FREE eNEWSLETTERS TMCnet News South Korea E-Commerce Market Report 2021-2025 with Coverage of SK Telecom, Lotte Shopping, eBay, Naver, SSG.com, & Coupang - ResearchAndMarkets.com [April 16, 2021] South Korea E-Commerce Market Report 2021-2025 with Coverage of SK Telecom, Lotte Shopping, eBay, Naver, SSG.com, & Coupang - ResearchAndMarkets.com
The "South Korea E-Commerce Market: Insights & Forecast with Potential Impact of COVID-19 (2021-2025)" report has been added to ResearchAndMarkets.com's offering.
South Korea's e-commerce market is predicted to reach US$325.12 billion in 2025, progressing at a CAGR of 19.92%, over the period 2021-2025.
Factors such as mounting penetration of internet users, introduction of AI in retail, expanding urbanization, the escalating trend of online advertising and growing usage of smartphones are set to drive the growth of the market.
However, market growth would be challenged by a risk of e-commerce fraud and imprecise return policies. A few notable trends include rising influence of social networking platforms, accelerating growth of mobile payments and increasing adoption of advanced technologies.
South Korea's e-commerce market can be bifurcated into fashion, food & beverages, home electric appliances, household goods-motor vehicle parts, cosmetics, computer & related appliances, sports & leisure, travel services and others, in terms of product category.
The fashion segment is the fastest growing market, owing to the growing adoption of online shopping for clothing items as it offers wide range of options which often are not present in physical stores, increased convenience to users by enabling easy access to e-commerce platforms anytime anywhere, surging disposable income along with expanding urbanization.
In addition, the sudden outbreak of the COVID-19 pandemic had escalated the adoption of e-commerce as a result of rapid shift from brick-and-mortar distribution channels towards online retail stores to mitigate the risk of coronavirus infection upon human interaction, thereby propelling the overall market growth.
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This data comes from MediaIntel.Asia's Media Intelligence and Media Monitoring Platform.