South Korea E-Commerce Market to Keep Growing – Retail & Leisure International
The e-commerce industry in South Korea is anticipated to experience a steady annual growth rate of 7.7 percent between 2023 and 2027, ultimately reaching a value of US$160.4 billion.
Based on data from GlobalData, the e-commerce industry in South Korea has experienced significant growth over the period of 2018 to 2022, with a compound annual growth rate of 17.4 percent. The total value of the market reached $108.2 billion in the previous year. This upward trend is anticipated to continue in the present year, with an estimated 10 percent increase in e-commerce sales.
According to the 2023 Financial Services Consumer Survey by GlobalData, South Koreans have a strong inclination towards online shopping. Over 80 percent of consumers stated that they have made online purchases within the last six months, while only 10 percent claimed to have never engaged in online shopping.
According to Shivani Gupta, a Senior Analyst specializing in Banking and Payments at GlobalData, the e-commerce sector in South Korea is thriving due to its advanced digital infrastructure, widespread use of smartphones, dependable online payment methods, and growing trust among consumers when it comes to making purchases online.
