Korean Wholesale Giant ‘aPM’ Launches Blockchain Project to Enhance Digital Payments and Consumer Rewards
apM has been a cornerstone of the Korean wholesale fashion business since 1999. Combining the two abbreviations AM and PM, “apM” refers to “the mall that never sleeps”. apM Group is home to three wholesale shopping malls—apM, apM Luxe, and apM PLACE. Together they offer more than 1,300 brands of quality, trendy clothing that are made in Korea. apM malls are some of the most popular in all the Dongdaemun market with more than 10,000 visitors daily and over 1.5M annually. Approximately 80% of shoppers reside outside of Korea, making apM a major contributor to Korea’s global fashion expansion.
apM Group has recently entered the blockchain space through a project called apM Coin. apM Coin is a customer rewards and payment platform designed specifically for the wholesale fashion market. It aims to provide a convenient and efficient business transaction service for buyers and wholesalers while contributing to sustainable market growth.
apM Coin uses blockchain technology and a cloud-based apM Chain Platform to provide a secure digital payment, consumer rewards, and CRM solution tailored for the wholesale fashion market. Using a mobile app called apM Members, buyers and wholesalers can use both digital apM Coin tokens and apM Cash (customer rewards) to complete transactions. Buyers earn rewards in the form of apM Cash and enjoy exclusive benefits, such as VIP lounge access, available only to those who use the apM Members app.
apM is hoping their use of blockchain will provide a competitive edge in the wholesale fashion industry. Blockchain, which uses a distributed ledger to record data, is inherently secure because it is extremely difficult to manipulate data. Because of this, data captured on the blockchain is considered trustworthy. Users can take comfort knowing their digital balances are safe, and wholesalers can rely on data from the platform to make better business decisions. Moreover, by offering SDKs and APIs, apM is enabling all kinds of integrations with other products and services, ensuring the platform remains flexible and scalable towards future applications.
apM Group has impressive goals for their apM Coin project. By offering a payment and reward system that is both user-friendly and secure, they hope to become a global leader in wholesale fashion payment solutions, expanding their services to additional businesses and markets beyond Dongdaemun. Given the vast majority of apM shoppers reside outside of Korea, global adoption of this new platform may be inevitable.
apM Coin is currently targeting the launch of the apM Members mobile application in Q4 of this year. More information on the apM Coin project can be found at http://apm-coin.com/.
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