public transportation, predominantly between home and work. What has helped is that public transportation is reliable and inexpensive, and is the fastest and most efficient way to get around.
The introduction of Tesco's virtual stores in subways made use of time spent by commuters waiting for public transportation, allowing buyers to use the little time they have available for grocery shopping. Not only did this change the way buyers shopped, it also increased the potential market for Tesco. These buyers may not have otherwise had time to go grocery shopping between their personal and professional lives, opting to buy take-out instead.
All of this implies that grocery customers in South Korea are more time-poor and less price-sensitive. They value convenience and technology to accommodate their busy lifestyle.
Tesco's Value Proposition
Customer segmentation: When you enter a new market/geography, companies need to understand and analyse consumer behaviour trends, including shopping habits and purchasing behaviour, to identify who the valued customers are and how they behave.
Adaptation of value proposition: If the needs, attitudes and lifestyle of the company's "value customer" are different in the new market/geography, the company needs to adapt its value proposition and value network across the entire supply chain.
Power of technology in traditional industries: Technology has a disruptive power in traditional industries, such as retailing. In this case, the predominance of smartphones in Korea allowed Tesco to boost its revenues through an innovative approach.
Innovative marketing: The way marketing can be used innovatively to target captured audiences (such as commuters waiting for the next train in a station).
Brand Extension: One option that Tesco Homeplus may have considered in order to take advantage of is to create a new brand for the virtual stores that would have remained independent from the Homeplus brand and, therefore, limited the risk to the Homeplus brand by increasing prices.
EXPERT VIEW
RETAILERS STRUGGLING TO DEVELOP COMPETENCIES TO SUCCEED GLOBALLY
Despite the popularity of globalisation in retailing, most retailers are still struggling to develop competencies to succeed in global markets. To what extent should the "original" format and merchandise be adapted is a major issue. Walmart learnt this the hard way when its initial entry into China had the wrong merchandise. On the other hand, Mexican customers were disappointed when they did not find enough imported US merchandise in the Walmart stores. Toys R Us has learnt that there are differences in consumption patterns. The Japanese demand electronic toys, other Asian consumers demand educational toys, Europeans favour traditional toys, while American kids prefer television- and movie-endorsed toys.
The Tesco case in South Korea demonstrates that despite the company's many problems, it has been a leader in developing multichannel solutions. With consumers preferring the convenience and selection of e-commerce, traditional brick-and-mortar retailers are challenged to address how to serve this customer profitably. The home-delivery option is much valued by consumers but cannot be as profitable as the traditional store. Therein lies the dilemma.
VIRTUAL STORES COULD SEE ACCEPTANCE LARGELY FOR TOP-UP OR IMPULSE PURCHASES
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Online grocery shopping 2.0: Tesco Homeplus virtual store in South Korea
Until 2011, the online grocery market, was relying on Internet sites for customer orders. Tesco Homeplus, in South Korea, experimented with the idea of the virtual store concept. Customers place their orders while waiting in subway stations through what seem like regular supermarket shelves with products. The difference is that there are no real products, only pictures of them and consumers use they smartphones to order by clicking on the product barcode. This mini case could be used in conjunction with IMD-6-0323 (Ocado vs. Tesco.com).
Participants will discuss the evolution of online grocery shopping (from ordering via PCs and later smartphones through an internet site, to ordering through a virtual store that feels more like a real store). In addition, they will be challenged to discuss the implications of the virtual store concept to the future of the online grocery industry
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tesco virtual supermarket in a subway station
tesco homeplus opened a virtual grocery store in a south korea subway station, where users shop by scanning QR codes on their smartphones
in a campaign designed by the seoul branch of advertising agency cheil , tesco homeplus supermarket opened last fall a virtual grocery store in a south korea subway station, permitting users to shop using their smartphones.
a large, wall-length billboard was installed in the station, designed to look like a series of supermarket shelves and displaying images and prices of a range of common products. each sign also includes a QR code. users scan the code of any product they would like to purchase, thereby adding it to their online shopping cart. after the web transaction is completed, the products are delivered to the user’s home within the day.
the strategy makes productive use of commuters’ waiting time, while simultaneously saving shoppers time spent going to the supermarket.
video footage documenting the concept and actualization of the virtual supermarket
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Online Grocery Shopping 2.0: Tesco Homeplus Virtual Store In South Korea Harvard Case Solution & Analysis
Home >> Finance Case Studies Analysis >> Online Grocery Shopping 2.0: Tesco Homeplus Virtual Store In South Korea
IMD-6-0335 © 2011 Tsikriktsis, Nikos; Kanousi, Argy
Until 2011, the online grocery market , was relying on Internet sites for customer orders. Tesco Homeplus, in the Southern Korea, experimented with the idea of the virtual store theory. Customers place their orders while waiting in subway stations through what seem like regular supermarket shelves with products. Online Grocery Shopping 2.0 Tesco Homeplus Virtual Store In South Korea Case Study Solution
This mini case could be used in conjunction with IMD-6-0323 (Ocado vs. Tesco.com). Learning objectives: Participants will discuss the development of online grocery shopping (from ordering via PCs and later smartphones through an internet site, to purchasing through a virtual store that feels more like a real shop). Moreover, they are going to be challenged to discuss the implications of the virtual store concept to the future of the online market industry
Subjects: Online retailing; Virtual store Settings: South Korea ; Grocery Retailing ; GBP 5 million revenues ; 2011
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Tesco opens virtual store in South Korea
By Jennifer Creevy 2011-08-25T17:33:00+01:00
- No comments
Tesco Homeplus in South Korea has opened what it claims is the world’s first virtual store in Seoul subway, following an initial trial in July.
