K-pop merchandise proves a boon for Bunjang as secondhand deals surge 63% in 2024

Global Bunjang, the global leg of the secondhand marketplace, said Thursday that its user count rose by 131 percent in a year since its launch in July 2023. [BUNJANG] Global transactions for secondhand marketplace Bunjang grew 63 percent in 2024, fueled by K-pop merchandise listings. Global Bunjang, the international leg of the secondhand marketplace, said Thursday that its user count rose by 131 percent in a year since its launch in July 2023, while the total value of transactions on Global Bunjang increased by 63 percent last year. Related ArticleK-pop merchandise made up 69% of transactions on Global Bunjang, platform saysSecondhand safety: Bunjang to protect buyers with transaction system The number of transactions also rose by 46 percent in the same year. K-pop merchandise was the most traded item on Global Bunjang, followed by “kidult” products — items oriented toward children that are enjoyed by adults, like robots and dolls — and fashion items. Around 70 percent of all transactions on Global Bunjang were related to K-pop, the secondhand platform told the Korea JoongAng Daily on Thursday. Despite boasting a large number of local users, Bunjang remained a difficult marketplace for foreigners, as most sellers wished to communicate with potential buyers through chatting and preferred bank transfers. Bunjang's decision to enforce the Bunjang Pay safe transaction system for all transactions starting August 2024, coming in the midst of the company's push to attract more global users, made purchases easier for foreigners. The third-party service remits the money only when the user approves the purchase after receiving their products. Alongside Bunjang's efforts to open up to global customers, the usage of Bunjang Pay rose by 145 percent in the first four months of the policy's implementation, according to Bunjang, despite the seller having to pay a transaction fee. Bunjang also signed a partnership with Japanese secondhand marketplace Mercari in June 2024, allowing Bunjang customers to search and purchase products listed on Mercari, by international delivery services as well, with the perk reciprocal for shoppers in Japan. The platform also collaborated with a proxy service that allows Bunjang sellers to list their items on eBay through the service. “We are enhancing our Global Bunjang service, strategically collaborating with other global platforms and expanding our sales channels,” Bunjang said in a press release on Thursday. Bunjang also collaborates with Latvian e-commerce company Joom, Japanese proxy shopping service Doorzo and Delivered Korea, a proxy service that sells Korean-listed products abroad. “Bunjang will aim to provide the fastest and most convenient way of trading secondhand items and expand our borderless secondhand marketplace.” BY CHO YONG-JUN [cho.yongjun1@joongang.co.kr]