WeMakePrice

About WeMakePrice

WeMakePrice Inc. operates as a prominent e-commerce entity within the competitive South Korean market, providing a platform that connects merchants with consumers. The company was originally founded as Namu Internet Co., Ltd. in May 2010 by Heo Min, a recognized entrepreneur who had previously founded the game developer Neople, famous for "Dungeon & Fighter". Heo Min's background as a successful businessman who sold his prior company to Nexon for a significant sum brought immediate attention to WeMakePrice upon its launch. The social commerce service, initially named 'WeMakePrice', officially launched on October 8, 2010. In February 2013, the company rebranded to its current, abbreviated name, WeMakePrice (위메프).

The company's business model transitioned from its initial social commerce focus, which involved selling discounted coupons for local services, to a broader open-market platform. It functions as a marketplace where a wide array of sellers can list their products, spanning categories like food, fashion, home goods, and beauty products. Revenue is generated through commissions from sellers for using the platform and facilitating sales. A core strategy has been to focus on offering competitive pricing to attract and retain customers. To support its merchants, WeMakePrice has implemented programs such as low commission rates and waived server fees to attract new sellers. The company has also launched specialized services over the years, including 'Wonder Shipping' for direct purchase and delivery, a B2B mall, and a delivery app called Wemakepo.

Significant milestones in the company's history include receiving a 100 billion won investment from NXC in August 2015 and further investments totaling 370 billion won from its parent company, Wonder Holdings, and IMM Investment in 2019. The company's monthly transaction value surpassed 500 billion won for the first time in July 2018. In a major shift of ownership, Qoo10, a Singapore-based e-commerce platform, acquired all shares from Wonder Holdings in April 2023, taking over management rights. However, by mid-2024, the company, along with fellow Qoo10 subsidiary TMON, faced significant liquidity issues, leading to payment delays to sellers and a filing for court receivership in July 2024.