27 February 2022
The Weekly
South Korea

Lotte Group will continue to expand investments into its e-commerce businesses, including urban air mobility (UAM) services and the metaverse. UAM is a transportation service using small aircraft, such as flying cars that can take off and land vertically. Lotte plans on utilizing its drones to deliver online orders to isolated areas that cannot be reached easily by road. Lotte Group's convenience store brand, 7-Eleven, will also play a key role in strengthening its e-commerce.

The retailer plans to utilize some 6,000 stores in the country as distribution centres for delivering online orders within an hour of purchase. It also recently acquired Mini Stop, which has 3,000 stores ― a move expected to boost Lotte Shopping's quick commerce initiative. For its metaverse service, Lotte is almost finished developing its online platform. The retail giant has already showcased how its marketing services might work in a virtual space using its "Head Mounted Display," at the Consumer Electronics Show held last month in Las Vegas. Lotte's ultimate goal is to connect all of its retail subsidiaries with its metaverse service. This connection will enable customers to try out various items in the virtual world prior to making purchases online.

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