Korean fashion startup ABLY is becoming a new one-stop destination for all your Korean fashion and beauty requirements in C2C marketplaces.
Shopping apps are everywhere, and with different startups coming up with new ideas, consumers can expect a better line of shopping features with new apps. ABLY is a women’s fashion beauty shopping app from ABLY Co’s startup company. It has an AI-based recommendation system which makes it unique among other Korean shopping apps.
Overview of ABLY Co.
Korean e-commerce startup company ABLY Co. is the unicorn in the South Korean startup industry. This is because of their drastic growth with a captivating 67 billion won or $55 million in C financial commitment. As of today, the company’s worth is 900 billion won ($746 million).
Currently, there is only one executive in the company, the CEO of ABLY Co. SukHoon Kang.
Shinhan Cash backs these expenses and statistics managed by Shinhan Economical Group’s SI Fund. In addition, Capstone Associates, Kolon Financial commitment, Present financial commitment establishments, LB expense, SV financial commitment, and interest are the observe-up traders.
ABLY was formally launched in March 2018. The company racked up a total of 173 billion won in expenditure which is the most in the women’s fashion style field—after that, ABLY gained over 700 billion in transaction price in just 12 months. This is 84% higher than the previous 12 months period of the transaction. ABLY Co. is anticipating exceeding the 1 trillion mark in the next 12 months.
What is the ABLY app?
ABLY is a fashion and beauty cosmetics shopping app that works on the C2C marketplace model. Meaning the designers and influences can set up their own digital shop inside the ABLY app. In Ably. The seller has all the freedom of handling photo uploads, delivery, exchange, refund, delivery, etc.
ABLY is an e-commerce fashion, home decoration, cosmetics, and handmade goods platform with tremendous growth in the last three years. ABLY app is the number one ranking fashion app in 2020, with over 4 million users by March. The solid growth has made ABLY reach more than 5 million users in just five-month. As a result, ABLY now has a 1.5 times higher user growth rate than the average in the industry.
In Korea, there are surveys conducted among android and iOS users who are at the age of 10 using ABLY, and the survey shows that the monthly user count was 5.1 million in August 2021.
About the company
The company is expanding and innovating its fashion products to cater to a wide range of markets and tackle the sudden growth in its user base. ABLY focuses mainly on women’s fashion and holds a substantial home decoration and cosmetics market. The cumulative number of downloads combined for the play store, app store, and other third-party sites is over 23 thousand, 4 to 5 times higher than the average industry. This means the growth has been increasing steadily and exponentially in terms of app downloads.
ABLY also has an “AI Personalized Recommendation Service,” which runs the algorithm for detecting what users would like to see in their feed. The recommendation is based on users’ purchase history, search history, wish list, etc. It is a great way to increase the app’s retention and popularity.
Since the start of the ABLY app, the total number of downloads has reached over 20 million. Moreover, the amount of transactions has a volume of around 600 billion won. All these statistics were before the global launch, and the numbers will continue to grow exponentially once ABLY is launched globally. After that, the developers of ABLY aims to keep improving the AI recommendation system and other services.
In The End
The CEO of Ably Co. is looking to expand its business by increasing sales channels to the global market. SukHoon Kang explained that they would improve the AI personalized recommendation algorithm to make ABLY a leading eCommerce system that connects users with their preferred items. On the other hand, the company is looking to develop its chain platform, introducing a manufacturer brokerage procedure, which means that anyone with some expertise in the e-commerce field can set up their own shop.