Yes24 is Korea’s answer to eBooks
Posted: June 17th, 2010, by Yunho ChungWith the wave of iPad fever, many eyes are on the eBook business. In Korea, competition amongst the four major online ebook stores – Yes24, Interpark, Kyobo, and Aladdin – have been heating up at full throttle.
Currently, Yes24 holds the No.1 spot in Korea’s online bookstores, according to market shares.
Yes24’s sales transactions have gone up 19.3% to $115.5 million since the previous year. It also holds 30% of Korea’s ePub (electronic publication) shares, which had been jointly developed last year - by Yes24, Libro, Bandinlunis, YPbooks, and two publishering companies Hangilasa and Minumsa - to secure eBooks for the fast growing eReader market.
Yes24 has three strategies for their eBook business which are: ‘openness and collaboration’ between Yes24’s eBook contents and eReader producers, the attempt to give online customers the comfort of actual bookstore experiences, and the establishment of a new platform with eBook publishers for future development plans.
‘Openness’ and ‘collaboration’ means that Yes24 is looking to make its eBooks available for purchase on as many eReaders (hardware devices for eBook contents) as possible, rather than investing in creating its own eReader device, as Amazon did with ‘Kindle’ and Interpark with ‘Biscuit’(which are currently troubled by the launch of the tablet PC-iPad). Yes 24’s eBooks are already available on eReaders such as ‘PAGEOne’ by NextPapyrus and the ‘Samsung SNE-60’. Further, it is also in negotiation with other eReaders such as Iriver’s ‘Story’ and Bookcubenetwork’s ‘Bookcube’ .
Yes24 online bookstore also pursues to provide customers with some of the benefits and comforts of actual bookstores. It has made Yes24’s searchbar data convenient and easily to browse, and further made the first 20pages free of charge so that people could skim through the first few pages before deciding upon a purchase as they often do in actual bookstores. On the other hand, this could also give online users a chance to get accustomed to or give them a taste of what it is like to read pages of an eBook off a screen. Moreover, unlike most other online bookstores that give excessive discounts, which can sometimes increase sale but in turn reduce profits, Yes24 has positioned its competitiveness in quality services such as its one-day delivery promise.
Yes24 is further planning to develop a platform to support eBook publishers, perhaps to turn around the serious lack of bestseller ebooks, which are the cash cows for ebook business. Amazon’s Kindle had been particularly successful by putting a lot of focus on new and popular books which became the bestselling ebooks. We can expect Yes24 to be making such developments in the future and overcome merely being an “eBook factory”.
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