When it comes to TVs in Korea, Samsung and LG are the undisputed giants of the industry. These days, however, there is an up-and-coming young company that has been selling just as many TVs as these large corporations on Coupang, sprinting to the top of our TV sales rankings.
Founded in 2016, Prism Korea is a small-to-medium-sized enterprise (SME) based in Incheon. “Our goal at the time of founding was to create high-quality TVs that can reduce the economic burdens on consumers in the display market, which is led by the expensive TVs of large corporations,” said CEO Han-jin Kim. Indeed, the low prices of Prism TVs are often jaw-dropping—a 42-inch FHD TV sells for 200,000 won (less than 160 dollars), while a 50-inch UHD TV goes for just double that.
More than its great prices, however, what makes Prism Korea truly stand out is the impeccable after-service the company provides. “I wanted to get rid of the prejudice that cheap SME TVs don’t offer after-service,” said Han-jin. The company is one of the few SME TV manufacturers in Korea that offers after-service, operating a network of 150 service centers nationwide. Of the roughly 10,000 TVs that are shipped nationwide very month, just 0.1% have defects, but Prism Korea adds a two-year warranty for customers’ ease of mind. “We constantly identify consumer needs and focus on after-sales management of products rather than just focusing on sales,” Han-jin said.
For Han-jin, the decision to join Coupang’s Rocket Delivery service was a simple one. After facing issues with various delivery companies and other online markets, he decided to make the leap to Rocket. “Safe delivery is key when it comes to TVs, but the quality of delivery varies from company to company, so damage was frequent,” said Han-jin. “The problem was that couriers were not responsible for damaged products, and the process of recovering damaged goods was also not easy. Because we sell cost-effective products, our margins are low, so we could not afford the setbacks caused by logistics.”
With Rocket Delivery, however, Coupang purchased all the inventory up front, freeing Prism Korea of logistics headaches and risks and allowing it to focus on R&D and customer service. In addition, thanks to Rocket Installation, a free Coupang service in which technicians install large appliances and furniture for customers, Prism Korea could even begin shipping its extra-large TVs, further boosting its sales.
Han-jin attributes to Coupang not just the growth of his company, but also the development of the Korean TV industry at large. “Five years ago, the TV market was dominated by large companies, but now, the share of SMEs in the overall market has risen by an estimated 30%, and TV purchasing habits are shifting from offline to online,” he said. His company has also grown from 10 employees at establishment to 30, and is targeting 30 billion won (around 23.9 million dollars) in sales for this year.
Best of all, a portion of each TV sale goes toward various non-profits, in what the company calls “Mini Heart Donations.” Prism Korea has been running Mini Heart Donations since its inception, out of the belief that businesses grow in proportion to their good deeds. “All customers who’ve bought Prism TVs from Coupang are supporters who’ve helped their neighbors in need,” said Han-jin.
