South Korea e-commerce market to surpass $160 billion mark in 2027
South Korea’s e-commerce market is predicted to achieve a 7.7 per cent compound annual growth rate (CAGR) from 2023 to 2027, reaching US$160.4 billion.
According to GlobalData, the South Korean e-commerce market has been growing at a 17.4 per cent CAGR between 2018 and 2022, reaching $108.2 billion last year. This trend is supposed to continue this year, with e-commerce sales increasing by 10 per cent.
GlobalData’s 2023 Financial Services Consumer Survey reports South Koreans are habitual online shoppers, with more than 80 per cent of consumers saying having purchased online in the previous six months, and only 10 per cent reporting having never shopped online.
Online buying is becoming more popular, buoyed by the availability of channels like live streaming. The market leader in this area is the South Korean e-commerceRead More : South Korea landslides, floods kill 7, over 1,000 evacuated giant Naver, which offers live streaming of products on its “Naver Shopping Live” platform. Customers can examine product details, communicate with sellers, and make real-time purchases through the site.
“South Korea has a well-developed e-commerce market supported by high-speed internet, rising smartphone penetration, availability of secure online payment systems and increasing consumer confidence in online shopping,” said Shivani Gupta, senior analyst banking and payments at GlobalData.
International brands are also entering this market, contributing to the country’s e-commerce growth. YouTube established its first official online shopping channel in South Korea in June, live-streaming merchandise promotions in Korean language.
According to GlobalData, the South Korean e-commerce market has been growing at a 17.4 per cent CAGR between 2018 and 2022, reaching $108.2 billion last year. This trend is supposed to continue this year, with e-commerce sales increasing by 10 per cent.
GlobalData’s 2023 Financial Services Consumer Survey reports South Koreans are habitual online shoppers, with more than 80 per cent of consumers saying having purchased online in the previous six months, and only 10 per cent reporting having never shopped online.
Online buying is becoming more popular, buoyed by the availability of channels like live streaming. The market leader in this area is the South Korean e-commerce
“South Korea has a well-developed e-commerce market supported by high-speed internet, rising smartphone penetration, availability of secure online payment systems and increasing consumer confidence in online shopping,” said Shivani Gupta, senior analyst banking and payments at GlobalData.
International brands are also entering this market, contributing to the country’s e-commerce growth. YouTube established its first official online shopping channel in South Korea in June, live-streaming merchandise promotions in Korean language.
Source: insideretail.asia
