The financial turmoil caused by TMON and WeMakePrice, cash-strapped online shopping platforms that failed to pay sellers, is now affecting other e-commerce companies under Qoo10′s umbrella, including Interpark Shopping, Interpark Book and AK Mall. Payment delays at these companies have reportedly reached 20 billion won, less than the estimated 1 trillion won for TMON and WeMakePrice. Industry insiders are concerned that this figure could skyrocket as the liquidity crunch spreads to Qoo10′s other e-commerce platforms, causing more damage to sellers and consumers.
Interpark Books, an online book shopping mall operated by Interpark Commerce, a subsidiary of Qoo10, said on July 31 that it would temporarily halt book sales until payment delays at TMON and WeMakePrice are resolved. Other platforms run by Interpark Commerce, such as Interpark Shopping and AK Mall, have also been severely affected. Major retailers that sold goods on Interpark Shopping, including Lotte Department Store, GS Shop, and CJ Onstyle, have already suspended sales.
“We have not received payment for sales due to the TMON and WeMakePrice incident,” said AK Mall. Although AK Mall is operating normally, sellers are likely to leave the platform if the payment delay problem does not improve.
