One store targets global market with localization strategy

Courtesy of One store Co.

One store Co., a South Korean application market and a subsidiary of SK square Co., is intensifying its efforts to enter the global market.

The company plans to establish a presence as a third app marketplace in major overseas markets, starting with the United States in 2024 and Europe in early 2025, with Japan and Southeast Asia following afterward. To achieve this goal, One store intends to leverage its competitive commission policies compared to existing major app markets like Google LLC and Apple Inc. It will also collaborate with local partners to expand its market presence.

App markets are services that allow users to download various mobile content such as games and apps, with Google’s Google Play and Apple’s App Store dominating globally.

One store Chief Executive Officer Jeon Dong-jin held a media briefing on Wednesday at SKT Tower in Jung District, central Seoul. He unveiled the company’s goal to become the most competitive app market in the world by 2030 using a hyper-localization strategy that provides customized services tailored to different countries and regions there.

Hyper-localization is a policy that offers optimized, tailored services based on the technological expertise and operational know-how accumulated in the Korean market. For its part, One store is preparing to enter the market by partnering with influential local partners in the target regions.

“Google applies a single global brand with Google Play and primarily uses credit cards as the main payment method, whereas One store differentiates itself by actively using local brands and the popular payment methods in each region,” Jeon said. “We are also preparing to offer marketing promotions that are optimized for local markets.”

The U.S. launch is targeted for 2024, with those for Europe and Japan planned for 2025. Discussions with local companies for app market business development are already underway. One store is also developing an iOS-exclusive version, and recently obtained approval from Apple to operate as a third-party app market, the first among Korean app markets. The company is considering launching the iOS version in Europe in early 2025.