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FLY FANInnovate e-commerce through the social web<br />Ji-Woong ‘Paul’ Chung<br />CEO of Fly Fan <br />
Welcome to one of the Largeste-commerce markets<br />6th largest ecommerce market <br />17B$ Volume<br />double-digit annu...
The Most Dynamic & Innovative E-commerce Market<br />Korea tops in broadband penetration 95% of homes<br />mobile shopping...
WHO IS FLY FAN?<br />TEAM <br />Founded by former members of Top three Korean Internet companies (NHN , NCSoft , Daum) <br...
BetterUs : eBay for Group Buying <br />“Matching group of retailers<br />   with  groups of customers<br />      through a...
Problems<br />Buyers<br />Group buying is good. But, can I trust these products? I need trustworthy recommendation.<br />T...
The solution We’ve Found Learned<br />One buyer (called the Moderator) takes a charge of each part of the group buying pro...
1. Transaction List <br />list of Deals Recommended by Moderator <br />the Moderator’s Reputation <br />limited time (flas...
2. Moderator chooses the Deal<br />Moderator’s Blog <br />Twitter & Facebook<br />Recruit Early-Bird Group<br />
3. User rate the Moderator<br />4. Group Dynamics <br />Rewards vary according to buyer’s participation level<br /><ul><li...
Early Bird group
Late Comer group</li></ul>like a pyramid.<br />1) Moderator <br />Free Product +Revenue Sharing <br />2)  Early Bird Group...
Market Size<br />Household/living products for moms/parents<br />(25 to 45 age range)<br />total addressable market opport...
Business Model<br />transaction fee from retailers <br />future potential #1  : advertising<br />target ads about retailer...
Technology / Advantage<br />Core technology <br />rating the Moderator according to feedback  from retailers & buyers <br ...
Value to the Customer<br />
Value to Retailers<br />small <br />retailer<br />guaranteed <br />fixed amount of sales <br />mid to large <br />retailer...
Road Map <br />    end of July             2010 4Q                     2011<br />    launch                    launch     ...
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Fly Fan in Geeks on a Plane Seoul

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Fly Fan in Geeks on a Plane Seoul

