This success story comes from providing the following services: Korea Trade Missions and Market Visit Assistance
In partnership with Santander UK Bank and the Industrial Bank of Korea, KOISRA co-organized a trade mission for ten selected UK alcohol producers and exporters to South Korea. Hosted at the prestigious British Embassy in Seoul, the trade mission aimed to connect UK companies with Korean alcohol importers and distributors while addressing the challenges of entering a competitive and declining market.
TARGET – FACILITATING CONNECTIONS WITH KOREAN ALCOHOL IMPORTERS
The UK companies included producers of a diverse range of alcoholic beverages. The key objective of this mission was to facilitate meaningful B2B meetings between UK alcohol producers and Korean buyers, helping UK companies gain market insights, establish connections, and explore distribution opportunities in South Korea.
CHALLENGE - DECLINE IN ALCOHOL IMPORTS TO KOREA
While alcohol consumption in South Korea has consistently grown over the past five years, the current year saw a significant decline in alcohol imports. This posed a challenge for UK producers, as the market became more competitive and selective. Overcoming this required precise market targeting and effective matchmaking.
WORK PROCEDURE - RESEARCH, MATCHMAKING, AND EXECUTION
KOISRA implemented a structured approach to ensure the trade mission's success:
- Step 1: Understanding the Companies and Products - KOISRA held consultations with each UK participant to understand their products, brand positioning, and target audience in the South Korean market.
- Step 2: Market Research and Importer Identification - Extensive research was conducted on the South Korean alcohol market to identify importers and distributors whose interests aligned with the UK participants' offerings. A detailed list of potential buyers was prepared and shared with the UK companies for review.
- Step 3: Connecting with Korean Buyers - After feedback from the UK participants, KOISRA contacted the shortlisted Korean importers to introduce the UK companies, validate their capabilities, and gauge their interest in a partnership.
- Step 4: Organizing Event Logistics - Logistics, including sample importation, catering, and event coordination, were meticulously handled by KOISRA to ensure a seamless experience for participants.
- Step 5: Market Insights and Sales Channel Tour - Participants were provided with a guided tour of Seoul's major sales channels, including supermarkets, specialty alcohol stores, and department stores, to better understand consumer behavior and distribution opportunities.
OUTCOME – OVER 80 TAILORED B2B MEETINGS AND PROMISING PARTNERSHIPS
The UK Alcohol Producers Trade Mission achieved significant success:
Tailored B2B Meetings: KOISRA arranged over 80 one-on-one meetings between UK producers and professional Korean importers and distributors. Each meeting was tailored to align the interests of both parties, ensuring high relevance and potential for collaboration.
Immediate Results: Several UK participants initiated discussions about orders and agreements during the event, demonstrating the mission’s effectiveness in facilitating meaningful connections.
Networking and Relationship Building: Following the B2B meetings, participants engaged in a networking event held at the British Embassy’s bar. This informal setting allowed participants to deepen relationships with Korean buyers and other stakeholders.
Market Insights Gained: The tour of Seoul’s sales channels provided the UK producers with a deeper understanding of the Korean market’s dynamics, helping them refine their strategies for entry and expansion.
Enhanced Trade Relations: Feedback from participants highlighted the high quality of the meetings and the professional organization of the mission, fostering a foundation for long-term trade collaborations.
