'Oldamu'—a portmanteau of Olive Young, Daiso, and Musinsa—has become the go-to shopping destination for Korean consumers navigating high inflation.
Despite widespread concerns about weakened consumer spending amid rising prices, these vertical commerce platforms specializing in specific product categories are expanding both their user bases and transaction volumes, according to data released Wednesday by app analytics firm WiseApp Retail.
Olive Young, the health and beauty retailer, ranked as the most-used commerce app among Koreans with 9.34 million monthly active users as of last month. Fashion platform Musinsa followed with 7.65 million users, while Daiso Mall recorded 5.16 million and grocery delivery service Kurly had 4.5 million.
The survey analyzed approximately 51.22 million Android and iOS smartphone users in South Korea.
Olive Young maintained a commanding lead of nearly 2 million users over Musinsa, solidifying its position as the top beauty platform. Both apps were installed on devices of more than three in ten Korean smartphone users.
Daiso Mall Posts 140% Growth
Daiso Mall emerged as the fastest-growing platform, with users surging 42.5% year-over-year. Kurly grew 34.3%, Olive Young 25%, and Musinsa 8.5%.
Daiso Mall's user base has expanded 140.6% since February 2024, making it the fastest-growing platform over the past two years.
The discount retailer also dominated transaction frequency. Daiso Mall recorded 45 million transactions in February, more than double Olive Young's 17 million. Kurly logged 7.9 million transactions, while Musinsa had 3 million.
Industry analysts attribute Daiso Mall's repeat purchases to its ultra-low-price structure and everyday essentials lineup. The affordable price points have cultivated a "frequent shopping" habit among consumers.
Musinsa Leads in Spending, Kurly in Loyalty
Spending patterns varied significantly across platforms. Average spending per user over the past six months was highest at Musinsa with 124,000 won ($89), followed by Kurly at 114,000 won, Olive Young at 45,000 won, and Daiso at 21,000 won.
Kurly posted the highest repeat purchase rate at 71.7%, a key indicator of customer loyalty. Daiso Mall followed at 50.2%, Olive Young at 36.3%, and Musinsa at 29.3%.
User demographics also differed by platform. Single-person households accounted for 49.8% of Musinsa's paying users and 44% of Olive Young's. Households with school-age children comprised 40.6% of Kurly's customer base. Daiso showed the most balanced distribution across single-person households (30.2%), elderly households (23.5%), and families with children (22.5%).
Peak transaction times reflected each platform's business model. Daiso and Olive Young, which operate physical stores, saw most payments after noon. Kurly's transactions peaked at 11 p.m., the cutoff for its dawn delivery service, while Musinsa recorded highest payment volumes around midnight, coinciding with daily coupon expirations.
