DUBLIN--(BUSINESS WIRE)--The "South Korea Online Retail Forecast 2023-28" report has been added to ResearchAndMarkets.com's offering.
South Korea's online retail market is poised to grow at a Compound Annual Growth Rate (CAGR) of 7.9% from 2023 to 2028. This robust expansion is expected to propel the market to reach a total value of $182.7 billion by 2028, further solidifying South Korea's position as a leading player in the global e-commerce landscape. High smartphone penetration, advanced logistical infrastructure and tech savvy population are the key drivers for online retail.
Highest Per Capita Spending on Online Retail Globally
Spending per online buyer to reach $4,286 by 2028, up 31% from 2023 in South Korea making it the country with highest spending on online retail globally.
Live commerce accounted for 1.3% of total online retail sales in 2023
In 2023, live commerce emerged as a significant player in the online retail landscape, accounting for a notable 1.3% of total sales. This innovative shopping format, which combines live streaming with real-time shopping capabilities, has seen rapid adoption by retailers and brands seeking to create engaging experiences for their customers. Naver shopping live and Kakao Shopping Live are the preferred destinations for live commerce buyers. The analyst expects the share of live commerce in online retail to reach 6% by 2028
Mobile accounts for 70.3% of online retail sales
Smartphone is the preferred device for online shoppers in South Korea accounting for 70% of total online retail sales. Categories with highest share of mobile commerce includes pet products (81.9%), Goods for infants and children (81.7%) and fashion & accessories (77.4%). In 2023.
Coupang Leads in Market Share Followed by Naver and Gmarket
Top three players accounted for 67.4% of market share in 2023. Coupang is the largest player with 39.7% market share due to its strong brand presence and customer-centric services, followed by Naver leveraging its search capabilities and Gmarket offering diverse products and competitive pricing.
Report Coverage
- South Korea Online Retail Forecast offers comprehensive view of online retail market in South Korea.
- The forecast details online and offline growth for 11 product categories in South Korea along with sizing of mobile commerce and live commerce market.
- The report provides historic and forecast data from 2009-23 for 11 categories in retail and online retail to understand the retail market in South Korea.
- Retail market in South Korea is expected to grow at a CAGR of 3.2% between 2023-28 to reach $460.1 billion in 2028 from $392.4 billion in 2023. Online retail grew 5.2% to reach $124.7 billion in 2023 accounting for 31.8% of total retail sales.
Scope of the Report
- Total population - Historic and forecast data from 2009-23
- Online population - Historic and forecast data from 2009-23
- Online buyers - Historic and forecast data from 2009-23
- Online buyer for 11 categories
- Categories covered
- Computer hardware and software
- Consumer electronics
- Personal Care
- Clothing
- Footwear, Luggage and Accessories
- Sports and entertainment goods
- Homeware and furniture
- Toys
- Grocery
- Appliances (personal and home)
- Books and stationery
- Total retail sales - Breakdown by 11 categories
- Online retail sales - Breakdown by 11 categories
- Live commerce sales
- Online retail sales via mobile
- Category wise breakdown of retail sales via mobile
- Online retail sales - B2C vs C2C
- Online retail market share
Deliverables
- Executive summary report of key findings (44 Slides)
- Excel sheet with historic and forecast data
- Unlimited queries with analyst
- Analyst presentation customized for your team
Key Definitions
- Retail Sales. Retail involves selling consumer goods, excluding travel, cars, prescription drugs, restaurant sales, and gasoline sales.
- Online Retail Sales. Online retail refers to the process of purchasing goods and services through the Internet, where customers make financial commitments, typically via credit cards or other digital payment methods. This definition includes transactions made on mobile devices, web-enabled kiosks, and point-of-sale systems, with delivery options either at home or in-store. In-store pickup, where the purchase and payment are completed online, is also considered an online sale within the context of online retail.
- Online Buyers. Online buyers are defined as people who have completed at least one online purchase within the past 12 months.
- Online Retail Sales Via Mobile. Online retail sales by mobile refer to purchases made through mobile devices, such as smartphones and tablets, where customers browse, select, and pay for products or services via mobile applications or mobile-optimized websites.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 44 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $124.7 Billion |
| Forecasted Market Value (USD) by 2028 | $182.7 Billion |
| Compound Annual Growth Rate | 7.9% |
| Regions Covered | South Korea |
Key Topics Covered:
- Executive summary
- Key definitions
- Category definitions
- South Korea eCommerce market landscape
- Retail market forecast, 2023-28
- South Korea retail market Y-o-Y growth
- Retail market sales y-o-y growth by category, 2023
- Total retail sales growth by type of retail, 2023
- Online buyers purchase behavior
- Top product categories for online purchases in South Korea
- Preferred payment method
- Preferred online retailers in South Korea
- Total online buyers and forecast, 2023-28
- Online buyers by category, 2023
- Total online retail sales and forecast, 2023-28
- Online retail market Y-o-Y growth
- Online retail sales by category, 2023
- Online retail as a percentage of total retail spending, 2023
- Online retail sales growth by category, 2023
- Online retail sales market share, 2023
- Preferred online retailers for live shopping in South Korea
- Live shopping commerce GMV in South Korea
- Spending per online buyer, 2023-28
- Total online retail sales - B2C vs C2C
- Total online retail sales by mobile and desktop
- Mobile commerce as a percentage of total online retail, 2023
Companies Featured
- Coupang
- Naver
- Gmarket
- Taobao
- Kakao
- SSG.com
- 11Street
- Wemakerprice
- LOTTE
- Tmall
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