Beginner’s guide to South Korean wholesale business: Top sourcing websites, markets, processes, and payment tips

South Korean products have become a cornerstone of international retail, driven by the explosive popularity of K-pop, K-beauty, and K-fashion. From the trendy streets of Seoul to the digital aisles of online marketplaces, South Korean wholesale platforms are revolutionising the way businesses source high-quality, fashionable, and innovative products. Whether you're an experienced retailer or a budding entrepreneur, the Korean wholesale market offers huge business opportunities.

This guide will explore the main sourcing channels, popular wholesale websites, and key markets in South Korea. Also, we will share how you can leverage Airwallex to enhance transaction efficiency, reduce costs, and streamline your South Korean wholesale business.

Recommended Korean online wholesale suppliers

For buyers who are unable to visit South Korea in person, sourcing products through online wholesale platforms is a convenient and efficient option. Many platforms are connected to well-known South Korean suppliers, specialising in online wholesale with international shipping services so global buyers can place orders easily.

1. Sinsang Market: A platform dedicated to fashion wholesale, directly linked to Dongdaemun Market, enabling merchants to browse and order clothing remotely.

2. Q-Depot: Specialised in Korean beauty and food products, Q-Depot offers a wide range of well-known South Korean brands.

3. Coupang: One of South Korea’s largest eCommerce platforms, offering wholesale services for a variety of products, including household goods, electronics, and fashion items.

4. Online Heung Kung: A local online platform with over 11 years of experience in South Korean fashion wholesale, featuring an all-in-one online store solution that makes it easier for beginners to start their businesses.

5. OrangeBox: A platform specialising in South Korean trendy fashion wholesale, also offering South Korean-designed furniture, skincare products, and more. From sourcing fashion items to setting up an online store, this platform provides a seamless "wholesale + eCommerce" solution for merchants.

Online sourcing: Features and services of wholesale website 

What features do wholesale websites offer?

Modern online wholesale platforms are highly advanced, offering features such as product categorisation, price comparison, order management, and member discounts. Some platforms even provide direct international shipping services, making it more convenient to manage your wholesale business.

Steps for online sourcing

1. Register an account: Many wholesale websites allow you to create an account in just a few simple steps.

2. Select products: Choose suitable products and check the MOQ. After confirming the total amount, select a payment method. Most platforms accept credit cards, bank transfers, or various e-payment solutions.

3. Arrange shipping and delivery: Delivery times vary across platforms depending on the supplier and logistics provider. Be sure to confirm shipping details in advance. Most wholesale websites now offer order tracking, allowing buyers to monitor ‌shipment progress in real-time.

4. Exchange rates and payment solutions: When purchasing directly from South Korean wholesale websites, currency exchange is inevitable. Using Airwallex as a payment tool lets you access more competitive exchange rates, helping you reduce cross-border transaction costs.

Popular wholesale markets in South Korea for sourcing in-person 

If you are looking for a wider selection of products and want to establish stable relationships with suppliers, visiting Korea’s wholesale markets in person is the direct approach.

1. Dongdaemun Wholesale Market

Dongdaemun is home to some of South Korea’s most well-known wholesale markets, offering both wholesale and retail options. Depending on your target customer base, you can choose the most suitable fashion styles for your business. Here are some of the most popular wholesale malls within Dongdaemun Market:

• DDP Fashion Mall (formerly U:US): Specialising in mid-to-high-end women’s fashion, this mall features many local South Korean clothing brands. DDP Fashion Mall is a favourite among buyers for its high-quality and trendy designs.

• apM Group: The apM Group owns several malls, including apM, which offers both men’s and women’s clothing. apM Luxe focuses on various styles of women’s fashion.

• The OT: A smaller-scale wholesale market specialising in affordable and trendy women’s fashion. With a diverse range of styles, it is ideal for retailers who frequently update their inventory or focus on cost-effective products.

2. Namdaemun Wholesale Market

With over 600 years of history, Namdaemun Market is known not only for its street food and snacks but also for its wholesale and retail stores selling kitchenware, handicrafts, household goods, and children’s clothing. Unlike Dongdaemun, which focuses on fashion and accessories, Namdaemun is better suited for businesses looking to source a wider variety of products.

Guide to in-person wholesale purchasing

• Prepare sufficient cash: Most wholesalers in South Korean wholesale markets only accept cash payments. In some cases, paying in cash may even get you a better deal.

• Understand Minimum Order Quantity (MOQ): Many South Korean wholesalers have a minimum purchase requirement for each item. Consider your inventory needs to avoid overstocking before placing an order.

• Be aware of business hours: Most wholesalers start their wholesale operations around 8pm in Dongdaemun Market. Many stores operate as retail shops during the daytime, so it's important to visit at the right time for wholesale purchases.

Placing orders in-person at Dongdaemun

Dongdaemun Market is one of South Korea’s largest fashion wholesale hubs, offering a vast selection of suppliers. Operating primarily as night-markets, it is an ideal place for wholesalers and retailers to purchase inventory in person. Here is a general flow of wholesale purchasing: 

1. Since Dongdaemun Market is large, planning your shopping route in advance can help save both time and energy. 

2. Upon arrival, confirm the wholesale business hours of your target stores, select your desired products, and negotiate the price and quantity with the store owner. Generally, most shops offer wholesale pricing for purchases of two or more pieces, regardless of style.

3. Once the order is confirmed, proceed with payment – keep in mind that most wholesalers only accept cash. After payment, the store will provide you with a receipt, which is required for pickup.

4. To complete the process, hand your receipt to one of the logistics stores outside the market. They will collect your goods, pack them, and arrange direct shipping to Hong Kong.

What costs are involved in a wholesale business?

The following costs should be considered for wholesalers.

• Agent fees: If you use a purchasing agent, additional service fees may apply.

• Shipping costs: Costs vary depending on weight, volume, and delivery location.

• Time costs: Ordering online is generally more time-efficient than purchasing in person. In most cases, wholesale websites can deliver within 4-7 days, allowing you to efficiently manage both new stock and restocking.

Pay global suppliers with Airwallex faster at lower costs

As an all-in-one financial platform designed for global businesses, including cross-border eCommerce, Airwallex offers seamless international payment and collection solutions, allowing merchants to conduct global transactions anytime, anywhere. This helps reduce transaction costs and improves cash flow efficiency

1. Save on transfer fees: Regardless of your transaction volume, transferring with Airwallex via local payment channels incurs no SWIFT fees, significantly reducing operational costs.

2. Avoid forced conversion: Airwallex allows you to open Global Accounts in over 23 currencies. Pay suppliers and partners directly in their currencies.

3. Build supplier trust with faster transfers: 90% of transfers via Airwallex are credited within one business day, making it much faster than traditional providers to build trust with your global partners.

Streamline business expenses with Airwallex Borderless Cards

1. 0% foreign transaction fees: Use your Airwallex Borderless Cards for local and international business expenses without foreign transaction fees.

2. Streamlined expense management: Businesses can also create dedicated cards for different expenses, such as inventory purchases and logistics, making financial management more efficient.

For those looking to expand into the South Korean wholesale market, whether through online wholesale platforms or in-person sourcing, each approach comes with its own advantages and challenges. Sign up for Airwallex today to ensure smooth and cost-effective transactions for your South Korean wholesale business.