Using the walls of the Seonreung subway station in downtown Seoul, Tesco has displayed more than 500 of its most popular products with barcodes which customers can scan using the Homeplus app on their smartphones, then get it delivered to their homes.
It opens on the same day that in the UK Ocado unveiled its virtual shopping wall at London’s One New Change shopping centre.
In Seoul, Tesco shoppers scanning products on their way to work can get a delivery that evening if the order is placed before 11.30am. The store will be open for three months.
It follows an advert Tesco ran in South Korea in July for a virtual shopping wall, created by Cheil Worldwide. The initial launch created excitement so Tesco decided to push ahead with a full launch.
DW Seol, executive vice president of corporate affairs at Tesco Homeplus, said: “I am extremely proud of the great work the Tesco Homeplus team have done to launch this idea in the Seoul subway. We are always looking to make the shopping experience easier and more convenient for our customers and the introduction of the virtual store is a great achievement. This is a real triumph for the Korean retailing industry as it continues to be at the forefront of technological innovation.”
The displays run on the pillars and the screen doors of the subway station. Shoppers scan the QR code then it adds the product to their order.
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Home Plus: Riding the Korean Retailing Rollercoaster – Case Solution
Tesco, a multinational retailing company, entered into a joint venture with the Samsung Group as part of its start-up strategy in South Korea under a new brand called Home Plus. The company moved to administer regulations that would help in the local operation of the business but, at the same time, it adapted business policies from Tesco's British office. Over time, the local retailing businesses in Korea have developed, and, as such, the company was faced with intense competition within the local market industry. With this challenge, Home Plus must re-assess its position to work its way through this kind of environment.
Youngwoo Lee; Martin Hemmert Harvard Business Review ( W13140-PDF-ENG ) April 19, 2013
Case questions answered:
How can Home Plus grow when facing many threats, including socio-economic, competitive, political, and legislative issues?
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Home Plus: Riding the Korean Retailing Rollercoaster Case Answers
Executive summary – home plus: riding the korean retailing rollercoaster.
The global economic recession and price inflation for public goods have caused a decrease in consumer’s disposable income. Because of this, Home Plus needs to pursue new strategies to maintain its growth in the future of the South Korean retail market under huge pressure.
Some of the pressures that affect the company are aggressive competitors, the growing opposition of small store owners, harmful potential pending legislation, consumers’ changing behavior, and the bargaining power of manufacturers.
After evaluating the three alternatives, it is recommended that the company start the online business by working with popular chatting APPs, Line and Kakao, create its own online shopping App, and provide home delivery services.
Alternatives
Alternative 1 : Offer small local store partnerships
Due to the fact that small local store owners are protesting against Home Plus SSM, they are the main threat to the existence of SSMs.
Offering the small local store owners partnership to be part of SSM is a…
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Retail in Asia
Tesco opens world’s 1st virtual store in S Korea
Tesco Homeplus in South Korea has opened the world’s first virtual store on Thursday in the Seoul subway to help time-pressed commuters shop on the go using their smartphones.
The walls of the Seonreung subway station in downtown Seoul came to life on Thursday with virtual displays of over 500 of the most popular products with barcodes which customers can scan using the Homeplus app on their smartphones and get delivered right to their doorstep.
Busy commuters can scan their groceries on their way to work in the morning and, as long as their order is placed before 1pm, their items will be delivered home that same evening.
The virtual store in the Seonreung subway station is trialing for a period of three months to capture response and gauge interest in the initiative.
The Homeplus App, which now allows Homeplus customers to scan and place orders at the virtual store, has already been downloaded by 600,000 people since launching four months ago and July online sales have increased 200 percent compared to April 2011.
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IMAGES
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COMMENTS
This case study looks at how Tesco "virtually" created a new market based on a country's lifestyle. ... Today, there are 22 Homeplus virtual stores in South Korea, and the brand is the country's ...
This mini case could be used in conjunction with IMD-6-0323 (Ocado vs. Tesco.com). Until 2011, the online grocery market, was relying on Internet sites for customer orders. Tesco Homeplus, in South Korea, experimented with the idea of the virtual store concept. Customers place their orders while waiting in subway stations through what seem like ...
