Grip's Live Group Buying Sales Surge 38.2% YoY

Grip, Live Commerce Group Purchase 'Huge Success'... Achieves 38.2% Growth Year-on-Year! Grip Company, which operates the live commerce shopping app 'Grip,' is drawing industry attention by achieving brilliant results in the group purchase live commerce sector. On the 17th, Grip Company announced that the transaction volume for group purchase special exhibitions last year surged by 38.2% compared to the previous year. Grip, which first introduced group purchase live commerce in the industry in May 2021, has been operating regular special exhibitions since August 2022, fueled by customer requests. As a result of these efforts, last year's transaction volume for group purchase special exhibitions recorded 4.93103 billion won, a remarkable 38.2% increase compared to the previous year's 3.56839 billion won. At the heart of this explosive growth was the live commerce show 'Burning Group Purchase,' hosted by comedian Kim In-seok. Since its launch in January 2023, it has garnered overwhelming popularity, accounting for approximately 30% of the total transaction volume for special exhibitions, and continues to drive growth this year, recording an average monthly growth rate of over 40%. The secret to Grip's group purchases lies in its unconventional discount rates, which provide substantial price benefits to customers. Last month, the average discount rate for group purchase special exhibitions reached an impressive 48%, and a remarkable maximum discount rate of 95% encouraged active customer purchases. Grip's group purchase system works as follows: sellers set a time limit and target quantity, and if the target number of participants is reached within that time, the purchase is confirmed at a discounted price. Customers can check the remaining quantity and time in real-time, proactively decide on their purchase, and if the target is not met, the order is automatically canceled, allowing them to participate without burden and showing high satisfaction. Grip's group purchase is also attractive to sellers. It enables inventory clearance through large-volume sales in a short period and secures stable profits. With clear target participant settings, demand forecasting, logistics, and production planning are efficiently carried out. Furthermore, as customers voluntarily share group purchase information with those around them, a viral effect is gained, significantly contributing to sales expansion and brand awareness. Kim Tae-soo, CEO of Grip Company, emphasized, "The group purchase feature is a system where customers can most directly experience discount benefits and the joy of shopping, leading to particularly high satisfaction." He added, "We will continue to introduce differentiated features and services to help consumers experience more enjoyable and practical shopping, thereby strengthening Grip's unique competitiveness." Grip plans to continue leading the live commerce market with innovative services.