South Korea E-commerce Set For Growth

South Korea's e-commerce scene is booming. By 2024, it was valued at an impressive $126 billion, showing rapid growth.

Nearly everyone in South Korea has internet access, with 97% penetration, making online shopping common practice. Most people, especially 20 to 39-year-olds, shop online. Popular items include groceries and fashion, with food delivery services spiking in demand.

Coupang and Naver lead the charge, capturing 24.5% and 23.3% of the market, respectively. As for payments, credit cards are king, but digital wallets are catching up, reflecting a shift toward tech-friendly options.

Looking ahead, expect the market to explode, possibly doubling by 2028 to $5.7 trillion. This growth is driven by changing shopping behaviours and could see a 22.4% annual increase from 2024 to 2030, with intermediaries like platforms or service providers raking in significant revenue.

South Korean consumers are big on mobile shopping, indulging frequently and spending considerable amounts monthly. So, with its tech-savvy population and strong market leaders, South Korea's e-commerce segment is set on a path of exciting transformation.