Prospects of Duty-Free Market

Prospects of Duty-Free Market

Web 2.0 is on maturational stage by the expansion of Internet infrastructure but the infrastructure of global duty-free market is still backward condition, though the age of Web 3.0 represented by decentralization is coming. Global duty-free market has made the growth of roughly 86 billion USD (2019) as such a huge market but been exposed to the structural limitation of its business model by the absence of integrated commercial platform offering communication and connection between business operators, inefficient handwritten transaction and the regulation including Foreign Exchange Transactions Act of each country. The inefficient business process increases incidental expenses and risk as the frequency of transaction and sales figures increase. For this reason, global duty market has consistently needed the efficiency of reliability verification between business operators.

Figure 01. Annual Scales of Duty-Free and Travel Market

South Korea has appr. 25% (22 billion USD) worldwide market share on the top of the overall global market of 86 billion USD. Konnect ranks No. 1 in South Korea, and has substantial B2B business structure of the trade volume more than 5 billion USD and close networks with strategic partners. Konnect is the leading entrepreneur of duty free market and figure out problems of it disrupting the infrastructure extension of e-commerce, and consistently makes effort to apply to overall industry by presenting the solution of current problems. In relation to them, Konnect has clearly figured out our partner’s need in duty-free market based on various status and issue. Then we maximize the efficiency by building the integrated platform with our highly developed B2B business network of 10 years, and finally take the center of synergy that can grow the whole pie of market by combining with B2C platform based on blockchain.