Helping everyone talk about everywhere in South Korea

Location is an integral part of everyday life, yet people all over the world disproportionately face issues with addressing.?

This is something what3words was designed to solve. It has divided the world into a grid of 3 metre squares, and given each square a unique combination of 3 words, known as a what3words address. For example, ///edge.branch.motels (or ///????.??.?? in our Korean language version) takes you to a stunning viewpoint of Seoul’s skyline in Achasan. Our mission is to give everyone a simple and reliable way to communicate location, and we hope that by sharing our successes and learnings in South Korea, we can positively shape future trade relations.

The Potential in South Korea

Not only is South Korea home to some incredibly innovative businesses, it also develops and adopts the world’s most future-facing technologies. Despite this, the nation still faces issues with addressing, and 40% of South Koreans say that their home address is difficult to find*. In a market driven by on-demand services, as well as e-commerce, mobility and navigation - location accuracy is key. This is why South Korea is such an exciting market for what3words, as we see a lot of potential for our technology to close this gap.?

New markets present new opportunities

Expanding to new markets can be challenging, let alone when there are factors such as pandemic-induced travel restrictions, and cultural nuances to be aware of. We’re on a global mission, so it’s crucial for our technology to be accessible to everyone, which is why what3words is available in 54 languages to date, including Korean.?

When we began operations in South Korea, we quickly understood the value of having a team on the ground to share local insights and attend meetings in person to strengthen relationships with partners. This has significantly helped our progress and momentum in the market.

Challenging the status quo

Challenging the status quo in any market or category can be a huge feat. Whilst people can recognise the value in a new concept, altering human behaviour can be difficult, even in a market receptive to new trends. Rising to the challenge as an international business with cognisance to cultural differences is critical. Understanding where your business can add value, and positioning this as an addition to the standard rather than a replacement, has been key to our success in the market. Building local partnerships in the early stages of our time in South Korea, with market leaders such as Mercedes-Benz and Kakaomap helped us grow our presence and build our credibility.

Available resources?

There’s a lot to learn when entering a new market, and South Korea is no exception. It is important to take the time to understand the new territory and where your offering can add value. The Department of International Trade continues to provide invaluable support to businesses looking to trade in Korea, and we recommend taking advantage of this offering. Fill in the call for input now to help shape the future of international trade in the South Korean market.?

*Survey results based on research conducted by OnePoll to 1,000 adults in South Korea aged 18+