Market Research Report
South Korea E-Commerce Market: Insights & Forecast with Potential Impact of COVID-19 (2021-2025)
|Published by||Koncept Analytics||Product code||1000797|
|Published||Content info||83 Pages
Delivery time: 1-2 business days
|South Korea E-Commerce Market: Insights & Forecast with Potential Impact of COVID-19 (2021-2025)|
|Published: April 13, 2021||Content info: 83 Pages||
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. The factors such as mounting penetration of internet users, introduction of AI in retail, expanding urbanization, escalating trend of online advertising and growing usage of smartphones would drive the growth of the market. However, the market growth would be challenged by risk of e-commerce frauds 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, 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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