  1. 1. FLY FANInnovate e-commerce through the social web<br />Ji-Woong ‘Paul’ Chung<br />CEO of Fly Fan <br />
  2. 2. Welcome to one of the Largeste-commerce markets<br />6th largest ecommerce market <br />17B$ Volume<br />double-digit annual growth <br /> (22~27% before the financial crisis)<br />eBay’s outpost for Asian market expansion<br />acquired at<br />382M$ (2001)<br />Total M/S <br />87% <br />acquired at 1.2B$ (2007)<br />
  3. 3. The Most Dynamic & Innovative E-commerce Market<br />Korea tops in broadband penetration 95% of homes<br />mobile shopping <br />Rich shopping experience<br />Korean customer set the very high standards for customer service <br />24-hour retail<br />One-day shipping<br />
  4. 4. WHO IS FLY FAN?<br />TEAM <br />Founded by former members of Top three Korean Internet companies (NHN , NCSoft , Daum) <br />six members total (two for executives , one designer , three engineers)<br />Vision<br />Innovate e-commerce through the social web<br />What have we done?<br />1forME.net ( Asia’s Etsy )<br />Dealing a year’s worth of commerce 2.0 developement<br />Today, we’ll present our second product <br />for the first time at GOAP Seoul!<br />
  5. 5. BetterUs : eBay for Group Buying <br />“Matching group of retailers<br /> with groups of customers<br /> through a moderator”<br /> No More groupon clone.<br /> Not a coupon Business<br />transaction for physical goods<br /> Buying is like a Blind Date<br />
  6. 6. Problems<br />Buyers<br />Group buying is good. But, can I trust these products? I need trustworthy recommendation.<br />TRUST<br />This is weakness of Groupon too!<br /> Retailers <br /> Marketing is a issue Companies often need help creating viral marketing<br /> MARKETING <br /> Flexible selling make it difficult to lower distribution costs.<br />FIXED AMOUNT SELLING<br />WILL ANYONE TAKE CARE OF THESE PROBLEMS FOR ME?<br />
  7. 7. The solution We’ve Found Learned<br />One buyer (called the Moderator) takes a charge of each part of the group buying process. After buying, buyers rate the moderator. <br />Helps buyers to choose the right product via recommendations.<br />Helps retailers to find groups of customers quickly.<br />Helps retailers with marketing using based on reputation.<br />The Moderator’s Role<br />Select from retailer’s offers (acts as a merchandiser)<br />Facilitates exposure through their social media presence. (acts as a marketer) <br />Recruits a group of customers (acts as a salesman) <br /> Learned from Korean Moms’<br /> group buying patterns, a.k.a<br /> “ Group Buying Moderating by <br /> the Power Mom Blogger“<br />
  8. 8. 1. Transaction List <br />list of Deals Recommended by Moderator <br />the Moderator’s Reputation <br />limited time (flash sales)<br />limited sales (fixed amount sales)<br />the transaction is activated only if sales meet certain numbers<br />
  9. 9. 2. Moderator chooses the Deal<br />Moderator’s Blog <br />Twitter & Facebook<br />Recruit Early-Bird Group<br />
  10. 10. 3. User rate the Moderator<br />4. Group Dynamics <br />Rewards vary according to buyer’s participation level<br /><ul><li>Moderator
  11. 11. Early Bird group
  12. 12. Late Comer group</li></ul>like a pyramid.<br />1) Moderator <br />Free Product +Revenue Sharing <br />2) Early Bird Group<br />Heavy Discount (e.g 30%) <br />3) Late Comer Group<br />Basic Discount (e.g 20%) <br />Additional Discount /w Referral Invitation<br />
  13. 13. Market Size<br />Household/living products for moms/parents<br />(25 to 45 age range)<br />total addressable market opportunity is<br /> 2B$ in Korea , 18B$ in U.S<br />with20% annual growth rate <br />emerging & untapped Markets<br />low e-commerce penetration percentages so far (1~4%)<br />market where “trusted group buying” works well.<br />
  14. 14. Business Model<br />transaction fee from retailers <br />future potential #1 : advertising<br />target ads about retailer’s other goods<br />future potential #2 : subscriptions <br />more discounts for a private group of paid members<br />Adjustment<br />Checkout<br />retailer <br />group of buyers<br />BetterUs<br />Shipping<br />
  15. 15. Technology / Advantage<br />Core technology <br />rating the Moderator according to feedback from retailers & buyers <br />rewarding buyers according to participation level <br />We Developed a rating/rewarding algorithm based on<br />various Korean online games & multi-level marketing campaigns.<br />TEAM <br />The team members have extensive backgrounds in blogosphere commerce<br />We have strong connection with “Power Mom Bloggers”<br />The Team knows what makes “Trusted Group Buying” tick…<br />
  16. 16. Value to the Customer<br />
  17. 17. Value to Retailers<br />small <br />retailer<br />guaranteed <br />fixed amount of sales <br />mid to large <br />retailer <br />viral marketing channel<br />feedback from early adopter Group<br />company in <br />product development<br />
  18. 18. Road Map <br /> end of July 2010 4Q 2011<br /> launch launch expand <br /> in Korea one of US city to global<br />( e.gL.A)<br /> ( Asian retailers ( global retailers<br /> and U.S Moderators) and Moderators )<br />
  19. 19. Vision : Third Wave of Online Marketplace<br />KOREA<br /> U.S<br />BetterUs<br />
  20. 20. Watch Us!<br />“FLY FAN”<br />An upcoming key player in <br />commerce 2.0 innovation <br />http://flyfan.net/global<br />jwchung@flyfan.net<br />Twitter @jwpchung<br />

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