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$160.4bn.
According to GlobalData, the South Korean e-commerce market has been growing at a 17.4 per cent CAGR between 2018 and 2022, reaching $108.2bn 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.
“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.
