K-Beauty brands and products are popular worldwide, and in China, too, there is a huge demand for them. However, there has been a major issue with the export of Korean cosmetics to China in recent times. The exports of K-Beauty products estimated to be $18 billion to China are through illegal channels and a violation of several laws in both countries.
Korean startup 99percent has launched a web platform ‘Bpartners’, based on the China bonded zone, that directly connects Chinese sellers and Korean brands, legalizing the transactions for the exports. The company is currently running a beta version of the platform estimated to legalize $14 billion of cosmetics exports by 2026. The B2B platform has a consumer pool of 600,000 and is currently operated in closed beta.
The company offers its clients a ‘Bonded-Zone 3PL System’, which processes a real-time customs declaration and an ‘Order Management System,’ which exchanges information with commerce platforms (Taobao/WeChat). In addition to providing custom clearance and drop-shipping, the Bpartners functions as a platform connecting Chinese ‘sellers’ to Korean’ brands.’
The various functions on the platform features include Customs clearance in China Comprehensive Bonded Zone, WeChat mini program integrated management marketing service, and China market distribution management. The direct interfacing on B2Partners allows efficient and easy order placement, payments, and shipping info. Exchange, etc. The platform also offers mush reasonable taxation and a faster shipping process compared to other cross-border platforms in Asia.
99Percent also has two other subdivisions – Maker Picker, China’s first WeChat mini program-based on Korean lifestyle brand Select Shop and Must Mask, a special plan for essential Korean skincare and body care products.