[Edaily Reporter Han Jeon-jin] Lee (34), a working professional, opens the Toss app every morning these days. Her daily routine begins by checking how much the stock prices of companies like #SK Hynix and #Samsung Electronics have risen on her way to work. Ever since the KOSPI index broke through the 8,000 mark for the first time in history, checking stock prices has become a habit. Then, at some point, she started tapping the shopping tab next to the securities tab more frequently. “I saw that SK Hynix had gone up, and I felt so good that I just went in—and before I knew it, I had bottled water and toilet paper in my cart,” Lee said. “It’s easier to view than a securities firm’s app, and since I can even shop within the same app, there’s no reason to open another one.”

Toss, which started as a financial app, is emerging as a “dark horse” in the e-commerce arena. This is because Toss, whose core business was not commerce, is rapidly expanding its shopping business by leveraging its super-app structure. In particular, as the stock market heats up—with the KOSPI not only settling above the 8,000 mark but also raising the possibility of breaking through the 10,000 mark—analysts note that the trend of users who visit the app to check stock prices flowing into the shopping tab is also strengthening.

◇Surpassing 11st and Gmarket… Beaming with joy amid the KOSPI frenzy
According to the app analytics platform Mobile Index on the 2nd, the monthly active user (MAU) count for the Toss app reached 21.25 million in April. This makes it the undisputed leader among financial apps, rivaling the scale of Coupang (34.4 million users). According to Toss, Toss Shopping’s MAU accounted for approximately 9 million of this total, marking a 55% increase compared to the same period last year (5.8 million). During this period, Coupang’s MAU grew by only 4.5% from 32.9 million to 34.4 million, while 11st’s MAU fell by 11% from 8.93 million to 7.94 million.

In particular, Toss Shopping’s MAU has shown a steep upward trajectory every month this year, reaching 6.9 million in January, 8 million in February, and 9 million in April. It has already surpassed 11st (7.94 million) and Gmarket (6.66 million), meaning that shopping services within financial apps have now overtaken major e-commerce platforms. Not only has the number of users grown, but Toss Shopping’s gross merchandise value (GMV) has also jumped by about 80% in just one year, and the number of registered sellers has more than doubled. However, Toss did not disclose specific figures such as GMV.

The recent stock market boom is cited as an additional driver of Toss Shopping’s growth. SK Hynix and Samsung Electronics have been on a steep upward trajectory since last April. On the 26th of last month, SK Hynix surpassed 2 million won for the first time, and Samsung Electronics also reclaimed the 300,000 won range, continuing the stock market frenzy. In particular, “stock beginners” in their 20s and 30s were drawn to Toss Securities by its user interface (UI), which is as simple as making a money transfer. The industry views the fact that consumption follows investment within the same app as a key strength of Toss Shopping.

The key lies in Toss’s super-app structure. At the bottom of the Toss app, the shopping tab is positioned in the center, with the securities tab right next to it. With just a few swipes of the finger used to check stock prices, users can switch to the shopping screen. In fact, according to a survey of Toss Shopping users conducted last year by market research firm OpenSurvey, the most common response—42.4%—was “I discovered the shopping tab while browsing the Toss app.” This indicates that “discovery-based commerce” is at work, where products catch the eye simply by staying in the app, without the need to search for them directly.

◇Attracting Customers Without Deep Discounts or Ads… Toss Shopping’s Counterattack
Toss Shopping has successfully integrated the strengths of a financial app into its commerce platform. Using personalized recommendations based on financial data, it displays products the user is likely to be interested in the moment they open the app. Recently, it has also strengthened its delivery competitiveness with guaranteed delivery services featuring badges such as “Delivered Tomorrow” and “Compensation if Late.” For sellers, it is encouraging more merchants to join by offering fast settlements, cost-per-click (CPC) advertising, and a low commission rate of around 8%. Toss entered the shopping business in 2023 with a group-buying service and expanded into an open marketplace last year.

The industry notes that Toss Shopping’s growth model differs from that of traditional e-commerce platforms. While Coupang built its commerce business on logistics and Naver (#NAVER) on search, Toss connects the use of its financial services to shopping. Launched in 2015 as a simple money transfer service, Toss now integrates over 100 services—including banking, securities, insurance, and payments—into a single app. In today’s e-commerce market, where acquiring new customers is difficult without engaging in ultra-low-price discount wars, analysts suggest that Toss’s model—where financial and investment users naturally transition into shopping customers—could pose a threat even to established market leaders.

However, there are clear challenges to overcome. To avoid being swayed by volatility in the financial and investment markets, Toss must continuously strengthen its core shopping competitiveness. This is why Toss continues to invest in initiatives such as guaranteed delivery and expanding its seller ecosystem. Above all, another challenge is that consumers do not yet perceive Toss as an “app they open specifically to shop,” as they do with other e-commerce platforms. To establish itself as a purpose-driven platform beyond discovery-based commerce, the extent to which Toss can convert financial users into repeat customers is expected to determine its next phase of growth.

Lee Eun-hee, a professor in the Department of Consumer Studies at Inha University, stated, “Toss’s strength lies in the fact that it was built on habits formed through the process of using financial services, rather than for the purpose of shopping.” She added, “It stands out because it has a structure where shopping traffic is generated without large-scale advertising or discount competitions.” She continued, “However, whether this trend will persist even when the stock market fever cools down, and whether financial users will become repeat customers, will be the litmus test for Toss Shopping.”