GlobalData, a London-based market research firm, reports that South Korea's e-commerce market is experiencing rapid growth. It is projected to expand by 10.2% this year, reaching 164.3 trillion Korean won (approximately $118 billion). By 2028, the market is expected to surpass 220 trillion won.
Ravi Sharma, GlobalData's lead banking and payments analyst, attributes this growth to South Korea's robust e-commerce infrastructure. The country benefits from high-speed internet, secure online payment options, and increasing consumer trust in online shopping. Events like Black Friday further fuel this expansion.
The report highlights that multinational companies are increasingly entering the South Korean market to capitalize on the strong local demand for e-commerce. According to GlobalData, a significant 79% of South Korean consumers have made online purchases in the past month, with only 6% having never shopped online.
Sharma emphasizes that the growing consumer preference for online channels, improved payment infrastructure, and the rise of alternative payment solutions make South Korea's e-commerce market promising. GlobalData forecasts an average annual growth rate of 7.8% from 2024 to 2028, with the market reaching 222.1 trillion won by 2028.
