Smart Biz Expo helps Korean SMEs explore overseas business opportunities

[Courtesy of Samsung Electronics]

Doadream, a South Korean bedding company, is hoping to leverage the 2023 Smart Biz Expo that kicked off Tuesday at COEX in southern Seoul to explore new business opportunities.

Last year, the company, based in Chuncheon in Gangwon Province, made a significant mark at the event by recording over 17 million won ($13,000) in sales during a live commerce session.

This year, Doadream has even higher hopes and aims to surpass that figure.

Doadream, which primarily focuses on contract manufacturing for large domestic companies, has seen a sharp increase in brand sales thanks to innovations in smart manufacturing.

With various sales channels secured, the company’s in-house brand has grown to account for more than 50 percent of its total sales.

The Smart Biz Expo, running until Friday, is an event dedicated to helping small and medium-sized enterprises (SMEs) explore new business opportunities.

This year marks the seventh edition of the event, jointly hosted by the Ministry of SMEs and Startups and jointly organized by Samsung Electronics Co. and the Korea Federation of Small and Medium Business.

The expo has attracted global buyers, ranging from Delta Air Lines’ in-flight catering service provider to Thailand’s major retailer.

Attendees are not limited to industry professionals. General visitors also show a keen interest in the innovative products presented, making the event a bustling marketplace.

Han Jong-hee, vice chairman of Samsung Electronics, personally visited the event to experience and promote innovative products.

One of the distinguishing features of the Smart Biz Expo is its focus on companies certified for smart manufacturing innovations.

With the support of the organizers, 99 SMEs have joined the event to explore new markets and opportunities.

Throughout the expo, over 90 buyers from Korea and overseas are expected to conduct more than 570 purchase consultations, both in person and through virtual interactions.

Samsung Electronics has played a significant role in broadening the event’s reach by directly inviting key buyers from around the world, resulting in the largest attendance to date, with over 94 buyers from both domestic and international markets.

Among them, a record-breaking 24 companies from 20 different countries participated as foreign buyers.

Buyers from major Korean retailers, home shopping networks, and department stores were present alongside international buyers, including Thailand’s The Mall Group, U.S. airline in-flight food supplier Co-Foods, and the Netherlands’ specialized cosmetics distributor Glowie Cosmetics, all showing interest in the innovative offerings from smart manufacturing companies in Korea.

Samsung Electronics also contributed to the event by providing education on live commerce broadcasting and assisting in product photography for promotional materials.

This year, 35 companies participated in the live commerce broadcasting program, collectively aiming for a combined sales target of 100 million won.

At this year’s expo, Samsung Electronics introduced a special theme pavilion for its newly launched Smart Factory 3.0.

This initiative promotes the advancement of SME manufacturing operations into intelligent factories, leveraging artificial intelligence and big data analytics.

Samsung Electronics has been actively supporting small businesses in adopting Smart Factory 3.0 since September.