FedEx Empowers Korean Businesses in Tapping the U.S. K-Beauty Market

Seoul, South Korea, October 24, 2024 - Federal Express Corporation (FedEx), one of the world's largest express transportation companies, is collaborating with NielsenIQ (NIQ), a leading data and analytics company, to host an insightful webinar on October 29 aimed at empowering Korean e-commerce businesses to capitalize on the booming K-beauty market in the U.S.

The webinar will provide valuable insights into market trends, consumer behaviour, and effective strategies for penetrating the U.S. beauty market. Participants will also gain updated knowledge on customs clearance procedures for exports to the U.S., as well as expert advice on improving operational efficiency and customer experience through the right e-commerce solutions and tools, enabling them to expand their reach and maximize their potential in a thriving industry.

The webinar is free of charge and will be streamed live here. Fifty pre-registered participants will receive a Starbucks coupon through a lucky draw, while 20 FedEx Office Kits and 20 Desk Mats will be given to those who complete a survey after the webinar. Participants utilizing NIQ's services after the webinar will receive a 10% discount on the U.S. E-Commerce Syndication Report, coupled with additional insights on the North America beauty industry. More information about the webinar and registration details are available on the FedEx Korea official Naver blog or here.

"FedEx is committed to helping local businesses thrive in the global marketplace," said Wonbin Park, managing director of FedEx Korea. "With the growing popularity of K-culture globally, the K-beauty market, renowned for its quality and innovation, has also seen exponential growth worldwide. Valued at USD 6.57 billion in 2023, the K-beauty market is projected to reach USD 9.05 billion by 2029[1]. Notably, the U.S. has emerged as one of its largest markets, with revenue expected to hit USD 100 billion in 2024[2]. Through our collaboration with NIQ, we aim to equip Korean businesses with the knowledge and tools they need to succeed in the competitive K-beauty landscape in the U.S."

"With K-Beauty awareness reaching 50% among U.S. consumers[3], and its popularity and usage continuing to grow, it is crucial to seize opportunities for success in this expanding market through in-depth research on consumers and their preferred products," said Kang Kyung-Ran, Consumer & Marketing Insight FMCG & Retail Vertical leader of NielsenIQ.

Trade between Asia and the U.S. stands as a cornerstone of global commerce, driving economic growth and fostering innovation. Among the pivotal trade relationships, the exchange between Korea and the U.S. holds a significant position, especially with the U.S. being Korea's second largest export destination. From semiconductors, automobiles to consumer goods such as K-beauty products, FedEx is leveraging its extensive and robust logistics network, playing an instrumental role in facilitating bilateral trade between the two nations. To support businesses of all sizes including SMEs tapping business opportunities in the U.S., FedEx launched five new weekly flights in February 2024, offering additional capacity for exporters to ship their heavyweight or freight shipments from South Korea to the U.S.

Additionally, FedEx has been enhancing its e-commerce offerings with a wide range of solutions to better serve its customers. These include FedEx International Connect Plus, dedicated e-commerce solution for customers prioritizing speed and value, B2B marketplace integrations through FedEx Compatible and Alliances programs, customizable last-mile delivery options, direct messaging, and convenient tracking through digital tools like FedEx Delivery Manager Internationaland Picture Proof of Delivery, giving consumers assurance their package has been delivered to their doorstep.

For more information on how FedEx supports businesses tap into immense opportunities provided by e-commerce, please click here.

[1]ResearchandMarkets.com report titled "Korea Cosmetics (K-Beauty) Market: Analysis By Type, By Category, By Distribution Channel, By Exports, By Production, Size and Trends with Impact of COVID-19 and Forecast up to 2029".
[2]Statistica Market Insights: https://www.statista.com/outlook/cmo/beauty-personal-care/south-korea
[3]According to the results of a survey conducted by NielsenIQ Korea in 2023.