South Korea Online Retail Market Outlook to 2019
In this article (4)
The demand in online retail market of South Korea has inclined at a substantial growth rate even after the economic slowdown in 2008. This demand has enhanced due to the increased usage of high speed internet, rising smart phone penetration and high proportion of old aged people in the country. These factors are expected to lead the growth in online retail backed by the improvements in the payment gateways, better packaging and delivering options. During the period 2009-2014, online retail market in South Korea has expanded at a substantial CAGR of 17.7%, which has marked the gross merchandise value at USD ~ billion during 2014.
According to the research report, the South Korea online retail market will grow at a considerable CAGR rate thus exceeding USD 66.2 billion by 2019 due to the rising income level and growing influence of social media with increasing demand for clothing, fashion products, electronics and beauty products by a large number of middle aged people in the country who wish to upkeep with the trends and stay up-to-date in line with developments in the country.
“While, rising disposable income, hike in middle aged population and increasing number of internet and smartphone users in the country will result in increased revenue from online retail in South Korea, Cyber crimes and frauds, higher competition and customers’ reluctance to pay high amounts online are few of the major challenges which will affect the growth of this industry in the future”, according to the Research Analyst, Ken Research.
Key Topics Covered in the Report:
South Korea Online Retail Market
Market Size by Gross Merchandise Value, Number of Orders by Product Type, Average Order Size by Product Type Market Segmentation by Product Type Mode of Distribution Trends and Development SWOT Competition and Market Share Important Mergers and Acquisitions Important Investments Growth Drivers Government Rules and Regulations Pre-Requisites to Enter the Market Analyst Recommendation Cause and Effect Relationship Future Outlook Macro Economic Parameters
Key Products Mentioned in the Report
Online Clothing, Footwear and Fashion Products
Online Books and Stationery
Online Electronics
Online Beauty Products
Online Sports, Music and Entertainment Products
Online Food and Grocery
Online Baby Products, Household Goods, Motor Parts & Accessories and Garden Products
Companies Covered in the Report
eBay, GMarket, eBay Auction, 11 Street, Interpark, Lotte, Emart, GS Home Shopping, CJ O Shopping, Hyundai Home, Shopping, Lotte Home Shopping, Home and Shopping, NS Home Shopping, Fashion Plus, Dahong, Yesstyle.Com, Bershka.Com, Musinsa.Com, Fashionstart.Net, Elf Fashion, Hiphoper.Com, Etude House, Pore Lab, Thefaceshop, Missha, Roseroseshop, Moonshot-Cosmetics.Com, Naturerepublic.Com, Theskinfood.Com, Sokoglam.Com, Kyobo, Yes24, Aladin, Ypbooks.Co.Kr, Bandinlunis.Com, Libro.Co.Kr, Heyeonni.Com, Compuzone, Himart, Icoda, LG Electronics, B-Store.Co.Kr, Lots Etland, Hello Nature, KGC shop, Highstreet, Expatmart.Co.Kr, Fatbag.Co.Kr, Ezshopkorea.Com
Questions & Answers
Q.Which specific product types are identified as driving growth in the South Korea online retail market?
Which specific product types are identified as driving growth in the South Korea online retail market?
The increasing demand for clothing, fashion products, electronics, and beauty products by middle-aged consumers is expected to drive market growth. Other products mentioned include books, stationery, sports, music, entertainment, food, groceries, baby products, household goods, motor parts, and garden products.
Q.What key factors contributed to the significant growth of the online retail market in South Korea between 2009 and 2014?
What key factors contributed to the significant growth of the online retail market in South Korea between 2009 and 2014?
The market expanded due to increased usage of high-speed internet, rising smartphone penetration, and a high proportion of old-aged people. Improvements in payment gateways, packaging, and delivery options also supported this growth.
Q.What challenges does Ken Research identify for the future growth of South Korea's online retail industry?
What challenges does Ken Research identify for the future growth of South Korea's online retail industry?
Ken Research analysts highlight cyber crimes and frauds, increased competition, and customers' reluctance to pay high amounts online as major challenges that could affect the industry's future growth.
Reader pulse
Is South Korea's online retail market a must-invest?
16,161 votes so far