Korean online shopping reaches new high

South Korean online shopping reached a new record high in October, aided by a nationwide discount event, according to government sources.

Total online transactions reached a record 5.6 trillion won (US$4.8 billion) in October, up 17.3 per cent from 4.8 trillion won a year earlier, according to the report compiled by Statistics Korea.

Purchases made through smartphones, tablets and other mobile gadgets also soared 37.4 per cent on-year to a record 3.2 trillion won to account for 56.1 per cent of all online sales in the month, up from the 54.7 per cent share the previous month.

In October, the Korea Sale Festa, designed to tie up the retail industry with the tourism and cultural sectors in line with the major Chinese holiday season, encouraged people to go shopping online and offline.

During the one-month period, some 200 retailers and internet markets offered discounts and promotions to attract local and foreign shoppers.

Demand for clothes jumped 29.5 per cent on-year to 726.8 billion won and online sales of cosmetics surged 42.1 per cent to 465.1 billion won, while online food delivery vaulted 24.8 per cent to 521.4 billion won.

According to separate data, the combined sales of department stores, large outlets and internet shops increased 8.4 per cent on-year in October, with those of offline stores gaining 6.3 per cent and those of online retailers jumping 13.2 per cent.