Komachine Changes Global Machinery Industry Transactions With Its Online Platform; Becomes the industry leader in Asia
Komachine facilitates the transition from offline machinery and parts transactions to online and connects global buyers and suppliers
SEOUL, South Korea, November 22, 2021 (GLOBE NEWSWIRE) – The Korean economy is heavily dependent on the manufacturing industry, including sectors like electronics and semiconductors, automobiles, shipbuilding, construction and engineering, petroleum chemistry, bio and medicine, steel industry and machining. There are over 30,000 enterprises in the machinery industry sectors in Korea, and the Korean machinery industry generates about $ 92 billion annually. However, this vast industry has been surprisingly offline-based and hasn’t had much digital exposure.
Komachine elevates the offline machinery industry to a digital platform
The machinery industry is completely offline, with over 50 years of offline databases and transactions. The main reason for the offline machine industry is that 90% of it is run by SMEs (small and medium enterprises) and run by the older generation. There is enough technological advancement but a lack of manpower and resources for online marketing. Transactions for automatic trading are also carried out offline. Unlike consumables, machines and parts are based on custom orders, requiring high costs and lead times due to complicated transactions. In Asian markets like Korea, communication in English is a significant barrier between buyers and suppliers.
Korean company Komachine is revolutionizing the machinery industry by bringing it to the digital platform. Komachine is the number one online platform for the machinery industry in Asia, connecting over 3,000 machinery suppliers with 100,000 global buyers from 150 countries every month. The platform provides international and domestic online marketing for machinery suppliers and transaction services for global buyers.
Komachine transforms the Korean machine industry databases offline, streamlines and personalizes them to maximize online marketing results for more than 3,000 machine suppliers. As a result, Komachine has completed 1,700 transactions worth $ 30 million with 500 machine suppliers and 700 global buyers from 110 countries since 2019, and the transaction volume is growing exponentially after COVID 19.
A reliable online machinery trading platform that supports suppliers and buyers
Industrial trade requires a complicated quotation, invoice, purchase order, payment, production, inspection and shipping process with too many documents. Therefore, many people doubt how industrial goods worth $ 1,000 to $ 5,000,000 can be traded online without seeing or checking offline. Komachine founder Charlie Park, who has 20 years of experience in machinery and parts trading, designed the unique online trading process and system for machines and parts, which is faster, safer and more accessible.
Komachine was founded in 2017 by Park when he realized the need for digital transformation in the commerce of the machinery industry. The company has spent two years collecting databases offline and manually transforming them online. Now, Komachine is the place of choice for Korean and Asian machine buyers and suppliers. Suppliers can register their business and send catalogs to the platform. Komachine displays the services of machinery suppliers and also assists them with online marketing and advertising. Buyers from Asia and around the world, who want to buy machinery and parts, register on the platform and easily find the products they need from reliable suppliers.
In 2019, Komachine launched the beta of the platform and started with around 100 Daily Active Users (DAU). Now the SAD is around 10,000 every day. Komachine started with 300 companies for the database, but now has over 3000 companies registered on the platform. In addition, the volume of transactions and revenues have increased. In 2017, Komachine’s revenue was approximately $ 40,000 and revenue in 2020 was $ 3.3 million. So far, the platform has successfully completed over 2000 transactions with users from over 110 countries.
Asia’s premier machine trading platform aspires to become the world leader
Komachine caters to more than 70 multinational companies, including big names like ABB, LS Mtron, SK Telecom, Sony, Boeing, Shell, Kia, GM, etc. Komachine has 15 patents filed in the sector of industrial platforms for databases and transactions. The company has received presidential and ministerial awards in Korea and won several international startup competitions such as Echelon Singapore and TECHBBQ in Denmark. Having achieved a leading position in Asia, Komachine now wants to expand into European and American markets, connecting with more global buyers.
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Image 1: Komachine
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