The folks over in South Korea are known to be extremely hardworking ... Tesco, which renamed itself to Homeplus in the country, ... Catch Homeplus' virtual store case study below:
When grocery chain Tesco wanted to expand their market share in South Korea, they came up with a brilliant idea.Because the people in South Korea work long h...
In the late 1990s, multinational retailing giant Tesco selected a joint venture with the Samsung Group as its market entry strategy into South Korea and created a new brand, Homeplus. Subsequently, the management of Homeplus implemented various policies aimed at localizing the business while also introducing business practices from Tesco's british headquarters. It invested in growth and ...
tesco homeplus opened a virtual grocery store in a south korea subway station, where users shop by scanning QR codes on their smartphones. in a campaign designed by the seoul branch of advertising ...
By 2011, Tesco's business in South Korea had grown to its largest outside of the U.K., with revenues of almost £5 billion. However, in 2012, regulations changed again, leaving the company unable to operate on some of its busiest days. This case explores Tesco's strategy of strategic localization in South Korea and asks students to consider ...
Online Grocery Shopping 2.0 Tesco Homeplus Virtual Store In South Korea Case Study Solution This mini case could be used in conjunction with IMD-6-0323 (Ocado vs. Tesco.com). Learning objectives: Participants will discuss the development of online grocery shopping (from ordering via PCs and later smartphones through an internet site, to ...
By Jennifer Creevy 25 August 2011. Tesco Homeplus in South Korea has opened what it claims is the world's first virtual store in Seoul subway, following an initial trial in July. Using the walls of the Seonreung subway station in downtown Seoul, Tesco has displayed more than 500 of its most popular products with barcodes which customers can ...
Tesco Homeplus in South Korea is opening the world's first virtual store today in the Seoul subway to help time-pressed commuters shop on the go using their smartphones. The walls of the Seonreung subway station in downtown Seoul came to life today with virtual displays of over 500 of the most popular products with barcodes which customers ...
How Tesco's Homeplus is captivating consumers in South Korea. Low Lai Chow. As one of the most advanced digital markets in the world, South Korea is a potential bellwether of what is coming next for retailers - and it seems they will need to supplement their bricks-and-mortar expertise with three other main forms of delivery: bricks and delivery, click and collect, and click and delivery.
Home Plus: Riding the Korean Retailing Rollercoaster - Case Solution. Tesco, a multinational retailing company, entered into a joint venture with the Samsung Group as part of its start-up strategy in South Korea under a new brand called Home Plus. The company moved to administer regulations that would help in the local operation of the ...
Tesco entered South Korea in 1999 in a joint venture with Samsung. Homeplus in South Korea is Tesco's most successful international business with revenue of almost £4,984m in 2010/11. Tesco has 409 stores in South Korea and employs 25,000 staff. Images of the store can be found on the Multimedia Library section of this website.
The Homeplus App, which allows Homeplus customers to scan and place orders at the virtual store, has been downloaded by 900,000 people since launching in April last year. For more information please contact the Tesco Press Office on. 01992 644645. Tesco is the UK's largest retailer and one of the world's leading international retailers.
Tesco is negotiating terms for a sale of Homeplus to investors led by South Korean private equity firm MBK Partners. The deal could be announced as soon as Monday, and is likely to be worth about ...
We wished to discover more about the impact of the Tesco-owned Homeplus stor es trading in Korea. The topic of Impact The topic of Impact Studies was a theme at the British Geographers ' Annua l ...
Tesco Homeplus in South Korea has opened the world's first virtual store on Thursday in the Seoul subway to help time-pressed commuters shop on the go using their smartphones. The walls of the Seonreung subway station in downtown Seoul came to life on Thursday with virtual displays of over 500 of the most popular products with barcodes which customers can scan using the Homeplus app on their ...
One of the leading retailers in the world, Tesco Plc, has presence in several countries across the world. It followed different strategies to be among the top retailers in every country where it operated. In South Korea, Tesco operated as Tesco Homeplus and was the second largest retailer in the country. In order to sustain and grow in a competitive market like South Korea, Tesco opened a ...
This case study examines Homeplus, a South Korean retailer formed through a joint venture between Tesco and Samsung Group. It discusses Homeplus' strategy of localization combined with global management systems. While Homeplus saw growth through large stores and private brands, competition intensified amid a slowing economy. The case considers technological, economic, and environmental factors ...
A visual experiment in mobile supermarket shopping has done very well for Tesco in South Korea. Tesco 's South Korean network of shops, called Home Plus, have grown to become the country's ...
This video is part of the Digital trends 2012 and beyond presentation from KozlicaBlog. All rights reserved to the original owners of the video.This presenta...
On face value, the sale of Homeplus (Tesco's South Korean subsidiary) to a group of investors led by Asian private equity fund MBK Partners for approximately £4.2bn might make little sense.
On face value, the sale of Homeplus (Tesco's South Korean subsidiary) to a group of investors led by Asian private equity fund MBK Partners for approximately £4.2bn might make little sense. ... For this study, we conducted an in-depth case study of Tesco's departure from South Korea, employing both qualitative and quantitative data. ...