continues to evolve as a major e-commerce market and is expected to register a
strong compound annual growth rate (CAGR) of 7.7 per cent between 2023 and 2027
to reach $160.4bn in 2027, forecasts GlobalData, a leading data and analytics
GlobalData’s E-Commerce Analytics reveals that the South Korea e-commerce market has been on a growth trajectory, registering a CAGR of 17.4 per cent between 2018 and 2022 to reach $108.2bn in 2022. This trend is expected to continue in 2023, with e-commerce sales expected to grow by 10 per cent.
Shivani Gupta, Senior Analyst Banking
and Payments at GlobalData, comments: “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.”
The availability of new and innovative modes of online shopping such as video live streaming is also encouraging shoppers to go online. South Korean e-commerce giant Naver leads this space by enabling merchants to live stream their products on its “Naver Shopping Live” platform. Customers can view the product details, interact with the seller and buy from the platform in real-time.