Growth of 105.1%! The size of South Korea's online shopping market has doubled in four years

According to data from the Korea Statistics Office, South Korea's online shopping transaction volume reached 16.19 trillion won (about 89.15 billion yuan ) in July , the highest record since statistics began in 2001, an increase of 105.1% from four years ago .

On September 12 , The Korea Herald reported data showing that South Korea's monthly online shopping transaction volume exceeded 10 trillion won (55.1 billion yuan) in October 2018, and exceeded 15 trillion won (82.6 billion yuan) in November last year.

From 2018 to the present, in the four years since then, among the online shopping transaction categories in South Korea, the online shopping transaction volume of agricultural and livestock products , aquatic products , and catering and groceries has increased significantly. Among them , the online shopping transaction volume of agricultural and livestock products and aquatic products has increased by 242% in the past four years , and the growth rate of groceries and food and beverages in the same period is 223%. The growth rate of online meal delivery and takeaway transactions has reached 961% !

What has led to the continuous expansion of the online shopping market in South Korea over the past four years? South Korea has a great advantage in broadband Internet construction, and according to a research report by Statista, the penetration rate of smartphones in South Korea has reached 95%.

In addition, in recent years, more and more Koreans over 60 have joined the online shopping army , and the number of online shoppers has increased significantly. The goods they buy include luxury goods, high-end air conditioners and TVs. A retail service analyst said, "The elderly are the main consumers of high-priced goods," and the goods they buy include luxury goods, high-end air conditioners and TVs.

The expansion of online shopping is of course inseparable from supporting logistics facilities. According to KOTRA data, there are more than 200,000 logistics and express delivery companies in South Korea. South Korea ranks among the world's top in logistics infrastructure, logistics tracking and timeliness. A strong express delivery system can well support the rapid development of South Korea's online shopping business. According to the Korea Herald, nowadays, express delivery of goods in South Korea is generally delivered within 1 to 3 days, and in some areas it can be delivered within 10 hours.

The epidemic environment in the past two years has, to a certain extent, promoted the rapid development of South Korea's online shopping business .

However, there are certainly some problems in the process of expanding online shopping in South Korea. According to The Korea Herald, some large websites that provide settlement platforms have a monopoly position, the sales gap between large and small online merchants is gradually widening, and some small and micro online merchants find it difficult to afford the service fees for consumers to swipe their credit cards.

Online shopping in South Korea continues to expand