Online retailers brace for fierce price competition in Korea in Nov.

Gmarket’s Big Smile Day event. (Gmarket)

Major e-commerce platforms are expected to engage in a fierce price war in November as the year’s biggest shopping events converge, with low-cost giant AliExpress also joining the fray.

According to the e-commerce industry on Sunday, Gmarket has revamped its annual Big Smile Day event, scheduled from November 1 to 10, to focus on offering the “lowest prices online.”

Unlike in previous years, where sellers applied to participate, this year, Gmarket will curate products from vendors with strong pricing competitiveness. The company is also developing a price verification algorithm to filter participating products by category. In a bid to boost sales, Gmarket will fully cover the cost of discount coupons, which were previously shared with sellers.

SK square’s subsidiary, 11Street, is also emphasizing price for its upcoming Grand 11th Day event, the company’s largest promotion of the year.

It will feature a variety of ultra-low-cost products priced under 10,000 won ($7.31). The platform is also implementing stricter price monitoring, ensuring that sellers do not inflate event prices above their three-week average.

Sellers found in violation will first receive a request to adjust their prices, and failure to comply will result in product visibility restrictions.

AliExpress is also gearing up for its largest discount campaign in Korea to coincide with China’s Singles’ Day event on November 11.

The company has teased “bolder events than last year” through its official social media channel, signaling its intent to intensify the competition.